Online business is growing recently and you can buy and sell any product by setting up an online store. Even business owners are setting up online markets and selling products. E-commerce is the best example. You might have heard about the P2P marketplace. What is a P2P marketplace and why is it a great business model? The P2P marketplace is growing its popularity which is also attracting businesses.
To understand better let’s first understand what a P2P marketplace is and how it can help your business. Peep-to-Peer is a platform where a buyer can connect with a seller directly. You can register your product, create the product list and you are ready to sell. The best part about a P2P marketplace is you don’t need to own or provide a product on the platform. This also cuts all the expenses that make P2P one of the best business models.
Try this link for the best peer-to-peer lending script. Now you must be thinking about why you should start a P2P marketplace for your business? There are lots of reasons for setting up a P2P marketplace.
Low Start-up Cost
One of the benefits of setting up a P2P marketplace is that the starting cost for setting up your business is very low. Marketplace business is something that you don’t need to pay for anything your suppliers will do all the job for you. To understand it better let’s take the example of Uber. Uber doesn’t own any cars yet they are one of the biggest cab service providers in the world. This is because of the P2P marketplace.
The reason one should start a P2P marketplace is because of the low start-up cost and you don’t have to invest to own any product and services.
Flexibility
The best part about starting a P2P business is you are flexible to change your industry and business niche anytime you want. You don’t own any goods and services nor do you invest in any manufacturing so if you feel like changing your business to something else you can always have the opportunity.
Most business owners just dream about this but having a P2P marketplace you are all free and can change your decision whenever you want.
Features for P2P
Setting up a P2P market needs to have many features that will attract customers. Some of the features you need to begin your P2P marketplace:
Profile
Customers will provide all their information, to begin with. A profile is important to build trust between customers and service providers. Customers will share their name, contact, location, and other details so they can start buying.
Listing Page
Provider needs to list all the products so a customer can buy from them. The listing page is important for a provider where they can put the description of every product they want to list. Better the listing page is, the better it will perform on the platform.
Search and Navigation
You need to make sure that the product can be searched by users on your page. Users can either search for the product by writing the name of the product on the search tab or navigate through the product list. You need to set proper navigation to your page that will make it easy for users to search for any product they want to buy.
Payment Option
One of the important features of the P2P marketplace is setting up an online payment option. How would your customer pay for a product? Various modes of payment should be applicable and need to be accepted. Online payment can be made using a card, mobile banking, or UPI. This will build trust with your customers.
Review
The customer would like to share their reviews about the product they buy. If they have any complaints regarding the product or any services. Reviews are also important to build trust in a P2P marketplace. When there is a purchase, you can reach both the seller and buyer to ask for reviews.
To set up a P2P marketplace you need to start with a plan like any other business. Plan for your business niche before setting a marketplace. You need to attract and build a network with your users from the beginning. Once you decide about your business niche you can just simply begin with registration. Focus on user experience and try to improve user experience.
Try this link for the best peer-to-peer lending script. You need to keep improving your P2P marketplace over time if you want to grow your business. Keep your eyes on both sellers and buyers to improve your business. P2P marketplace is surely one of the best ways to start trading in the market but just by launching it, you cannot make great earning from it. You need to constantly work on your business.
Also, the cost of building a P2P marketplace depends on many factors. You need to keep investing more as your business keeps growing. Keep providing better features and collect more information about your user.
About The Author :-
Hermit Chawla is a MD at AIS Technolabs which is a Web/App design and Development Company, helping global businesses to grow by Global Clients. He love to share his thoughts on Web & App Development, Clone App Development and Game Development.
