Best practices for building an online P2P marketplace platform (Part 1)
In the past 5 years, we have built many P2P marketplace platforms such as RVezy, KiplePay. We have learned a few things to make a successful P2P marketplace. This is a series of multiple posts. Each post would cover one topic that we think might help you, the new entrepreneur who wants to start a new marketplace or update your existing one.
Vendor/seller registration (Part 1.1)
The main purpose of having a thorough vendor registration process is to eliminate unqualified vendors to upkeep the high standards of all products and services that they offer on the marketplace. Though it's not an easy job to weed out all of the bad actors, your platform would attract more customers and scale if it's done right. However, if the process is too long, it would be a barrier to acquiring new vendors with too many steps. It has to be simple, thorough and easy to use.
There are three main steps:
Create a profile
Create offers (products or services) to the customers on the marketplace
Provide work history and other required qualification documents.
Before going into the details of each step, here are some general guidelines:
Show clearly to the vendors the number of steps that are involved in this process.
Your instructions in each step have to be clear.
Make it accessible across different types of devices.
Prefill information as much as possible such as prefilling city, province/state, postal/zip code by using Google Map API.
Provide data to incentivize the vendors to complete the process, such as a similar vendor, who earns 1000 dollars per month.
Many vendors will not complete the registration in one sitting. So they must be able to continue later without losing data. Make sure to implement auto-save for each of the steps.
Require basic information about the business to create a profile.
In our next blog post, we will go into detail about each of the steps.
Thank you for reading.