Start An Online Marketplace Like Etsy

The online marketplace – Etsy recently gave investors some key insights about its current position. In a “fireside chat” video, management shared some key figures and insights with investors, most of which helped reassure the market – the stock was trading as much as 13.5% higher.

Why Should You Build An E-commerce Marketplace Like Etsy?

Driven by different reasons, many entrepreneurs have built robust multi-vendor marketplaces for selling handmade products. They have made the eCommerce industry a highly competitive market for newcomers to step into. Probably every newcomer has this thought in mind that ‘I wish I entered the online marketplace earlier.’

As the name suggests, handmade craft businesses are the businesses in which we produce products from hand. These businesses are usually home-based. Artisans and craftsmen are facing huge losses as they are not able to sell their products in the local market amid the Coronavirus lockdown.

Also, the coronavirus effect on the E-commerce industry is notable.

So, how can you help the ‘Artisans & Craftsmen’ and earn revenue at the same time?

Entrepreneurs create opportunities for themselves by finding solutions to the problems and further, that solution can create value for everyone. So, what we understand from all the former information is that ‘Here is a pain point that we can solve!’ So, launching an online marketplace like Etsy would not just help you earn good revenues but you are helping the artisans and craftsmen in this critical time.

This way you are also promoting your local artisans, the art, & your culture on a global platform. This is not just for you but for your people and your region too.

Now you have a strong reason. Right?

Let’s proceed and understand the important factors to start an online marketplace like Etsy.

Business Model Canvas of Etsy

The following image is the business model canvas that Etsy follows. Take a look at the Business Model Canvas so that you can use it as per your business requirements:

Essential Features For An Online E-commerce Website Like Etsy

The features are classified into Admin Features, Seller Features and Buyer Features. Here I am listing the most important ones from all the three categories:

Multilingual and Multi-Currency: These features enable the business to connect with the target audience all over the globe.

Multiple Payment Gateway: Providing the customer with the choice to choose a payment method helps in increasing the conversion rate of the website.

Promotional Banners: This feature enables the seller to promote themselves on the website.

Tax Management: This feature helps in adding taxes to the product in a specific category easily.

Digital wallet: This provides buyers with a secure way to manage transactions on the website without giving bank details.

Mobile Apps: In the current scenario, people prefer to order products from mobile apps than through the website.

Read about all other features here: https://www.yo-kart.com/how-to-launch-online-marketplace-like-etsy.html#essential

Ways To Launch A Marketplace Like Etsy

There are 3 ways to start an online marketplace like Amazon, eBay or Etsy

• Code it Yourself
• Ready-made eCommerce Platforms like Yo!Kart
• Hiring Professionals

All three methods have their own advantages and limitations. Based on various factors like Go to market time, what is your budget, what are your own technical capabilities and resources, you can choose the best option for yourself.

Conclusion

An online marketplace platform like Yo!Kart which specializes in catering to different multi-vendor marketplace niches. Yo!Kart can help you launch your multi-vendor marketplace like Etsy cost-effectively within a few days; any other development way will take a longer time and more money.

Here is the reference of a Handcraft products marketplace launched with Yo!Kart:

Yo!Kart has been featured by top media publishers like INC., Forbes, The Telegraph, and many more. No wonder there are 50 Reasons To Choose Yo!Kart To Start eCommerce Marketplace.

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Originally Published At: https://beststartupbusiness.wordpress.com/2020/05/19/start-an-online-marketplace-like-etsy-sell-handmade-crafts-online/