My Marketplace journey has begun! On Friday, July 1st we launched the first marketplace that matches buyers & sellers of wigs. Wig Market has been in development for almost 9 months and I am so excited to open up the platform to the public.
We first registered the domain and secured the social media profiles in April of 2015. The main issue was working out how to split the payments but have the wig maker responsible for the majority of the payment as Wig Market only takes a 10% cut of the sale. After I found the platform that does this in early October we were off to the races with development.
The platform at this point is really solid. I have been reaching out to our wig sellers to see what we are missing as far as listing options or if there was anything else we missed. The goal is to quickly make updates to the site and improve it constantly. Next week the Android and iOS apps should be completed. The apps were developed exclusively for the Wig Sellers of the platform to make it easier to list their wigs. When you launch a marketplace you have to get inventory on the site as quickly as possible or else the customers will not have anything to buy. The Android app should be in the Google Play store the following week and hopefully, Apple will let us in iTunes quickly.
So after the first week, I realized I was correct about the difficulty of marketplaces. You not only have to attract buyers but also sellers to the platform at the same time. This is not an easy task! This is a common issue with launching marketplaces. Because we have been in the hair industry for a few years it has really helped with the ability to tap into our other businesses for support. I have been writing blog posts on our sites announcing the launch. This has sent some great traffic and will also really help with SEO. But even with everything we are doing, I know this is going to be a 2 – 3-year uphill battle. I was mentally drained when I got home this week. The only thing I can do is keep pushing.
I really believe in this project. There are many inefficiencies in how wigs are sold online. Wig Market will also be great for consumers because it will create competition between the stylists. It will make everyone be better, more cost effective and efficient. Wig Market is 100% a technology company. Wig Market does not actually own anything but the website. It will be interesting to see how the press views it once I start contacting them. I call the current launch Phase I. My idea for Phase II is what will really set this site apart from anything else in the hair industry. I am hoping to launch Phase II in August as we are planning at showcasing the project at the Bronner Brothers summer show.
My goal is to make Wig Market the #1 source for buying and selling custom made wigs!