Now that you have a better understanding of the core features you will need to provide your users, let’s take a look at monetization. Making money is an important part of owning a business like an online marketplace. If you’re not selling anything, and buyers aren’t buying anything from you, how do you make money? If you want to know how to create a website like Etsy make money. Let’s go over some of the ways you can monetize your marketplace.
Sales Fees.
Marketplace websites like Etsy charge vendors a commission for each sale they make on their website.
Listing Fees.
You can also monetise your website by charging your vendors a registration fee for the items they display on your website.
Payment Processing Fees
Payout processing fees are another way to monetize your market.
Ads
Advertising is one of the most common ways sites monetise their services.
These are the ways Etsy monetises their website, but that doesn't mean that these are all the potential ways you can make money on your website. Depending on your target audience, your niche market, and other considerations, you may want to consider charging a membership fee to access your c2c marketplace website.
Probably, at least once a week you visit popular resources like Amazon or Etsy – after all the assortment of the items, affordable and not really prices to the average buyer.
Why you should go to the retail store if you can order the same item but cheaper and besides get free shipping.
The point is to focus on narrow targeting or audience to increase visitors, volume, sales and move up to the next level.
The cost is from $20 per month.
However, in this article, we consider all possible options in cold-blood.
If you want to use a unique design, add $1200- $2500.
Despite the great variety of existing marketplace platforms like Etsy, Amazon, or eBay, the creation of your own one is a good idea.
According to PwC, the sharing economy, which peer-to-peer marketplaces are about, will reach $355 billion by 2025.
Project manager of the chosen team helps you elaborate the specification document with all requirements, wireframes and estimated budget.
For example, Airbnb solves the problem of expensive hotel rooms for travelers, BlaBlaCar is a response to inflexible routes and schedules, and so on.
So you will have to think narrower and find your focus in a preferable niche.
To answer the questions above, you will have to brainstorm with your partner(s) if you have one, gain feedback through interviewing your potential customers and make some manual research.
Looking for the right strategy and reliable partner to develop your own marketplace application like Amazon and Etsy check out the Blog.
