Over traditional mortar and brick stores, online marketplace is very cost effective and this is the key factor for all entrepreneurs shifting their business online. Also the marketplace acts as a bridge between the vendors and the buyers and let them do the transaction smoothly. So investing in a multivendor marketplace is a profitable deal for entrepreneurs.
Reasons for ecommerce stores getting shifted to multivendor marketplace platforms
Following the successful footprints of leading multi vendor marketplace platform like Amazon, eBay, many budding ecommerce entrepreneurs started to shift their business to multivendor platform. Let us know about the real facts that multivendor marketplace possess.
- Greater revenue – sales increases double fold with multivendor platform comparing to a normal ecommerce store. When there is a good sale, you will get perfect commission for all transactions. As ROI is key objective for any business, entrepreneur cannot avoid this fact.
- Huge traffic – the multivendor marketplace attracts more users to the site and hence increases the page traffic. Also every multivendor marketplace is SEO friendly that can get you the top ranking page in any search engine. This will get you more new customers and in end increases the sale.
- Customer retention – a multivendor marketplace can retain upto 89% of its customers when compared to a single vendor marketplace. Many referrals programs are encouraged in the platform that will motivate the customers to stay and also to refer many new customers.
- Unbelievable conversion rate – since buyers can find wide range of products with best prices and offers, the conversion rate is quite high. Many vendors show interest in joining a multivendor platform mainly for this unbeatable conversion rate.
Attractive admin features of multivendor marketplace platform
Admin is the key person of the platform and the features should be highly convincible to get into the platform. Let us check the prominent features that multivendor marketplace holds to gain the attention of the admins.
- Simple user management
Admin can easily organize both the buyers and the sellers and also can manage their approvals with simple procedures. This feature helps to expand the platform and would let to have more vendors as well as buyers.
- Multilingual & multicurrency
For global reach, the platform should support multiple languages and also should let people who carry different currency to pay and buy.
- Customized design
One can fix the template and the design completely that suits their business well. The multivendor marketplace platforms are customizable and lets you have your own style of presentation.
- Marketing & Promotion
The multivendor marketplace platform will have an inbuilt SEO optimization and can manage affiliates. Social media sharing will help to boost your branding and will get you more audience to your site. Huge traffic can be easily gained and can get more leads.
- Payment integration
A well-developed multivendor marketplace will have many payment gateways integrated with it in a most secured way. This will let buyers to buy the product on the go without any interruptions.
- Automated task processing
The multivendor platform needs to set the commission plan, real-time tax, and even shipping calculation. All these need to be performed automatically and this will give a hassle-free management to the admin.
Attractive vendor features of Multivendor marketplace platform
Vendors are equally important to the multi vendor marketplace software. The revenue of the marketplace increases only when there are many vendors linked with the platform. Let us check out the key features that are essential for the vendors.
- Import/export
Vendor expects to have this feature while uploading and downloading the products and its images and description. Also while calculating the tax, the vendor expects automation process to be carried out.
- Dedicated dashboard
Vendors wish to manage their inventory, sales and profile in a same page and dashboard helps them to analyze the same easily.
- Multistore functioning
Single vendor may have multiple stores and the platform should support the vendor to manage all his stores with single login.
- Reporting & analytics
Vendor needs to monitor his sales growth and also may need to know the traffic source. The reporting and analytic feature will give a clear picture of the above requirement.
- Track inventory
Since the stock management lies under the vendor’s responsibility, vendors always need to track the inventory and should be aware about the availability of the stock.
- Shipping & delivery
Vendor need to deliver the ordered product to the buyer. The delivery should not be delayed as that will affect the vendor’s reputation. The multivendor marketplace should be integrated with a genuine logistics.
Attractive buyer features of the multivendor marketplace platform
Customers are the king for any business. Without them there is no point of running an online store. The multivendor marketplace never fails to grab the attention of the buyers.
- User friendly interface
The buyer expects to have an easy to use application and the platform should be device compatible. All navigations should be simple to understand.
- Easy checkout
Buyers always want to have a hassle-free checkout process. The procedures should not be a complicated one. If so then they will lose interest to purchase with the platform.
- Discounts & offers
Pricing will always be the key factor while making decision to buy the product. So buyers will be attracted to the one where they get more discounts and offers.
- Order tracking
Once the order is placed, the buyer will be eager to know about the arrival of the product. Live product tracking is very essential to keep them cool until the product arrives to their door step.
- Review & rating
Buyer needs the freedom to write their thoughts about the product they recently purchased with the platform. This will gain more credibility among the buyers.
Conclusion
With all the above mentioned features the multivendor marketplace stands alone in the market and keeps growing more and more. All budding entrepreneurs can wisely decide to choose this platform to rise their business and move on next level in their career and earn more profit and goodwill.
