Nowadays, Online Marketplace is more popular than ever. You can create a multi-vendor marketplace that allows multiple sellers to sell their products and buyers can buy the products. Similar to multi-vendor marketplace, a peer to peer marketplace platform is an online business model where buyers and sellers exchange products and services.
You can build a peer to peer market easily. In this article, we’ll discuss how to create a peer to peer marketplace using WordPress.
What is Peer to Peer Marketplace
As we mentioned earlier, a peer-to-peer marketplace is an eCommerce model that allows buyers and sellers to exchange/sell their products. There is no strong line between the roles and the key goal is gathering ground for both sides to exchange products.
Peer to peer marketplace examples
Let’s say you’re a crafts person and you want to sell jewelry. Building a store is time-consuming and requires big investments on your part. However, you can use an Etsy like platform to host your jewelry. The platform has an active user base and can become an online store of its own.
Say, you’re roaming around to a different city. You may want to rent your current apartment on Airbnb or HomeAway instead of selling it. There is no need to post an ad in the daily newspaper. Just simply use an online service with an inventory management system, real-time analytics tools and automated pricing tool.
Uber lets you order a ride to go anywhere. Buyers and sellers can typically change their roles on a P2P business model in eCommerce.
Today you can be a rider on Uber, while tomorrow you can easily become a driver of the same. In other words, both user groups can exchange products or services on a p2p marketplace.
Future of Peer to Peer Marketplace
Peer to peer marketplace is growing rapidly through worldwide. Let’s have a look of the benefits and future of peer to peer marketplace.
Nowadays, people are looking for all products and services by siting at home. Considering this mentality all are trying to create a marketplace for specific products or services.
Another human tendency is having all types or different types of products or services under one umbrella. To fulfill the customer satisfaction people are creating peer to peer marketplace.
Marketplace owners are adding different services like rental products, other subscription services in their Marketplace.
So, peer to peer marketplace is becoming the advanced marketplace for the shop owners.
Reasons to choose WordPress for peer to peer marketplace
WordPress is the most powerful tool in Content Management System. It is not only used for blogging purposes but it has wide use in eCommerce website. The number of eCommerce websites that are built with WordPress are increasing day by day.
Here are the top reasons to choose WordPress for peer to peer marketplace.
1. It’s been around in the market for many years: WordPress was launched in 2003 having the basic idea about CMS or a blogging site. It quickly grew to become the first go-to platform for everyone from business owners to programmers with little to no tech experience. Almost 500 new websites are creating every day using WordPress.
2. Open Source Platform: Open source means that WordPress’ building code is free and can be accessed by all users. An open source CMS will not make your online domain vulnerable. In fact, by using WordPress, you have taken the initial step to improve security for your website.
3. SEO Friendly: WordPress is designed to be SEO friendly since you can download WordPress to enhance the search engine function and improve your domain’s optimization.
4. Easy to customize: WordPress is very easy to customize. If you think you have the basic technical knowledge with a well-documented theme, you can make the modifications yourself.
5. Large community forum: One of the best things about WordPress being the number of people using it, there are many places and areas to reach out to for help. There is a huge community forum that is moderated by employees and WordPress fanatics alike. If your desired answer can’t be found in the forum, you can formulate your inquiries.
6. Tons of Plugins and Themes: WordPress has a wide range of plugins and themes that are available both paid and free. All Plugins and Themes are updating on regular basis to fix all the issues.
7. A simple hosting option: WordPress can be easily set up on any web host since it powers approximately 60 percent of the entire web. Most of the hosting plans include single-click installation for the CMS. That means customers have full freedom when deciding where to host their WordPress website.
8. Safe and secure: Since WordPress is currently the largest blogging and eCommerce building platform in the world, it is vital for you to protect your content from attacks. WordPress sites are mostly targeted because there are so many websites available as CMS platform. Fortunately, there are so many options that can keep your CMS safe and secure.
9. Affordable experts: Many web developers are experts in dealing with WordPress, which means you will have an easier time finding the expert to utilize. Because of this competition some designers may come cheaper than others who work with proprietary CMS’s. There are also many design firms available that specialize in building WordPress websites.
Advantages of Creating Peer to Peer Market
- Networking: The word-of-mouth is the best way to share information about your products and engage new potential customers. The best thing is that this is entirely free marketing tool when your site visitors will provide the task of promoting your service.
- Ability to broaden your audienc: Online trading is not limited by your current location. Your aim is just creating a platform for meaningful interaction between the buyer and the seller. The system will work without additional efforts that make P2P marketplace very attractive.
- Financial advantage: So, buyers and sellers will come to your website to fulfill their needs, and you will get revenue with the minimal effort. If compare launching an eCommerce website and peer to peer marketplace, the second one is winning proposition for the business owners with the limited budget.
- Easiness: Peer to peer marketplace has a huge simplicity. Consider the ability to outsource needed services in order to use their expertise and decrease time to market.
- One place for various solutions: The client will have all the services or products under one umbrella that helps to generate revenue faster.
- Opportunities for branding: Various sellers help to strengthen your product branding of the marketplace and make it popular.
- Improved marketing: You can offer relevant discounts connected to the holidays and other occasions in order to boost sales.
- Geographical freedom: The number of potential customers are not limited by your physical location. Users can access the products and services from anywhere.
How To Create a Peer to Peer Marketplace using WordPress
As you might know that there are two types of WordPress available: WordPress.com vs WordPress.org. One is a limited blog hosting service while the other is known as the self-hosted WordPress.
To start an peer to peer marketplace using self-hosted WordPress you will need the following:
- A domain name (For example, multivendorshoppingcarts.com)
- Web hosting account (Where your website’s files are stored)
- SSL Certificate (To securely accept online payments)
- WooCommerce peer to peer plugin(best WordPress peer to peer plugin)
- Online marketplace addon
You can either build a multi-vendor marketplace from scratch or use existing solutions or open source marketplace platforms. Your choice will depend on your budget and requirements.
There are lots of platforms, including Shopify, Dokan, Magento, Sharetribe, Drupal, and Spree Commerce. Ready-made solutions can be a good start, but unique features require custom implementation.
Not all of these Software as a Service (SaaS) platforms may be fit for your project, since some of them are created for eCommerce purposes rather than for dedicated marketplaces.
Here you will get the step by step guideline to create a peer to peer marketplace.
Which Peer to Peer marketplace platform is right for you?
While all are worthwhile options, the peer to peer marketplaces we listed aren’t interchangeable.
- Those who are looking to create multi-vendor marketplaces for digital products should consider WordPress or WooCommerce with Shopify.
- If you’re looking to create peer to peer marketplaces for organized vendors selling physical products, look at Magento Marketplace, CS-Cart, or WooCommerce with Dokan.
- And finally, if you’re looking to create any type of peer-to-peer multi-vendor marketplace, consider Dokan.
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