The business forecasts for the ecommerce market are quite promising. The massive adoption of mobile selling has been considered as a proof for the growth of online market. As per the latest survey, the retail online sale is expected to cross $740 million by 2023. Let us analyze the working pattern of a multi-vendor marketplace platform.
How does a Multi-Vendor Marketplace Model Work
Multi vendor marketplace software is an online platform that hosts several vendors on its application and let them sell their products online. This type of marketplace is quite trendy nowadays as you may also be familiar with ecommerce stores like amazon, flipkart, ebay and many more. These stores have already proved themselves in the market and have inspired many budding entrepreneurs. The working model is easy to understand and explained below.
- The vendors will enroll themselves with the multivendor platform either by paying a registration fee or even for free.
- The admin of the platform approves the vendors. Once the vendor gets approved, he can upload his products along with its images and description.
- The buyers search the products and will order them.
- In most of the cases the admin will receive the payment and then will transfer to the vendor after deducting some nominal charges that are already agreed by the vendor.
- Vendor is responsible for product delivery.
- Buyers are allowed to communicate to the vendors directly.
- Buyers can rate and review the product that can be seen by the admin as well as the concerned vendor.
Most retail business owners are now shifting from eCommerce websites to a multi-seller marketplace platform
Special attention is focused on multivendor marketplace platforms by many retail business owners. The multivendor marketplace platforms hold many outstanding benefits that attract the retails owners. Let us identify the benefits in detail.
Wide varieties of products
One can find numerous ranges of products in a single platform. As the multivendor has multiple vendors, all vendors will display their own products. So you can get a clear view of your competitors and their prices.
Getting into a multivendor marketplace and registering in the platform is a simple procedure as anyone can easily get into it. Working with the multivendor platform is completely hassle-free.
If you are a startup then multi-seller platform will be the best choice for your investment. The platform supports several revenue models. You can select the one that suits your business. Some platforms provide free registration and you may need to pay only when you sell a product.
No inventory maintenance
Though the platform supports multiple vendors, the admin need not maintain the stocks. The vendors are sole responsible for stock management. Frequently they need to update their stock and should maintain minimum stock all the time to avoid stock insufficiency.
The multivendor marketplace provides the admin the complete flexibility with the interface and the admin can set his own theme and customize the platform to suit his business. The platform is device compatible and can fit to any display resolution.
Multiple Revenue streams
The multi-seller marketplace place allows to earn in many ways. One can set commission plan for each seller and the seller can pay commission for each transaction made. The admin can set subscription plan where the sellers have to subscribe with the platform either monthly or yearly basis. Even can earn through affiliate marketing and listing fee methods.
Tips to attract more sellers to your multi-seller marketplace platform
To succeed in online retail business, one should know the tactics and have a clear marketing strategy. Without proper planning and analysis, it is very difficult to survey in the digital market. Let us utilize the tips that can help us to improve our marketplace and get better returns.
- Understand the seller’s pain points by surveying the market. This will help to build your marketplace that can solve the pain points.
- Give a clear presentation about your platform to the sellers so that they will get to know how you are going to provide them a solution.
- Let them know how far reach and visibility your marketplace can give them.
- Invest in social media channels and run effective campaigns that can build branding and increase your credibility.
- Explain all the inbuilt marketplace features to the sellers through email marketing campaigns.
- Provide more discounts and special offers at initial stage to all sellers.
- Announce special offers for referrals. This will motivate the existing sellers to get you more new sellers.
- Share the seller’s success stories in your main page and this will get you the trust from other sellers.
- Also invest on offline promotional activities to certain extent like printing pamphlets, flyers and cover the target audience within your market zone.
ZielCommerce Solution For Your Online Store with extensive marketplace features
Zielcommerce is a power-packed multi-vendor marketplace platform that meets all your business needs with a one-step installation. The platform has more operational benefits that can yield you an efficient marketplace and get you greater ROI. Zielcommerce is built with superior technology and embedded with extensive features that are essential for a successful marketplace platform.
The platform has focused on the admin, the vendors, and the buyers separately and each sector will get all the needed tools and features for their convenience.
- One-time investment
- Complete User-friendly interface
- Secured digital wallet and multiple payment gateways
- Highly customizable and perfectly scalable.
- SEO optimized
- Device compatible
- Login and signup with social media accounts
- Products review and ratings
- The bulk product upload feature
- Dedicated mobile app
- Advanced search and filtering options in website and app
- Coupon codes and reward points
- Multi-lingual and multiple currency support
- Exclusive dashboards for sellers and admin.
- Simple order processing.
Gain a steadfast multi-vendor marketplace platform that can rule the digital market and can get you good visibility and high returns in a short period of time. This is the right time to start your multi vendor ecommerce website and get adopted to the real trends of online market.