Do you also want to build an eCommerce store like Amazon? An eCommerce development company can help shape your marketplace & bring in more customers.
The massive growth surrounding today’s eCommerce industry is immeasurable. Developing a marketplace website incorporates numerous technical aspects.
This is enabling numerous startup firms & retailers to design their very own marketplace.
Nowadays there are more illuminating ways to hire Magento developers. Shape your business goals today as these experts help you achieve sounding success.
Insightful stats
When you engage in an endeavor to build an eCommerce store like Amazon, it might feel challenging.
This calls for going through insightful stats that will force you to think otherwise.
- Approximately 1.9 billion people purchased products online globally in the year of 2018. In the very same year, worldwide retail sales quantified to 2.9 trillion USD. Also, the projects are supposed to grow up to an amount of 9 USD in the year 2021.
- Flipkart’s valuation – In 2016, the retail sales reported for 8.8% of the entire retail sales globally.
- Amazon’s valuation – In 2019, Amazon itself was the home of about 150.7 million Smartphone users. Amazon sells 4000 products every minute. 25% of online buyers also visit Amazon first.
The stats speak of a humongous scope that rests in eCommerce marketplaces.
Let’s begin with the in-depth guide to help you shape a billion-dollar online eCommerce store.
An outline for developing an eCommerce store
☛ Need for a business plan
Are you planning to build an eCommerce store like Amazon without a fail-safe plan? This will eventually drift down your business towards failure.
What most startup enthusiasts fail to realize is that they are not just launching a website but initiating a business.
Following an appropriate plan will always guarantee the hitting of milestones. By this, you take the steering in your hand for moving towards nothing but success.
☛ Choosing the platform
When you are a naïve user with an aim to build an eCommerce website, all you need is a sound platform for guidance.
The number of eCommerce platforms in the market currently is too many. Also, these platforms carry various functionality options which can be quite confusing at times.
A Shopify development company can come to your rescue in this scenario.
☛ Selecting and registering domain names
Prior to building your own online marketplace website, it is important to select the domain name. Instead of .biz or .net, it is advisable to opt for a .com domain.
By this, people can remember your website URL name easily. After this comes the domain registration step for the purpose of attaining copyright.
We are not done yet, stay tuned for further steps!
☛ Web hosting
High accessibility of your website with less downtime is necessary for its popularity. Keeping the website secure from viruses is another important aspect.
So to build an eCommerce store like Amazon you need to host the online marketplace. Either you can do it yourself or avail SaaS-based hosting.
The latter includes package rates which charge facilities depending on user accounts, products, storage & traffic.
☛ Logistics
You might want to create websites like Amazon or Flipkart but what makes these marketplaces so celebrated? They incorporate a sound logistics system for making every product delivery at the correct place & right on time.
The efficiency of distribution networks largely determines the success of eCommerce websites like Amazon.
Unperturbed shipping to customers can commence after creating a mercantile account with a sound logistics company.
On receiving the API, you can easily install it on the platform. If facing any difficulty, eCommerce development services are always here to serve you.
☛ Setting up payment gateways
Building an eCommerce website like Flipkart comes with a lot of responsibilities. For instance, your customers must get to decide the payment gateway they want to utilize.
Due to this, your eCommerce marketplace must incorporate various payment gateway options.
Credit card, net banking, debit cards, Paytm, UPI, cash delivery are a few options available.
Customers must feel convenient & comfortable while shopping as only then they will come back for more.
☛ Market your online marketplace website
Suppose you launch an eCommerce website & expect a huge influx of customers. All you will receive is disappointment in this manner.
Marketing well is a strategy that will make any eCommerce marketplace well-known. Getting the word out is necessary when your promotional & social accounts are in place.
Social media no doubt is a vital marketing tool but friends & family can also function as references.
Tech stacks
When your development & maintenance costs go overboard, the revenue will not be much visible. But if you use PHP frameworks, there are no such extra costs.
Its open-source nature enables eCommerce marketers to save money. The creation of eCommerce websites like Flipkart & eCommerce websites like Amazon rests mainly on PHP.
Users get real-time shopping experience with such online marketplaces. The websites are responsive as well.
Ecommerce business models
Does the Flipkart e-commerce website fascinate you? It does so as it has carefully chosen its eCommerce business models.
Starting from saving warehouse space costs to increasing the customer base at a fast pace, everything depends on this.
The two types of business models are as follows:
☛ Inventory model
Here, product storing takes place in extensive warehouses.
Packing & shipping processes advance according to customer orders right from the warehouse.
☛ Marketplace model
This model abides by the directions & standards of a zero inventory model.
