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    How To Start A Pharmacy Marketplace?

    Well, who is not aware of the power of an online e-commerce website? It is growing rapidly. And if we talk about the Pharmacy Marketplace, it is one of the fastest-growing businesses in the current e-commerce industry.

    What is Online Pharmacy?

    If we talk about starting a Pharmacy Marketplace, then the first thing that comes in mind is what is the online pharmacy and how to start it?

    Well, online pharmacy is a pharmacy that is operated through the online website. Customers place the order using a pharmacy website or by uploading a prescription.

    Orders are assigned to the sellers based on the hyperlocal on-demand delivery model.

    Thus, the sellers accept the orders online and then ship them to the customers through the shipping companies.

    Why To Choose e-Pharmacy Marketplace?

    According to a report by oberlo, The number of online shoppers is expected to grow by 2.14 billion by 2021.

    Source: oberlo.com

    This report is enough to explain, how the market of the e-commerce industry is growing rapidly.

    So, if we talk about e-pharmacy, it is the right time to dig into e-commerce with an idea to take your physical medical store into the online e-pharmacy marketplace.

    With the move into the digital platform, many of the vendors will have an option to list and sell their medicines online.

    Furthermore, if we talk about the market giants in the e-pharmacy marketplace, these are the few companies that have set the milestones for the other entrepreneurs.

    Source: Walgreens

    This is how the Walgreens e-pharmacy marketplace looks like.

    Benifits Of E-Pharmacy Marketplace

    • The consumers can order the medicine from the e-pharmacy marketplace as per their convenience.
    • Consumers can use mobile applications or laptops to search and order medicines online.
    • It is hard to find out medicines from different physical medical stores. Most of the times it becomes time-consuming for the consumers.
    • A record of the purchased medicines is maintained separately. The customers can see the history of their orders.
    • A record of the transaction is maintained with the tax details.
    • Medicines are available based on the prescription as prescribed by registered doctors or medical practitioners and provided by the user.
    • No charges for infrastructure.
    • Hassle-free order management system.

    How To Start A Pharmacy Marketplace?

    Deciding Right E-Commerce Platform –

    So, after reading the basic scenario, it will be eagerly exciting to know how to start a Pharmacy Marketplace Website, Right?

    Well, to start a Pharmacy Marketplace Website, first of all, you’ll need to decide an e-commerce platform as per your budget and requirements.

    In the current era of e-commerce, there are many e-commerce platforms are available which have the capability to convert your website into a marketplace website.

    Those industry giants are Magento, WooCommerce, Opencart, Bagisto, Shopify, and many others. Now it is up to you to decide the e-commerce platform as per your requirements.

    Learn How to Create Online Marketplace?

    Web Hosting –

    Now you have decided the platform to set-up your pharmacy marketplace, Right?

    Now if you’ve decided the platform rather then the SaaS base like Shopify, Bagisto then you’ll have to choose an appropriate Web Hosting Service too.

    Moreover, A Web Hosting Service marks your presence via the world wide web all over the world. One can choose from the –

    Dedicated Hosting –

    In the case of a marketplace website, you must choose the dedicated web hosting because marketplace eCommerce needs a large amount of disk space and bandwidth to run a website properly.

    Setup your Magento, OpenCart, PrestaShop, WordPress, Cs-cart and Joomla Stores on AWS cloud with world class services

    Shared Hosting –

    Shared Hosting is suitable for newly set-up websites which are placed or stored on the servers along with other websites.

    This also means that all the websites present on the server will share similar resources such as Memory or CPU. 

    Audit Speed and Performance of your E-commerce store.

    Set-up Multi Vendor Pharmacy Marketplace

    To get into the mania, first, you’ll need to set up a Multi Vendor Marketplace, so that the several pharmacists can register themselves to your pharmacy marketplace website and sell their medicines.

    Source: RITEAID

    This is how it looks like when a Vendor/ pharmacists go for the vendor registration process –

    Features, That a Pharmacy Marketplace Must Have –

    Hyperlocal

    You can set up a Hyperlocal Marketplace System to provide an effective e-commerce platform to your customers and as well as to the vendors on your website.

    So, using hyperlocal businesses, you build a local eco-logistics system that enables the customers to buy anything from their nearest register store on your pharmacy marketplace website.

    Search

    The search feature enables the customers to find out the right medicine and products for them. You can make the search result more scalable using the elastic search. Elasticsearch is a highly scalable open-source full-text search and analytics engine. It allows you to store, search, and analyze big volumes of data quickly and in near real-time.

    Seller Badge Profile

    Getting an authentic medicine from a verified seller or based on the seller badge helps the customer to find out the genuine products from a seller. The admin of the marketplace can decide the badge of the seller according to their performance.

    This how a seller profile looks like who receives the badges on their performance.

    Prescription Upload

    Using order attachments or prescription upload a user can upload the prescription and the seller can manually pack the mentioned medicines in the same quantity as prescribed to the user and provided by the doctor.

    • Prescription upload allows the customers to upload the prescription for their orders.
    • The customer can upload the prescription while placing the order or after placing the order.
    • The admin can approve or disapprove the uploaded prescription by the customer.

    Even the customer can also upload the prescription after placing the order –

    Mobile App

    The number of mobile users is increasing day by day. It will be an effective step if you can introduce your pharmacy marketplace to the users using a mobile app. It will help the users to find out the medicines while they are resting at home.

    Deal Of The Day

    Well, running the deal and discounts on the marketplace is the first step to grab the attention of the customers and generate more sales. You may use plugins like daily deal which allows the sellers to build brand loyalty and quickly sell surplus inventory which means, the more will be a sale, the high will be revenue.

    Choosing The Right Payment Gateway

    Well, if we talk about online shopping, the first thing that comes in mind of the customers to validate and ensure that the website on which they are making the payment is safe and secure.

    So, choosing the right payment gateway is a very crucial part. There are a lot of payment gateways are available like – Braintree Payment Gateway, Adyen Payment, Stripe Payment Gateway and there are many more.

    Moreover, these payment gateways also provide features like split payments. Split payment enables the split of the payments between the seller and the admin.

    Also Learn, How to Start a Fashion Marketplace

    Conclusion

    According to the stats by Statista, the predicted global e-pharmacy market will grow to reach around 128 billion dollars by 2023.

    Now, you have a complete idea on how to start an e-pharmacy marketplace and how to be the giant in the e-pharmacy industry.

    So, if you’re thinking to start an online pharmacy marketplace then it is the right time to dig into the e-commerce industry and stand out among those entrepreneurs who are ready to change the world.

    That’s all for How To Start A Pharmacy Marketplace. If you have any further query, feel free to add a ticket at webkul.uvdesk.com

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    Comments (4)

    Add Your Comment

  • A Biranchi Narayan Patra
    In India what licences I need for start an e-pharmacy or online pharmacy marketplace?
    • Suraj Kumar
      Hello There,

      For required legal guidance regarding setting up an e-pharmacy and getting the required license please contact the respective legal authority.

      For any development-related legal requirement kindly share the same on support@webkul.com to assist you better.

      Thanks

  • Nitya
    Can you please tell the legal requirements to start a hyperlocal e pharmacy?
    • Zeba Hakim
      Hello There,

      We would like to inform you that if you require legal guidance regarding the setting up of e pharmacy then please contact the respective legal authority.

      For any development-related legal requirement kindly share the same on support@webkul.com.

      Thanks and Regards.

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