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Marketplace: 10 best practices for creating a trusted environment

9 September 2021

Business Insight

As an intermediary between buyers and sellers, the marketplace operator plays the role of a trusted third party. As such, it is his responsibility to create a secure climate so that transactions between the different actors take place most serenely and fluidly possible. But creating an environment of trust is not always easy… Here are 10 best practices to put in place to achieve this!

 

An environment built on buyer trust

1. Create user-friendly environment

A familiar environment is reassuring. To be confident, buyers must be able to navigate in a fluid and intuitive way on your marketplace. Make sure you respect the conventions and standards of the web: navigation menu, logo, return to the home page … The graphical interface must be pleasant and consistent, which will ensure smooth navigation.

2. Submit ratings and comments

Ratings and reviews are crucial to reassuring future customers. Thanks to them, buyers have an idea of the satisfaction of other customers about a product. This reassures future customers about the quality of the products or services offered in the marketplace. These reviews are also important for existing customers: more than just a rating, they allow buyers to express themselves about their experience. It is, therefore, necessary to let buyers leave ratings and comments.

3. Communicate on legal guarantees

Right of withdrawal, respect of delivery times, conformity of products… so many legal guarantees are provided by the Consumer Code. Customers who buy from a professional seller are indeed protected by a certain number of guarantees, and it is advisable to let them know! So, do not hesitate to communicate on this subject so that the buyers know that they are protected. Be sure to prove that the transactional environment of your marketplace is secure. If the transactions are managed by a payment service provider, mention the terms and conditions of this PSP and highlight its logo. This way, the buyer won’t feel unprepared when he sees that a new actor is involved in the finalization of the transaction.

4. Provide after-sales service in the event of a dispute

After-sales service is a key service to create an environment of trust, as buyers are assured that in case of a problem, the marketplace will act as a mediator. It is therefore a good idea to include a service in your marketplace that allows disputes to be resolved directly via the buyer interface.

 

An environment of trust with vendors

5. Communicate transparently about the marketplace’s operating rules

Whether it’s about payment, commissions, or disputes, sellers must know and understand all the platform’s operating rules beforehand. In addition to making their experience on your marketplace more fluid, this will avoid possible disappointments that would taint your relationship of trust.

6. Propose tools that facilitate the management of their activity

The trustworthy environment is then based on the quality of the tools you provide to your sellers: simple interface, reporting, dashboards, catalogue integration options, … The seller experience must be optimal!

7. Train salespeople

As a marketplace operator, you need to make sure that your merchants do not have difficulties using the features of your platform. Indeed, your marketplace sellers should not feel helpless when faced with the subtleties of their seller back-office. It is therefore important to offer them training to make their experience as smooth as possible.

8. Maintain regular contact

Training salespeople is not an end in itself: you need to provide them with long-term support to maintain the relationship of trust that unites you. In addition, regular contact with a dedicated person will build loyalty among your salespeople: they must feel privileged and pampered!

9. Quickly compensate your salespeople

For the trust relationship to be complete, sellers on your platform should not wait for their payment. According to a 2018 Forrester study, 50% of sellers admit they are willing to use one marketplace over another if they get paid faster once the sale is made. This is, therefore, a key element in creating an environment of trust. Aware of this issue, some payment service providers have deployed a specific functionality: the Instant Money-Out. With Instant Money-Out, the funds do not go through a bank but through a connector of financial institutions. The payment can then be sent in just a few seconds!

Read also: Instant Money-Out: for an accelerated receipt of funds!

10. Offer a secure payment service, a pillar to gain the trust of sellers and buyers

The payment service you offer within your marketplace is a central element of the experience for both sellers and buyers. It is also a pillar to gain their trust: you must provide a secure payment service. In addition to reassuring buyers against the fear of scams, piracy, or hackers, this will have a beneficial impact on the sales of your marketplace merchants. It is at the moment of payment that the number of cart abandonment is the most important. For an optimal conversion, it is therefore essential to set up a simple and secure payment system!

As a certified payment provider, Lemonway offers its expertise to many marketplaces to create an environment of trust between each player on the platform. Have a project? Any questions? Tell us about your needs!