Here, the eCommerce marketplace is a digital platform for all buyers & sellers.
There is no inclusion of product warehousing here. But marketplaces render consignment, delivery & disbursement assistance to the sellers.
They do this by associating with logistics companies & financial institutions.
Incorporating necessary features
With CMS development services, it is possible to get hands-on a sound online marketplace website.
As you move forward to build eCommerce stores like Amazon, educate yourself about multi-vendor eCommerce marketplaces.
These offer better practicality in contrast to other single-vendor eCommerce websites.
These include a wider array of products, discards the need for setting up a store, cost-effective & a lot more.
To realize these benefits effectively, your eCommerce website like Amazon must be feature-rich.
☛ Easy navigation
The pleasure of online shopping becomes more enjoyable with this. It makes selecting a product & then checking out as cool as a breeze.
This will make customers more inclined towards your website.
☛ Hassle-free checkout
As an emerging online marketplace website marketer, you cannot afford to design a complicated checkout page.
Remember most of the cart abandonments take place in this step. The checkout page must be engaging & precise at all times.
This leads to more sales generated from a similar traffic amount.
☛ Order tracking
Notifying customers regarding their order approval, processing & shipping will instantly build a strong connection.
Upping any game instantly is possible if you offer consumers an order tracking number.
☛ Multicurrency/Multilingual
This is the feature that largely helps in improving customer experience.
Shoppers can easily shop or check out products in their desired languages. They can also make payments in their fancied currency.
☛ Export & import
Build an eCommerce store like Amazon that is feature-rich from the sellers’ perspective as well.
The export & import feature helps sellers carry functions like cataloging, selling products, tax categories, etc.
They can move any data they want from their own system to the online eCommerce website. With no manual work, competing tasks faster is possible with the automated system.
☛ Promotions
Sellers can easily advertise their products through the in-built PPC or Pay Per Click advertising feature. They can even track the performance of the ad campaigns.
As sellers are able to select their entire marketing budget & campaign duration, they can easily enhance their revenue.
☛ Robust vendor dashboard
When vendors or sellers receive a dashboard, they can conveniently handle many things.
It includes managing profiles, products, inventory, sales, etc.
☛ Shipping info
Sellers experience a lot of conveniences when they can select their preferred shipment company.
Shipping info is very helpful for informing customers about the time duration of their product delivery.
☛ Multi-store functionality
A vendor can possess manifold stores & there is nothing uncommon about it.
When you build an eCommerce store like Amazon, sellers must be able to decide the number of stores they want to add.
This will not just be beneficial for the seller but for the admin’s & vendor’s business as well.
☛ Product catalog
Admins no longer need to bear the challenges of handling various stores with the product catalog feature. There will only be a single catalog.
Here, the vendors can go on adding their prices. Vendor management can never get any simpler than this.
☛ Product review management
With this feature, admins can accomplish product credibility that helps in maintaining band value amidst customers.
This feature also facilitates the display of high-value products by sellers.
Lastly, this assists admins in constructing a revenue channel.
☛ Data & report
Doubling a business’s revenue calls for the incorporation of data & report in your eCommerce marketplace website. Admins with this feature can accomplish a lot.
For instance, they evaluate sales reports; fetch customer data, assessing campaign reports, etc.
☛ Customization & scalability
The growth of an eCommerce marketplace website must be on par with the business growth rate.
Admins with this feature can easily add & modify the website according to their requisites.
This feature makes tasks like adding more & more product categories and vendors a lot more expedient.
Cost breakdown:
There is no point in including too much upfront cost when you build an eCommerce store like Amazon. The online marketplace website will be your only resource.
Your budget must have space for web development, inventory, hosting & maintenance.
The average cost breakdown for your eCommerce marketplace will be:
- Professionally built website – $6000 to $11,000
- Hosting – $350 every month
- Domain name – $3 – $20 every year
Other than this, there are few factors that establish the cost of an eCommerce marketplace like Amazon.
These include a user interface, marketing, eCommerce merchant account, customer relationship management, etc.
Conclusion
The huge scope that today’s eCommerce industry offers is definitely promising. It will unquestionably encourage budding entrepreneurs to build eCommerce stores like Amazon.
It is always advisable to develop an eCommerce marketplace from scratch. You can always hire Magento developers from a sound eCommerce development company.
Professional services will simplify the entire eCommerce journey right from the beginning.
Don’t let your unconvinced dreams keep you awake at night. Bring your ideas to us & allow the best eCommerce solution to accomplish your dream.
Launch an eCommerce website of your own today with us. Feel free to contact us for free quotes.
