Proven Tips To Start A Successful Multi-Vendor Ecommerce Marketplace

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

●

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

●

Admin/ Owner has to allocate a budget for inventory

●

Sellers are free from the burden of taking care of technical aspects of running the online marketplace

●

The seller is the admin and has to invest in building and maintaining the online store

●

Broader customer and vendor protection policies

●

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

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Email: binny.joseph@hippoinnovations.com Mob:+91-959-991-6383 www.storehippo.com