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. Globally customers spent $1.8 trillion on online marketplaces in 2018 .67% of marketplaces are generating more than $50M annually. 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, Unlimited product options for buyers. Huge traffic volume. Competitive pricing offered by multiple sellers

Easy to build customer trust for the marketplace brand. Admin/ Owner is free from the burden of investing in inventory. Sellers are free from the burden of taking care of technical aspects of running the online marketplace. Broader customer and vendor protection policies

Online Store

Single Vendor, Limited product options for buyers. Limited traffic Single price option decided by the store owner

Have to build customer trust from scratch over the years. Admin/ Owner has to allocate a budget for inventory. The seller is the admin and has to invest in building and maintaining the online store. 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.

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