Amazon is a popular brand that every adult to a small child is aware of. When you think of a giant e-commerce website like Amazon, you think about its success which is growing constantly. The success formula of Amazon is widely accepted by entrepreneurs who wish to start their own business and be successful.
This blog would walk you through the different aspects of Amazon-like marketplace website development, the features, and e-commerce website development costs.
Overview
Amazon is one of the most successful e-commerce marketplaces in the world with 300 million monthly active users, and 2 million-plus sellers connected with the Amazon website worldwide.
The revenue of Amazon is around $230 billion and these figures say it all about the popularity of Amazon
- Amazon has smart warehouses across the world to reduce delivery times
- Amazon provides multiple delivery options
- Amazon relies on technology and automation for packing, storing, and picking items
What Makes Amazon So Successful?
Amazon is successful because of its unique working models like :
- Best supply chain across the world with smart warehouses, several delivery options, robotic solutions, and automation processes to enhance delivery times
- Offers paid prime subscriptions to retain clients like free two-day shipping, Amazon Music, Amazon Prime video, prime reading, and Amazon photos
- An extraordinary business model which allows customers to buy products from 3rd party sellers and Amazon.
- One-click ordering to resolve cart abandonment rate.
- Personalized recommendations through data-driven technologies and marketing strategies
- Structured product descriptions which include videos and images along with product guides etc
Ways To Monetize Multi-vendor Marketplace Websites Like Amazon
Certainly, the success of Amazon also depends on the perfect business models it adopts and its proper implementation. Let us have a look at some of the scalable monetization strategies adopted by Amazon :
Subscriptions
Prime is one of the main subscription models provided by Amazon. Though it is a bit expensive, it comes with multiple benefits for the subscribers and helps them save delivery charges on their purchase with Amazon.
Commission
It is one of the common monetization plans adopted by every marketplace. Here the platform owner charges a certain fee or %age on every transaction.
Fulfillment & Shipping Fees
The system helps even small sellers sell globally and it is one of the best money-making sources for Amazon.
Sellers are supposed to pay for the storage and shipment of their products in warehouses.
Co-branded credit cards
Amazon tied up with Indian Bank Icici in 2018 to start a co-branded credit card. The card helps buyers earn anywhere between 3-5% through rewards points on shopping with Amazon.
Sales margin
Amazon has tied up with several companies that manufacture different goods at affordable prices. Here, buyers can view those products alongside the items they prefer to buy and compare specifications and prices to go with the affordable option.
Apart from the above strategies eCommerce website development like Amazon can make use of other models like advertisements and listing fees.
How To Drive Users To Your eCommerce Website Like Amazon?
Well, a well-designed and organized platform with multiple features and perfect monetization models contributes to the success of Amazon. The next thing you need to focus on is the different ways that you can adopt to drive sellers and buyers to your site.
One of the main challenges for multi-vendor marketplace websites like Amazon is to attract users to the store. Well, there are effective ways to attract buyers and sellers to your e-commerce marketplace website. Let us explore them one by one
Drive Sellers
When it comes to driving sellers, it is a simple process to follow. Amazon started by selling books. This niche had no competition and with mouth-to-mouth publicity and minimal investment in marketing, they could fetch hundreds of vendors to start with.
Customer Service
Keeping your customers happy should be on top priority for any e-commerce platform to succeed. Amazon offers swift delivery and secure buying along with flexible return policies.
Customer Loyalty
Amazon Prime focuses on clients’ loyalty. Hence, it offers benefits like free shipping on tons of products in two days, ebook download for free, etc.
Extensive collection of selling items
When it comes to selling products, Amazon sells a range of products in distinct categories. It makes the shopping experience enjoyable for the users. It means shoppers can get almost everything under one roof.
Improved checkout process
Having a simple checkout process attracts more customers. Amazon offers a 1-click checkout process to offer convenience to the users.
Attractive Discounts
Well, Amazon offers several discounts to its customers regularly. Certainly, this strategy helps Amazon get more loyal buyers.
Steps To Build an eCommerce Website Like Amazon
1. Create The Outline of The Project
Having a sketch of your project which include the tasks to be performed by your team help you get started on a good note. Make sure you state the guidelines clearly for your team. The sketch of your project should also include deadlines for each task involved in the completion of the project.
2. Build Wireframes & Website Design
Again, if you wish to build a store that looks the same as Amazon then make sure the design should be impressive with catchy UX/UI to grab new clients.
3. List Out The Vital Features
Much before you begin with multi vendor ecommerce website development, you need to state all the features and requirements keeping in mind the future of your e-commerce platform.
4. Pick The Relevant Technologies
Now that you are done with listing the features, the next thing to do is to pick the relevant tech stack. It is determined by the deadline, budget, complexity, etc
5. Hire Experienced Developers
To build a scalable e-commerce platform you need to hire reliable e-commerce Website Development & Design Services,to bring your vision on screen.
6. Focus On The Security of The Website
Users will share their personal information on your platform. So, make sure that your website offers them a secure platform where their data is safe.
7. Create an MVP
It is one of the challenging phases of website development. You should create an MVP with backend and frontend development with different tools.
8. Test Your Website
Certainly, your e-commerce website should be free of errors and bugs. So, make sure your website undergoes testing before you launch it. A team of QA experts can help test your website using different testing tools and techniques.
9. Launch & Support
Well, the potential audience of your website is buyers and sellers. So, make sure you promote your app to both. You can engage in an online advertisement for promoting your website.
Features To Be Integrated Into Your eCommerce Website like Amazon
Amazon comprises plenty of features. Some of the basic features you can integrate into your website are :
Features For Sellers
- Registration and profiles
- Payments
- Product listings
- Notifications
- Orders
- Shipping
- Reports
- Ratings & Reviews
- Billing & reconciliation
Features For Buyers
- Registration & profiles
- Shipping
- Payments
- Buying
- Ratings & Reviews
- Customer support
- Wishlist
- Messaging
- Manage a subscription model
- Notifications
- Disputes
Technology Stack Required For eCommerce Website Development
The tech stack required for an e-commerce website can vary based on individual business goals. But, the basic tech-stack required for an e-commerce website development is :
- Front-end - HTML5, JavaScript, CSS
- Back-end: Python, PHP
- Frameworks & libraries- Vue.js, Angular, React.js
- Databases-MongoDB, MySQL
- 3rd parties- Stripe, PayPa
Final Words
If you are planning to build an e-commerce website like Amazon, it can be a cumbersome task. You need to research and invest in online store development servicesto launch a unique website.
No matter how organized your approach is, you tend to make mistakes. So, make sure you hire eCommerce website development in the USA or your city/state to launch a profitable e-commerce platform.
WebFox, an expert website design, and development company in the USA can help you build a robust e-commerce website like Amazon with basic to advanced features to help you stand out from the rest. Our expert developers have in-depth knowledge of working with e-commerce websites. We help you leverage our extensive experience in e-commerce website development to launch Amazon-like multi-vendor marketplace. Get in touch with us to share your business requirements.