Proven Tips To Start A Successful Multi-Vendor Ecommerce Marketplace Ecommerce Guide
Global Customer Tilt Towards Multi Vendor Ecommerce Marketplaces Customers worldwide are showing a clear preference for online marketplaces. ●
Marketplace accounts for more than 50% of global online sales
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Globally customers spent $1.8 trillion on online marketplaces in 2018
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67% of marketplaces are generating more than $50M annually
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32% of marketplaces are generating more than $100M annually
Wondering what is causing this shift?
Why Multi Vendor Ecommerce Wins Over An Online Store? Multi Vendor Marketplace Vs Online Store
Marketplace ● ●
Multiple vendors
● ●
Huge traffic volume
Unlimited product options for buyers Competitive pricing offered by multiple sellers
Online Store ● ●
Single Vendor
● ●
Limited traffic
Limited product options for buyers Single price option decided by the store owner
Multi Vendor Marketplace Vs Online Store
Marketplace
Online Store
●
Easy to build customer trust for the marketplace brand
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Has to build customer trust from scratch over the years
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Admin/ Owner is free from the burden of investing in inventory
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Admin/ Owner has to allocate a budget for inventory
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Sellers are free from the burden of taking care of technical aspects of running the online marketplace
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The seller is the admin and has to invest in building and maintaining the online store
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Broader customer and vendor protection policies
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Limited policies and protection for buyers and sellers
The inherent advantages of multi-vendor ecommerce make it a suitable business model for entrepreneurs.
How To Launch A Multi Vendor Ecommerce Marketplace
1) Build it from scratch Requirements: ● Dedicated technical team ● Longer development and testing time ● Cost Intensive
2) Turnkey Multi Vendor Ecommerce Platform Requirements: ● Off-the-shelf multi-vendor ecommerce solution ● Faster development and go-to-market ● Budget-friendly
Clearly, a turnkey solution is a smarter way to roll out your online marketplace.
Checklist For Choosing The Right Multi Vendor Ecommerce Platform Before you go for a multi-vendor solution check if it offers the following: ● ● ● ● ●
Performance and Flexibility Mobile First Approach Support for Vendor Management Pricing, Display and Search Support for SEO and Marketing
Look out for a multi-vendor ecommerce platform, with tools that offers you all the above features.
5 -Steps To Roll Out Your Own Multi-Vendor Marketplace 1.
Create a free-trial store to check the features
2.
Once satisfied, choose a plan and pay your subscription
3.
Get help from support staff to set up and take your marketplace live
4.
Add sellers to your multi-vendor ecommerce marketplace
5.
Define the seller ledger rules, commissions etc.
That’s it and you are done! Start marketing your brand and wait for the order to pour in.
Oering feature-rich solutions for a variety of Multi-Vendor Ecommerce
Start 14-day FREE Trial OR Book a Demo
Email: binny.joseph@hippoinnovations.com Mob:+91-959-991-6383 www.storehippo.com
