How to Choose a Multi Vendor E-Commerce Solution for your Business?

Similar to major shopping malls and supermarkets, e-commerce has also come to a stage where the giants in the field have brought not one, but several merchants on board in order to attract more fish in the ocean. A multi-vendor eCommerce marketplace is a gigantic virtual shopping mall that gives endless sorts of stuff to purchase.

Nowadays, individuals barely even need to move from their comfortable chairs, out onto the active streets just to shop for a few stuff that charms them. In 2017, the E-commerce market had a whopping 2290 billion dollars sale and is expected to reach 2774 billion dollar sales. E-commerce market has eliminated the need for individuals to strain their muscles by giving its customers a gigantic variety of items to keep them busy choosing for a good sum of time. And it’s cheaper too!

E-Commerce Marketplace Business Model

The eCommerce marketplace or eCommerce marketing is a place that encourages numerous sellers, shops or a individual to sell their products with a strategic plan. The marketplace proprietor has to draw customers and the prepared transactions, whereas third party sellers will deal with the manufacturing and shipping process. Through a basic entrance; Online Multi-Vendor Marketplace improves the production method where the businesses sell their products directly to the clients, hence avoiding the undaunted process of stocks holding. This type of supply chain administration is called the “Dropshipping” strategy.

Multi-Vendor Marketplace Business Model

Companies like Flipkart, Run a successful marketplace eCommerce business. This multi-vendor business model plan proved itself and picked up the most effective and attractive name in web eCommerce. A multi-seller module promotes deals for third-party merchants by letting them sell items all in one online marketplace. The complete marketplace works on the same program base, permitting all sellers to share their different merchandise on a single site. Concerning revenue, these businesses take a percentage of the deals on any item which is sold over its platform.

Before coming to the ultimate conclusion of picking the Marketplace, one should always keep in mind a couple of major factors in order to pick up the most from it.Before coming to the ultimate conclusion of picking the Marketplace, one should always keep in mind a couple of major factors in order to pick up the most from it.

1. User Interface of the website and Mobile Application

Each and every person is using website and mobile apps these days to do the simplest of the tasks. It is vital to have a catchy, however simple to use interface, making it more feasible for the user to choose from the accessible items and make one-click payments. The search and filter calculations must be well refined to cater to the impatience of today’s customers. It doesn’t take long to direct them out of the website or mobile application.

2. Seller Management and Support

It is vital to note that the e-commerce business is giving all sorts of comfortable and required support to the sellers which include the enlistment of sellers, product picture uploading, management of stock, costing, delivery, and obviously the commission standards. Make sure it is true and easily manageable.

3. Performance Statastics

Going back over the history and previous year sales and performance will give a good outlook of how the e-commerce website operates. Look at the customer visitation statistics and build a graph to come to the conclusion.

4. Customer Reviews

Customers don't mind giving great reviews to something that satiates them totally. Going through client surveys and ratings seem allow a great understanding of how great the e-commerce marketplace is running.

5. Cost Effectiveness

Before finalizing which marketplace to invest your items in, it is necessary to compare the costs of the shortlisted e-commerce solutions. There could be a great variation in them depending on the platforms used to construct the websites like Magento, WordPress, etc.

Going through these checklist will surely become helpful in selecting the correct e-commerce marketplace for your business. Clearly, there's no reason why this market should drop down in the following few years. However, in order to keep up within the game, one should be updated and inventive.