How to Make a Successful Marketplace: Find New Sellers and Protect Them from Fraud

The Amazon Marketplace, which annually makes several billion dollars for its creator, has inspired many startups to start a similar business. One of the reasons for the worldwide popularity of Amazon is its safety both for buyers and sellers. Nevertheless, given the fact that today there is no single 100% efficient tool that would guarantee the transparency of all trading operations, it is not easy to recreate the success of this trading platform. It is for this reason that you need to not only attract sellers, but also take care of their safety. Below we will discuss how to do this.

How to Find a Seller for Your Marketplace

There are several efficient ways to find the sellers:
-analyze customer searches. Run research from time to time to identify the key inquiries that do not match your product range. In this way, you can determine which products your marketplace is lacking, and what you need to focus on in your marketing strategy to make your search for new trading partners as productive as possible;
-compare your marketplace to competitors. By analyzing the advantages and disadvantages of similar solutions, you will be able to determine the most advantageous strategy of behavior and, in particular, find out which products are in the highest demand among buyers. In addition, you can try to lure over the most popular merchants, offering them much more favorable conditions for cooperation;
-check with your sellers what products they would like to add to their stores, but are not able to at the moment. This will probably create a new vector for you to later search for sellers who have similar products in stock. However, you need to be careful: if getting the right product is a big problem for most sellers, there is a high risk that the vendor you’ve found can be selling fake or counterfeit items;
-use well-known search engines. Analyze the key requests your target audience uses (for example, on Google). This will allow you to cover several marketplaces at once and form the most objective idea of the relevance / lack of demand for certain goods.

KYC: The Way to Protect Sellers from Fraud

Often, trading on a multi-vendor marketplace includes fairly large transactions. That is why mutual trust between the seller and the buyer should always be at the core of this relationship. The fact is that both parties assume a certain risk when they conclude the first transaction, so each of them needs a guarantee that the new partner will be reliable.
KYC (Know Your Customer) is a format of web services that will help your trading platform to ensure a certain level of trust between its users. This is especially important for large-scale marketplaces, where it is very difficult to know who you are selling to or buying from, and in general, how much you can trust the other side of the transaction.
Rubicon company specializes in the development of such solutions as part of marketplaces or as a separate web service. We use only advanced technologies in our work, such as blockchain.

Blockchain Is the Future of KYC

We can safely say that blockchain is the ideal choice for creating a modern, reliable and easy-to-use KYC system. It is basically a distributed register that is updated in real time and provides trusted users with instant access to data without having a centralized repository.
Therefore, this technology will not only ensure end-to-end security and reliability of financial operations, but will also significantly speed up the process of customer verification and obtaining the necessary transactional data. Faking this data becomes completely impossible

Conclusion

As you can see, the blockchain is an extremely effective solution for building KYC systems. And Roobykon software is an example of a successful implementation of this concept in practice. You can contact us for customized KYC product development to ensure that your project will be tailored specifically to your needs.