A multi-seller Marketplace is entirely different from an online eCommerce store. A Multi-Vendor Marketplace success depends on both store admins and sellers. A store admin is responsible for website development and seller management. Sellers on the other hand are responsible for their profiles and inventories. In a Multi-Vendor Store instead of the store admin, multiple third-party vendors list and sell their goods.
Major benefits of the Multi-vendor Marketplace:
A marketplace platform not only benefits the store admin but also the sellers by providing them with a platform to cater to a wide audience. Customer on the marketplace gets a wide variety of goods to choose from. Thus we can conclude that a multi-vendor marketplace depends upon its three important pillars:
- Store admin
Store owner benefits of the Multi-seller Marketplace:
eCommerce marketplace is more flexible over the online stores. Unlike an online store, In an eCommerce Marketplace, the store owners need to focus only on the website. There are no such obligations to list goods at the Marketplace. Wide variety of goods served at the marketplace helps to catch customer attention and increase the customer retention rate. Also, the Marketplace helps the store owners to target an enormous audience globally.
Vendor benefits of the Multi-Vendor Store:
For a small business owner, it’s a big nightmare to create an online shopping platform. In addition to the initial setup cost, the marketing expense is too high. Selling goods on a well-established online platform will save both money and promote your brand. Listing products on these marketplaces will channel traffic to your brand. Additional traffic means more conversion which means more sales.
Consumer benefits of the online Marketplace:
What an online buyer looks in an online store:
- Less time spent
- Little effort
- Best quality
- Affordable price
- Easy checkout procedure
While most of the online stores cant provide these features, an online Multi-Seller Marketplace with its flexible nature can easily lure the customers. eCommerce Marketplace catch the customer attention by providing them with variety of options at a single platform. In a marketplace a customer gets the product at the best price as they can easily compare their products with available other competitors. Availability of wide variety of products and services at the Marketplace lessens the customer efforts and time in going from one site to another.
Must-have Features in an Online Marketplace
An eCommerce Marketplace needs to provide a broad range of features to both customers and vendors to keep up with the growing competition. Some of the must-have features in an online Marketplace are:
Simple Registration Process:
The selling cycle starts after a vendor registers its shop and list its product at the Marketplace. Make the registration process as simple as possible to attract as many vendors as possible. It is also important to develop an all product type compatibility marketplace to enhance your target range.
Intuitive UI and Secure Payment Methods:
A well-defined UI with advanced search options and a secure payment method is what a customer actually needs. Multiple payment and shipping options available at the time of checkout makes the shopping experience smooth for the customer.
Regular discount deals and seasonal sales at a Marketplace attract even more customers. By offering regular coupon deals will enhance the chance of more conversions
In addition to the above features, Knowband offers marketplace module offers marketplace mobile app compatibility. The eCommerce business is growing powerful day by day and is getting accepted by all the communities. If you need any professional guidance to talk about feel free to contact Knowband support team.