The marketplace owners earn a passive or hands-free income with the help of multi-vendor ecommerce platform or marketplace but only when they have done it accurately. Be it giant marketplaces like eBay and Amazon or the niche ones like Etsy, marketplaces are omnipresent which is evident from the fact that 90% of the total ecommerce traffic over the globe is being consumed by ecommerce marketplaces. For entrepreneurs who have formulated and produced their goods or services, it becomes a constant struggle to select the right multi-vendor ecommerce platform that is not just scalable but also a credible.
Considering the above and other various opportunities, there is immense potential in Multi vendor Ecommerce store. In terms of multiple vendors, management, transactions, shipping, returns and refund, marketplaces will possess more high-level and distinct functionalities as compared to those of ecommerce store. However, when it comes to building and growing a multi-vendor ecommerce platform, it is not as easy as it seems. You should be able to make correct decisions at every step and do an accurate examination of business and market requirements.
Here are the features that you must have for a Multi-vendor Ecommerce Platform:
- First and foremost, your platform should be mobile friendly. Increasing number of people is switching to small screen and you shouldn’t ignore it.
- Also, make sure that the front and other customizations are good because first impression is always very important as it affects the conversion rate optimization (CRO) and enhances the user experience (UX), too.
- Having product suggestions is an important element as the customers will be able to guide themselves through the product page and also be able to find suggestions of similar goods.
- As people on the internet are impatient, you should provide instant Search options as it enables them to choose and proceed to their purchases without any lengthy research.
- You should never overlook the importance of brand and you must provide the Shop by Brand/Vendor option which the customer can easily filter according to his interest.
- The primary reason why people are preferring ecommerce instead of brick and mortar stores for shopping is that it is convenient and they can direct it according to themselves. Once they have made the purchase, they want the product to reach them quickly and that is why you should ensure that the shipping and fulfillment options are fast as well as convenient.
- You should also do a thorough marketing of your platform so that everyone knows about it. It can be done with the help of social media sharing, product up-selling, abandoned carts reminders, reviews, product feeds and feedbacks.
- Shipping orders and managing the inventory can be painful; there are many steps between receiving an order and the customer receiving their products.
- Most importantly, make sure that the process of payment is perfect of any hurdles. You should incorporate the accurate payment processor to the marketplace. Furthermore, you should look after the various payment API’s for various payment methods such as Credit/Debit Card, Net Banking, Paypal, Cash on Delivery, EMI options, Gift Voucher etc.
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