How to Manage Your Marketplace Efficiently

Manage Your Marketplace Efficiently

Are you working with multiple sellers to sell goods or services in a marketplace platform? Are you troubled finding time to focus on your business strategies?

Managing a marketplace is never easy, especially when you need to segregate and manage transactions between your sellers. (Check out Mass Payment and Escrow Payment.)

So, what are the most important points in managing a marketplace?

One Storefront and Checkout Experience

One Storefront and Checkout Experience

Providing a single seamless checkout experience for your different sub vendors will give convenience to the end customers. It is important to serve your customers with a single checkout in order to gain their trust over your site.

In addition to that, preparing a single storefront experience for all your sub vendors help reinforces the trust received from your end customers.

Seller/Vendor Support

Seller/Vendor Support

One of the biggest challenges to run a marketplace is the level of communication that needs to be adapted throughout the company. Experience is key in dealing with questions and issues from your sellers within the marketplace.

While technologies such as self-service mode online or IVR (Interactive Voice Response) are available, but a solid understanding for the motives behind the calls may be needed before implementing a self-service model.

Payment Management

Payment Management

This is probably the biggest hurdle of managing a marketplace as stated earlier. Without any real experience in handling huge number of transactions, you may not be able to manage all the problems that arise during and after the transactions.

Thus, having a third party solution can be your best bet in order to segregate and manage the transactions of your sellers, either you have a hundred or a thousand of them. Using an efficient payment management service will eventually let you be more in control of your business, in terms of time and effort.

The three points give a framework on the challenges and must-have features if you are running a marketplace. An efficient marketplace should provide the necessary management system for its sellers while improving the paying experience of its customers.

Razer Merchant Services is an experienced payment solution that can provide solutions such as combining and splitting payments from multiple sellers within a marketplace. In addition, our service also provides privacy of transactions where sellers of the marketplace can only access their own transactions.

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