As the eCommerce industry is moving in fast-pace in recent decades. But now the trend of shopping online by shoppers is gradually shifting towards the multi-vendor marketplace. So now buyers can search, find, and buy the products with no time, which means they don’t want to wait and spend time searching across many websites to find one item they’re looking for.
Multi-vendor marketplace avails shoppers a piece of consolidated information that helps them to make a purchase decision fast. This in turn aids them to save time and effort to buy online.
Such a change in purchase behavior of online shoppers has shaped the way to improve the eCommerce stores and influence them to the next level. The answer to this changing eCommerce realm is an online multi-vendor eCommerce marketplace.
MULTI-VENDOR MARKETPLACE OR STORE
Before getting all the way, what is a multi-vendor marketplace?
The name itself implies, that a multi-vendor marketplace or store is an eCommerce shopping platform that allows multiple vendors to take part and sell their niche products in one place. In simple, it is a huge online store that has multiple small vendors’ shops that are run by individual vendors.
Let’s make it even simple, think of it as a big shopping mall that is owned by you that get products delivered to people’s home. So now I hope you had clarity on the topic of the multi-vendor marketplace. Meanwhile, the roles and responsibility of running an eCommerce store and online marketplace is entirely different.
Now imagine, think the mall I have mentioned is an online eCommerce setup. Your mall becomes a multi-vendor marketplace, so the shop owners are responsible for the order, shipping, and product management.
WHY MANY STORE OWNERS ARE CHOOSING MULTI-VENDOR MARKETPLACE PLATFORM TO MAKE PROFIT?
HUGE PRODUCTS VARIETIES
Multi-vendor marketplace platform comprises many vendors that feature their products and sell them. You know any online store that offers diverse products will get customers engaged and gain more traffic and sales. If big marketplaces like Amazon, Etsy, and eBay can import all the product information from any vendor, do you think they would be able to stick to as many sales as they do now?
LOW MAINTENANCE AND FEWER EXPENSES
Every vendor will look to manage this shop or store at a low maintenance cost, isn’t it?
So here in the multi-vendor marketplace platform, they will manage their store or shop on their own, which means they will have complete control over their business. You don’t need to hire any resource to do it as you going to manage it by yourself easily. So you can invest more time in scaling, marketing, and growing business.
FLEXIBILITY IN ADD-ONS
Vendors on multi-vendor eCommerce platforms can have the flexibility in adding add-ons and in the handling of the product description, prices, and shipment details and updates as per their requirements.
PASSIVE INCOME THROUGH COMMISSIONS
Since the multi-vendor marketplace can have a number of vendors or sellers, it earns you passive income in the form of commission on each purchase made on the platform between the buyers and sellers.
FEATURES OF MULTI-VENDOR ECOMMERCE MARKETPLACE
Here I’d like to list out the various features of a multi-vendor marketplace of admin and seller/vendor:
- Multi-vendor platform features easy product management facility
- Now admin/owner of the store can earn a part of the profit from each sale done on the platform in the form of commission from the sellers.
- To ease the registration process, the admin can have a separate registration section for the sellers to get registered.
- Tracking of transactions are now a lot easier for the admins
- Now sellers can have a stunning seller dashboard
- Tracking the seller earnings is now a piece of cake
- Sellers can integrate their social accounts for better social sharing and presence to their marketplace profile.
- Sellers can add any number of products to their store and add them to the category
- Desired coupons for buyers can be added to attract new and existing customers.
WHICH MULTI-VENDOR MARKETPLACE IS GOOD TO MAKE BETTER PROFIT?
There might be plenty of extensions or solutions that are available to create a stunning multi-vendor marketplace. But only a few of them make your eCommerce website a full-functional multi-vendor marketplace. To mention, the Magento marketplace is the best among them in terms of popularity and boosting your profit.
Magento 2 multi-vendor marketplace is now the most in-demand marketplace solution or addon to help the Magento store owners to create their own marketplace which allows multiple vendors to sell their niche products and make a profit out from it.
If you’re having an idea of building a brand new multi-vendor marketplace or think to move from an eCommerce store into a multi-vendor marketplace platform then this would be the right time to move to a revenue-making eCommerce business model.