September 29, 2020

Launching Profitable Digital Products Marketplace with Essential Website Features

The goods that can be sold, delivered in digital form are termed as digital products. Also digital products are shipped electronically to the customers through email or they can directly download it from the internet.

Type Of Products In A Digital Goods Marketplace

  • IT and software
  • Audio and video files
  • E-Books
  • Website Design templates
  • Games
  • Digital photos
  • Gold fund or stock traded in digital market
  • Online classes

Business Model of Digital Products

Digital products maintain the independent business models. The supply chain is entirely different from the supply chain of a normal physical store. There is no burden of maintaining physical stock as far as digital products are concerned. Let us take a look on the business models of digital products.

Buy Once Business Model

This model lets the customers to own the digital goods by getting the license of the product. Products like readymade logos come under this business model.

Monthly Membership

The one of the most popular business model is the monthly membership model. Monthly revenue is earned from customers irrespective of their number of sales.

All Access

Here the customers will receive a part of the digital service for free and they will be able to access the products with certain limitations. If they need to access further they will need to pay.

Revenue Model For Digital Good Marketplace

Listing Fee Model

The digital goods marketplace owner can have a separate section for placing advertisements by the sellers. Sellers can make use of the space and can place their own advertisements that will be charged by the admin. Through listing fee, you can expect great website traffic

Commission Model

The digital goods marketplace admin will have several commission slabs and the seller can select the one that is comfortable for him. Whenever a product of a seller is sold, he will give a commission amount for the sold product to the admin of the marketplace. The admin can have different commission options for different sellers.

Subscription Model

With this method the admin can earn a fixed earning every month. The seller can become a member and can pay the membership amount. Subscription needs to be renewed periodically.

Challenges (with Solution) Faced By Digital Goods Marketplace

●     Sales Can Take A Dip Sometimes:

There is lot of uncertainty when it comes to business. So there are lots of possibilities for the sudden decrease of sales especially with digital goods marketplace.

Solutions

The foremost thing that has to be done is to monitor the market and also one should have a keen eye on the competitors and what are the strategies they make use to overcome the sales fluctuations.

●     Some Products Not Performing Well:

We may have several products in our digital goods marketplace platform but the problem is only few products will be fast moving the rest will stay in our marketplace and their sales will be low comparatively.

Solutions

Have a detailed research on the products that are not moving. There may not be much market demand for the product or it may be outdated. Even introducing a product on an incorrect timing may also lead to low sales. One needs to research on all the above and should have a clean plan of promoting that product.

●     Product Categories Shortage:

People always expect new arrivals in your marketplace. Especially repeated visitors will know well about your existing products and every time when they enter your site they search for the new ones. If there is no updation then there you will lose the visitors’ interest.

Solutions

People always expect new arrivals in your marketplace. Especially repeated visitors will know well about your existing products and every time when they enter your site they search for the new ones. If there is no updation then there you will lose the visitors’ interest.

●     Website Performance And Functionalities:

Your website should be active always and should have enough traffic all the times. But this may not happen as expected. If your server is down then people will bounce back and you will lose your traffic.

Solutions

The digital goods marketplace should be performance optimized and should have good upload time so that people will never hesitate to stay in your website for a long time.

Some other challenges that you will be facing as a digital good marketplace owner will be:

  • Unplanned marketing strategies
  • Fail to monitor the competitors
  • Laws that keep hold on digital goods
  • Problems with copy rights

Opportunities In The Digital Industry

The major crowd is available online and people are getting well-used to all digital products. Nowadays, nowhere you can find cassettes or CDs in any house. All are using the digital medium and they simply download what they want by paying it online. So there is always a greater scope for the digital industry in this modern world.

Launch Your Digital Product Marketplace Software with Zielcommerce

Zielcommerce is the next generation digital marketplace business model that has gained the trust globally and fosters a new business relationship between the seller and the buyer. With zielcommerce you can expand your potential audience and also can acquire new customers. The seller interface is clear and simple. The advanced analytics will let you analyze your sales and track your marketing strategy performance.

Key highlights

  • Simple registration process – lets your user to have an easy registration with few steps.
  • Vendor profile management – vendors will get a dedicated page to have their own profile and listings.
  • Advance search tool – this is the most significant too for any marketplace. This will allow the user to have a quick search on the products.
  • Flexible commission plan – admin can easily fix the commission slab and can also change it whenever required.
  • One time cost – just pay once and own the complete software.
  • Secured transaction – the software is completely secured from all malwares so you can integrate the payment gateway of your choice.

Essential Features For A Digital Products Marketplace

Secure Download:

The digital goods marketplace is to ensure the customers to have a secured download. Since they download the product directly to their mobile or laptop or any device, the site should be away from all malwares.

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Multi-Currency And Multilingual:

the ecommerce platform should be perfectly SEO optimized so that you can easily promote your website and can get you more traffic to your site.

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Search Functionality:

give the customers the ease of finding the product they are need for. This will make them feel comfortable in using your site.

Review And Rating:

Give your customer the liberty to rate and review your products. This will let you acquire more new customers with reference to the brand experience,. the product purchaser can rate and review about the vendor as well as the product.

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Shop Page For Seller:

a dedicated shop page is necessary for the sellers. This feature will attract more sellers to your digital goods marketplace.

Payment Gateways:

let your digital goods marketplace be integrated with several payment gateways that can allow customers to have their convenient payment mode.

Return And Refund :

It is understood that customers may ask for refund if they are not satisfied with the product. In this case the digital goods marketplace should provide an option for refunding the amount to the customers.

Marketing Feature

the ecommerce platform should be perfectly SEO optimized so that you can easily promote your website and can get you more traffic to your site.

Product Catalog

have a clear product catalog with detailed description that will allow the customers to understand the product.

Marketing Tips and Tactics

Promoting your marketplace is the key factor that is going to get you good business. One should wisely brand the product and reach the target audience in a short period of time. In this case, we can use all social media platforms that are highly popular nowadays and can run successful campaigns that will gain you more visibility. There are also several ways of digital marketing that can leverage your ROI easily.

Finding Influencers:  there are many influencers who have lot of followers to their account. We can make use of those influencers for our marketplace promotion. By getting them you can have their followers visit your marketplace and in turn you can increase your traffic.

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