Etsy is a successful marketplace, and many people want to emulate its business model and create their own multi-million dollar company. We’ve put together a step-by-step guide to help you build your marketplace.
Etsy has already surpassed Amazon as the most popular service in its category. Millions of people use Etsy to buy handcrafted items, one-of-a-kind furniture, vintage clothing, and more. Etsy’s revenue in 2017 was $441 million.
This is what it looks like to be successful! Many entrepreneurs hope to emulate Etsy’s success by launching their online marketplace. While the competition is fierce, only a few services will generate sales.
We looked into business models and technical implementation for the next Etsy. We already know how to create an Etsy clone. You, too, have a right to know! This article includes a detailed step-by-step guide to developing a marketplace in the creative industry. It’s not to be missed!
What exactly is Etsy?
Etsy is a unique online marketplace. Etsy focuses on unique handcrafted items rather than the cheap or low-quality mass-market products promoted by other online retail giants.
Who shops on Etsy?
The marketplace caters to artists by sharing their work with the rest of the world.
A typical Etsy user might make living crocheting, carving, or sewing. They could work from home or a professional studio, design new furniture or home décor collections, or spend money on advertising. Etsy is first and foremost a sales channel for sellers, providing a one-of-a-kind opportunity to export their goods to other countries and even continents.
Another type of seller can be found on Etsy.
Lawyers, doctors, and high-school teachers who create and sell their wares in their spare time make up this group.
Etsy has attracted the right customers for both types of sellers. Buyers on the platform prefer to use items with soul in their homes. If they like what a seller has to offer, they are willing to order products from overseas.
Why are Etsy and other similar marketplaces so popular?
Etsy and other similar platforms continue to attract sellers and buyers for a variety of reasons:
Etsy only accepts listings for items that are handcrafted or vintage. A purse from Zara’s previous collection is not available for purchase. Instead, buyers can choose from a wide range of one-of-a-kind accessories. These are either handcrafted (and thus one-of-a-kind) or have been around for decades. Those who buy an item with history and soul on Etsy are unlikely to return to a mass-market store. Statistics support this: Eighty-one percent of Etsy buyers return to make additional purchases. You can also attract sellers to your platform and mark your success by hiring a Shopify web development company.
P2P (person-to-person) commerce
Buyers on Etsy do not communicate with a company through an SMM or support manager. Instead, the platform encourages buyers and creators to communicate warmly, personally.
Etsy is about communication and exchange, not just commerce. The company has put a lot of effort into building a strong global community of creators. Like-minded people can meet on the site, share their experiences, and motivate and inspire one another. This is a benefit that no other online marketplace has yet to provide to artists and art enthusiasts.
Etsy is primarily a web application, but it also has iOS and Android mobile apps. Mobile devices currently account for around 67 percent of all traffic, which is expected to rise.
Even if you don’t think there’s room in the budget, don’t ignore or skip mobile application development when building an online marketplace like Etsy. Hybrid app development is the best option. This method allows you to reuse code and quickly create a website and mobile app similar to Etsy for various platforms.
There are four main stages to creating an online marketplace like Etsy.
Let’s look at the steps you’ll need to take to create marketplace software like Etsy from scratch now that we’ve gone over the marketplace’s main strengths.
Stage 1: Investigation and analysis
You should never jump right into the development process. If you want to build a marketplace as successful as Etsy, planning, and strategy will be your best friends. But what should the focus of your investigation be?
- Analyze your competitors
- The persona of the buyer
- Model of monetization for your marketplace app
- Create a business plan.
Stage 2: Designing an app like Etsy’s UX/UI
Designing a platform for a marketplace can be difficult because it must cater to both sellers and buyers. But nothing is out of the question! You will succeed if you have the right management in place. Concentrate on the following two key points:
- Begin with user experience design (UX).
- Then it’s on to UI (user interface design).
Stage 3: Testing and development
If you’ve considered how to create an online marketplace similar to Etsy, you’re probably ready to implement all of Etsy’s best features immediately. Take it easy. Starting with a minimum viable product is a common best practice in development (MVP).
Define the fundamental characteristics of your future marketplace. These features should provide the bare minimum of functionality to answer your target user’s question. Aim to create a simple app as quickly as possible while spending as little money as possible. Then start putting this MVP to the test.
Stage 4: Scaling and support
You’ve launched your MVP marketplace platform at this point, but your work is far from done. This is when the project’s most exciting part begins. In stage 4, you’ll get to work with real users and see how your assumptions are tested firsthand (or invalidated).
Now it’s your turn.
We hope that this guide will assist you in creating an Etsy clone application. To improve the efficiency of your online store, remember to identify your target audience, create a detailed plan, and include advanced features. Hire Shopify plus development company and get started!