Since the early 2000s, digital transformation has picked up prominent pace and physical products around us have gradually turned into their digital alternatives. A decade ago USB flash drives were the most common items to store data. However, in today’s modern world, cloud storage has completely replaced these flashed drives and you hardly see anyone carrying one. Similarly, digital products have become mainstream in today’s digital world and people prefer these digital versions over the physical ones.
The digital product adoption is so prominent that many entrepreneurs and business owners are planning to launch their own digital product marketplace. These are practically ecommerce websites where consumers can explore different digital products and buy them using different payment modes.
Today, our expert ecommerce website developers have penned down a complete guide on how to build a full-scale digital product marketplace from the ground up.
So, without any further ado, let’s dive in.
An Introduction to a Digital Product Marketplace
A digital product marketplace is an online platform where creators and sellers can offer their digital goods and services to consumers.
Unlike physical product marketplaces that deal with tangible items, digital marketplaces focus on virtual, intangible products that can be downloaded or accessed online. These products can include software, mobile apps, e-books, music, videos, online courses, graphics, website templates, and more.
Epidemic Sound and SoundCloud are two of the most common examples of digital product marketplaces. For readers who don’t know, there are online platforms where content creators can buy royalty-free audio clips for their videos.
Like these two platforms, the Internet is stacked with several other online stores where consumers can set up their accounts and purchase digital products.
Key Features of a Digital Product Marketplace
Before building any website or online platform, it’s necessary to evaluate the key features you must integrate to make it user-centric. It’s worth noting that features of any online marketplace decide its success rate in the long run. That’s why it’s crucial to incorporate features that align with your brand objectives.
Some of the key features of a digital product marketplace include:
- Product Listings
Sellers create listings for their digital products, providing essential details such as product description, images, pricing, file format, and relevant tags to categorize the product effectively.
- Transaction Processing
The marketplace handles the payment processing, ensuring secure transactions for both buyers and sellers. Common payment options include credit cards, digital wallets, and sometimes cryptocurrency.
- Licensing and Copyright
Digital product marketplaces often manage licensing and copyright issues. Sellers may choose from different licensing options, such as single-use licenses, multi-use licenses, or extended licenses, depending on the product type and intended usage.
- Download Delivery
After a successful purchase, buyers typically receive an automated download link or access to the digital product, allowing them to use it immediately.
- User Ratings and Reviews
Buyers can leave reviews and rate the products they purchase, helping build trust and credibility within the marketplace.
- Seller Profiles
Each seller has a dedicated profile page showcasing their products, reviews, and ratings. This provides buyers with insights into the seller’s reputation and helps them make informed decisions.
- Affiliate Programs
Some digital product marketplaces offer affiliate programs, allowing affiliates to earn a commission by promoting and driving sales to specific products.
- Support and Dispute Resolution
The marketplace may offer customer support to address any issues related to purchases. Additionally, they might have a dispute resolution system to mediate conflicts between buyers and sellers.
Choosing the Right Ecommerce Platform for Your Digital Products Marketplace
To build a digital product marketplace, you need an eCommerce platform that supports multi-vendor functionality, allowing multiple sellers to list and sell their digital products on your platform.
Dokan
Dokan is a popular multi-vendor marketplace plugin for WordPress. It allows you to transform your WordPress site into a digital product marketplace with ease. Sellers can create their own stores, list their digital products, and manage orders within the platform.
Sharetribe
Sharetribe is a platform that specializes in creating peer-to-peer marketplaces. It’s suitable for building digital product marketplaces where users can offer their digital goods and services.
CS-Cart Multi-Vendor
CS-Cart Multi-Vendor is a comprehensive multi-vendor eCommerce solution that supports various product types, including digital products. It enables multiple sellers to register, create their own stores, and manage digital product listings.
MarketEngine
MarketEngine is a WordPress theme and plugin combination that allows you to build a digital product marketplace on top of WordPress. Sellers can manage their digital products and transactions within the platform.
Arcadier
Arcadier is a multi-vendor marketplace platform that supports various types of products, including digital goods. It offers customization options and features to create a digital product marketplace tailored to your needs.
Yelo
Yelo is a platform that lets you create a marketplace for digital products and services. It provides tools for sellers to list and manage their offerings, along with transaction processing features.
Jumpseller
Jumpseller is an eCommerce platform that includes multi-vendor functionality, making it suitable for building digital product marketplaces. It supports various digital product types and payment gateways.
Near Me
Near Me is a platform that allows you to build a custom online marketplace, including digital products and services. It offers a wide range of features for managing sellers and transactions.
When selecting an eCommerce platform for your digital product marketplace, consider factors like ease of use, scalability, payment gateway options, seller management capabilities, commission management, and the level of support provided by the platform.
Also, ensure that the platform complies with any legal and copyright requirements relevant to the digital products you’ll be hosting on the marketplace.
How NetSpark Solutions Can Help You With Digital Product Marketplace Development
It’s worth noting that building a digital product marketplace is a technically challenging task. Since there are multiple elements that construct a digital marketplace, you need a team of experts who have diverse experience in building such online stores. At NetSpark Solutions, we do not only have a team of in-house development experts, but also a keen interest in the latest development technologies. Our team stays on top of the latest development trends and help global businesses launch digital products that cater to their overall growth. With your digital product marketplace, our team will devise a fully personalized development plan to help you start sailing in the right direction.
Conclusion
Digital product marketplace has become the latest trend in the digital world. With technologies like NFT, Blockchain, and cryptocurrency, it’s believed that transactions on such marketplaces will become more secure and they’ll continue to grow in the coming future. So, if you have an idea for a digital product marketplace, this is the right time to bring it to execution. Hire our expert ecommerce website developers and let us devise a customized digital product marketplace for your brand.
