5 things to know before creating a multi vendor marketplace

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Cloud market has greater potential in recent days. Today multiple vendors and buyers can easily communicate through a platform and the platform is termed as multivendor ecommerce platform. The advanced technology has simplified the process of building a multivendor ecommerce website. Many aspiring entrepreneurs have the same thought of how to build a multivendor ecommerce website like Amazon, ebay etc. This mainly because of the tremendous growth that multivendor marketplace has attained and it is proved through reliable statistical reports.

Interesting stats about multivendor ecommerce platform

  • In 2019, around 15% of single vendor store owners have transferred their store to a multivendor platform.
  • 7% shoppers have avoided visiting physical stores in this pandemic period and have shown interest in visiting ecommerce platforms.
  • The ecommerce share in total global retail sales is 21% in 2020.
  • Search engines are the most popular source for online shopping and Amazon was highly searched ecommerce platform with 52% usage rate.
  • Amazon has completed 25% of cross-border shopping in 2020.
  • 35% of buyers have shown interest of increasing their online shopping in next 12 months.
  • 82% of online shoppers in US prefer credit or debit cards for payment transaction whereas 80% of shoppers in Europe prefer PayPal for payment.

 

What is the need to build a multivendor ecommerce website?

Although every business has their own ecommerce store to sell their own products to their customers, still there is a vast demand for multi vendor ecommerce platforms. This is mainly because it has several advantages over single vendor stores and this makes the multivendor platform stand alone in the market. Let us check out the major advantages of multivendor ecommerce platforms.

Wide range of products – there is no need to stick on to any particular product. As your platform supports multiple vendors, you can have multiple products in your store and this will increase the visitors’ count.

No inventory maintenance – as sellers will take the responsibility of their own stock, the admin of the multivendor ecommerce platform may not worry about inventory management.

Multiple revenue streams- by building a multivendor ecommerce website one can earn through multiple resources as the platform supports several revenue models.

Easy promotion multi vendor marketplace platform are built as SEO-friendly. So promoting the platform and making it visible to others is quite easy and needs less effort only.

Cost-effective – how to build a multivendor ecommerce website is the first question for any entrepreneur and second comes how much will it cost? Building a multivendor ecommerce platform is less expensive especially if you prefer to go for a readymade solution.

Main aspects to consider before you build a multivendor ecommerce website

Now you have gained enough knowledge about a multivendor marketplace and how it beneficial to the user who owns the platform. Now before you start building your multivendor marketplace, you need to check and follow the below mentioned aspects. This will help your multivendor ecommerce platform to survive better in the industry.

Analyze the market

Analyzing the market is the crucial aspect that you need to do before creating a multivendor ecommerce platform. Without knowing the market demands there is no point in building an ecommerce platform. When you do complete research on the market you will come to know who your target audiences are and how much requirement they have on your product or platform. This will help you to promote your platform in the area where your target audiences are available. You can also monitor what your competitors are providing and what strategy they use to attract their audience.

Reach out your sellers

Any multivendor ecommerce platform can be successful only when you have enough sellers in your platform. But getting sellers to your ecommerce platform is not as easy a joke as you think. You need to find active sellers from other leading multivendor platforms and should contact them and inform them about your platform benefits. If you are successful in getting sellers to your platform then it is worth it to run a multivendor ecommerce platform. For this you need to find out sellers who are not satisfied with their existing platforms and then grab their attention towards your multivendor marketplace.

Choose a reliable ecommerce platform

The ecommerce platform you choose to build your multivendor website determines your success rate and traffic. The ecommerce platform should be mobile-friendly as 90% of online shoppers are mobile users. Also your platform should support customization and should be scalable for future business expansion. Best user-interface is the main aspect that will reduce the bounce rate of your platform.

Check for reliable and secure payment gateway

Buyers mainly visit ecommerce platforms as they can pay and buy online. But at the same time they need to have a secured payment gateway integrated with the multivendor ecommerce platform. If they do not find any familiar payment gateway they will abandon the site. So you need to check the leading payment gateway service providers and should integrate those service providers with your multi vendor marketplace platform. Provide multiple payment options to users so that they will feel comfortable to shop on your platform. Always go for trusted payment gateways.

Promote your multivendor platform

Before you build your multivendor ecommerce platform, you need to have a clear promotion strategy that will help you to make your brand visible to your target audience. To promote your platform you can make use of social media channels. Around 76% of your target audiences are available in any of the social media platforms and you can easily reach them when you post your banner in the social platform. The customer engagement is high in this promotion type and you can instantly get in touch with your audience and can easily understand their requirements as this will help you to serve better.

Conclusion

All these aspects will help you to run your multivendor ecommerce platform hassle-free and you can have a smooth business operation. Learning how to build a multivendor ecommerce website is a host of benefits for your business. Start your exciting journey with your well-developed multivendor ecommerce platform and take your online business many notches higher.

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