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How Multi-Vendor Marketplace Software Can Help You Grow Your Business?

Date : June 25 2019

Online shopping is witnessing tremendous growth these days and the number of digital buyers is increasing day-by-day. The main reason for shopping online is that the consumer can purchase products at any time and get it delivered to their doorstep.

Nowadays, the multi-vendor online stores, for instance, Amazon, Flipkart, etc, are becoming more popular because consumers can discover a variety of products in one place.

As a result, the demand for multi-vendor marketplace software is rapidly growing, which aids the businesses to run ecommerce marketplace in a simple way.

What is Multi-Vendor Marketplace Software?

Multi-vendor marketplace software is an online marketplace where you are the admin and you can invite multiple vendors to sell their products on your site. Multi-vendor marketplace lies between admin, vendors and customers. The vendors sell products to the consumers and you, as an admin and storekeeper, earn money from the vendors. Few examples of a multi-vendor marketplace platform are Alibaba, Snapdeal, eBay, etc.

Benefits of Choosing Multi-Vendor Marketplace Software:

There are various benefits of choosing the multi-vendor marketplace software as it is easy for you to invite vendors allowing them to display their products at a common storefront.

  • Multi-vendor shopping cart software is a platform for many small business vendors to promote their products worldwide.
  • The vendors can easily register themselves to sell products. Before the multi-vendor invention, one has to build their own ecommerce site for selling products. But now it is an easy process with the help of a multi-vendor software.
  • Building a website to sell products and make advertising is a long process where one has to spend a lot of money. However, with multi-vendor marketplace software, all these activities have become much easier.
  • The software is simple, customizable and upgradable so that anyone can use it to design their own online store.
  • The multi-vendor software enables you to fully organize your store so that it will help consumers to browse the products in category wise.
  • In the multi-vendor marketplace website, the customers can find the recent trending products easily as it is a huge platform having all products.
  • The main advantage with multi-vendor marketplace is that the buyers can know more details of the products (about pros and cons from the reviews of existing customers).

Reasons For Choosing Multi-Vendor Marketplace Software:

Many businesses prefer to use multi-vendor marketplace software to build ecommerce website as it provides the combination of 4 ‘ity’: simplicity, reliability, scalability, and functionality. Let take a glimpse at each one of them.

1. Simplicity

Even, if you are new to the ecommerce industry, you will have no complexities to understand the functionalities of the multi-vendor software because of its intuitive user interface.

2. Reliability

The multi-vendor marketplace is a reliable and trustworthy platform where all the information is stored highly secured.

3. Scalability

The multi-vendor software is scalable and upgraded with new features all the time. Also, the software comprises the multi-lingual and multiple currency features.

4. Functionality

There are no difficulties involved in the functionality of multi-vendor software. Normally, the work flow of multi-vendor marketplace is categorized into admin, vendor, and customer.

Workflow of a Multi-Vendor Marketplace

1. The Admin:

The admin manages the online store and invite multiple small or large vendors to sell their products on the platform. The main role of the admin is to act as a bridge between sellers and buyers and also to generate money through this activity. Hence, the admin can earn money from multiple vendors when they sell their products.

The Key Features of The Admin Are:

a. Customized vendor plan:

The vendor registration plan is based on your business model. It can be a fixed payment or monthly payment for selling products. You can create subscription plans and offers with different conditions, so it is useful for the vendor to select their suitable option.

b. Product approval process:

You can make your management process efficient and elegant. You can approve the products which are added by the vendors. The vendors can show their products without moderation.

c. Complete stats and reports:

You can manage the full statistics of the vendors’ store. The platform is integrated with google analytics, so you can check the detailed reports of the store.

2. The Vendor:

The vendors can use the vendor panel to promote their products in the marketplace. Every vendor sells different types of products which enhances the marketplace business. The main task of the vendor is to attract customers towards their products. For this, the vendor should provide the product details in an easy and comprehensible manner. The product will be listed along with the price. Once the customer orders the product and the payment process is finished, the vendor manages the order processing and shipment process.

The Key Features of The Vendor Are:

a. Mini own vendor store:

Every vendor in the multivendor marketplace has their own store to sell their stuff. Each one has a separate company description to explain their products in details and a separate category of products for their own store.

b. Manual shipping methods:

You can decide your own shipping method for your store. The shipping cost depends on the range of the product, location, total order cost and weight of the products.

c. Comments and reviews:

The multivendor software is programmed with a default comment section and rating option, so it is easy for the vendors to receive customer feedbacks.

3. The Customer:

The customer can find many types of products and many offers on one common place. They can compare the price of the product before buying the products. They can acquire more details about the product by reading reviews of the product given by the existing users. The customers can choose the products and can use ‘add to cart option’ to save the product for future reference. By selecting particular products, the customers can then use an online payment method like PayPal or offline payment option to pay the amount. The personal information and details of the payment will be safe and secured. Finally, the products will reach the customers within a week. The final and important task of the customers is to give feedback about the purchased product, so others will gain more insights about the product.

The Key Features of The Customer Are:

a. An easy method of purchasing:

As the software is fully systematic, it is easy to search and find the products. Also, the ‘add to cart’ option is used for saving the product for future purchase.

b. Easy payment option:

The consumers can be provided with an online and offline payment options. So, they can pay according to their convenience.

c. Easy shipping of the products:

Once the customers selected the products, it will reach them as promised by the vendors. So, it is easy to get the desired products at the desired time.

Choose The Advanced Marketplace Platform:

You can use the multi-vendor marketplace software to grow your business as an admin. Since it provides many advantages to the vendors, it is easy to invite vendors to the platform. The working process as mentioned above is also an easy method so anyone can run a best online marketplace business.

Moreover, marketplace business model is profitable when it is done in the right way. As the multi-vendor store sells millions of products in one big platform, anyone can use the opportunity to sell products.

Purchase Commerce offers multi-vendor marketplace software with a one-time payment and lifetime license option. There is no recurring fee and you can completely customize the platform as required. The software includes hassle-free setup, robust admin and reporting features along with three-month free support. Thus, you can try the Purchase Commerce marketplace platform to build your business successfully.

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