How to replicate the success of an online marketplace like wish?

Online shopping has appeared to be a revolutionary transformation of e-commerce in the recent years. It has become an advanced trend to buy and sell products online. Digital web shops such as eBay, Amazon, Wish etc has become one of the growing industries with a number of web marketplaces and mobile platforms. These online web shops are a great chance for purchasers from different countries with fast purchase options, regardless of the geographical limitations. Starting online marketplace is a very adaptive decision these days.

Selling and marketing products online offers a number of advantages and one can start a small web-based business with little startup capital. The success of Wish has proven that the marketplace model is very scalable and can be applied to any area of business. Currently, online shopping is one of the largest and steadily growing trends. Due to this, website and mobile app developers are more excited about the prospects that e-commerce and m-commerce platforms can bring.

 

 

Before we know how to create online marketplace like wish, we will see what is a marketplace?

 

A marketplace is a collection of stores, where customers walk in and browse goods from different vendors. Building an online market place cost you tons of dollars as it solves multiple challenges like giving vendors the right to create stores, allowing them to create or upload products. Online marketplace also works on commission structures so that the marketplace gets a piece of action.

The main challenge is to make sure that the sellers are serious about selling items which customers want in marketplace. There are many items on marketplace that may not want to see on any of the stores. The second challenge is related with the ease of use. If you have ever tried creating an online marketplace like Wish, you will see how daunting it can be to see the list of options. The next biggest challenge solved by online marketplace is the issues related to gateway. You need to make sure that the marketplace got a cut of interaction without the need of doing it manually. You need to track sales, determine commission and payout them automatically.

If you ask a developer to build this type of system, you may need to spend nearly $5,000 to $50,000 based on the complexity of project management process.  Marketplace is a great business and many entrepreneurs are eager to share their idea of creating an online marketplace like ‘Wish’. The main reason behind the increasing demand of online marketplaces is that you don’t need to have your own inventory. Among different marketplaces, wish has been maneuvering smartly in the recent years.

Wish is one of the best shopping websites today. It was initially started as an application that allows people to create their own wish lists. It was founded by Peter Szulczewski and Danny Zhang who were former employees of Google. They both were online advertising experts who wished to create next gen mobile ad network that could provide tough and keen competition for Google Adsense.

These guys adventured on two things i.e. mobile platforms and advertising. This appeared to be a great combination for success, as they contacted merchants and informed them about the potential clients who want to buy their items. Today, the website connects buyers and sellers without allowing them to contact directly. Most of the sellers at Wish are from China and other Asian countries.

 

What is Wish all about?

 

It is difficult to estimate the opportunities offered by Wish. The main aim of the founders was to connect customers with merchants from around the world. The most important feature of Wish that attracted large audience and made them stand out of the rest is their high discounted prices. The discounts they offered seem to be unbelievable, where one can buy everything from an ordinary t-shirt to advanced laptop at affordable rates. Their focus on mobile coverage is another biggest thing that is attracting users. The founders of wish were well familiar with how to attract customers with the look, assortment and shipping of goods. The items on this site look wonderful and at the same time are available at cheap rates.

Besides the above, there are many personalized filters that are built on the basis of questionnaire filled at the time of registration. The creators also focused on multiple platforms for the app wish such as – website, Geek Wish, Mama Shopping, Cure Wish, Home Décor and Wish for Merchants. Wish uses a number of personalized filters to make sure that the user finds exactly what he/she needs. However, the users will see some items from other categories that they didn’t even mention. The strategies behind the success of Wish are very clear ——- large discounts, focus on mobile platforms, customizing goods categories, connecting buyers & sellers, maintaining a balance between quality as well as prices.

Despite of so many features, there are 20%-30% unsatisfied clients with 1, 2 and 3 start reviews on Google Play. Though the platform allows users to buy item at 50% lesser price than local malls, what seems to be really annoying is the delivery time.  However, users should understand that when buying products for such a low price, they should accept the delay in delivery.

 

Strategies to create a successful marketplace

 

 

If you are wondering how to build a great marketplace like wish, you should adopt some of its principles. If you ever go through its policy, you will learn to stay transparent at different stages of purchase. To create marketplace like wish –

 

1. You should focus on creating customized apps for different goods. Wish has user friendly interface with menus that look attractive. However, one should know that user-friendly and colorful design will not help you attract customers, if the delivery is weak. Focus more on delivery and other features that make shopping fun and exciting.

2. Work on the delivery system along with pricing system. It is must to have a strong loyalty system with great customer support that works round the clock.

3. Initiate things with optimistic approach. Create “clone apps” to multiply your products. This helps you to increase the number of growing clients

4. Make the payments options clear and reliable. People are more likely to trust clear payment systems, compared to unreliable and questionable security systems. People are spoiled by fast and convenient payment systems offered by popular stores like – Amazon, eBay, wish etc.

5. Create a marketplace that allows your customers to view and purchase large number of unique products. In short, you should make it a handy searching tool with great discount system and flashing deals.

6. It is better to focus more on design, user experience; push notifications, status of order and quality of service.

 

Engage your users as soon as you launch the marketplace. Talking to the users will bring a residual value when building a marketplace. Listen to your users at early stage, engage them and give what they need. The platform you are going to build should be a great piece of puzzle. However, it is the user’s engagement with the project that makes or breaks the marketplace.

 

Hope you got all the information you needed to create online marketplace like wish. Know the main advantages, pitfalls and challenges before you step forward.

If you want to create marketplace like Wish, we are there to help you. We recommend you to do your homework on the business policies and processes, before you jump on to develop a technology platform for online market place.

Contact us today to know more about how to create marketplace that conquers new peaks.

It’s time to start creating a successful online marketplace!!!