eCommerce is bigger than ever before. Entrepreneurs are more focused now and jumping into the new market segment for higher incomes. One of the most common issues business owners face is choosing between single-vendor and multi-vendor marketplace.
The issue rise here because the marketplace owners don’t have their products to sell online. Additionally, many online marketplaces websites offer countless benefits like drop shipping and online payments to the customers. So the rivalry is insane today.
According to Grand View Research, the global eCommerce market is predicted to grow at 14.7% CAGR during 2020-2027.
Choosing a suitable platform for business growth and higher sales is frequently asked questions these days. However, to make a good selection, you must know your requirements, customers, budget and other required factors.
About multi-vendor marketplace
A multi-vendor marketplace is an eCommerce platform that brings multiple vendors to sell their goods using a single platform. It is profitable for vendors as they get a bigger customer base here.
A multi-vendor marketplace is also helpful for customers as they get lots of product options to choose from multiple vendors.
With the growing technology, online marketplaces have changed the way of getting customers and profits. Developing a marketplace app is one of the best solutions that create a strong and trustworthy bridge between marketplace owner, vendors and customers.
When projected, B2B and B2C multi-vendor marketplaces come at the top priority. The B2B marketplace crossed the milestone of $5 trillion in 2019, whereas B2B achieved $3.35 trillion.
Before making a purchase, customers can compare the prices, features and other benefits offered by multiple vendors. The fluctuating market is making vendors offer competitive prices to their customers.
Retailers can easily take a step ahead towards their business success with multi-vendor marketplaces.
Developing a marketplace app is a wise decision to make more profit, get higher growth, and access lots of customers.
Other reasons to know why developing a multi-vendor marketplace app are a good idea.
1. More products and more customers
A multi-vendor marketplace acts as a bridge between sellers and customers to sell the items and buy items. It facilitates the vendors and customers both in different manners.
Vendors can offer various products to multiple customers, and customers can easily get competitive prices for different products. We can say that it is one of the best eCommerce marketplace models that offer mutual benefits.
It is a lucrative option for businesses to get profits in less time.
2. Small and budget-friendly setup costs
Starting a marketplace business to sell products in less time and efforts is always a good idea. For individual selling, you will require lots of marketing efforts, money and resources.
eCommerce marketplace websites act as a good platform to start a budget-friendly online marketplace and to sell products. If you want to sell online at less prices, then start it with a multi-vendor marketplace.
It is a win-win platform for all.
3. Hassle free shipping
A multi-vendor eCommerce marketplace offers both easy ship options like Amazon, and sellers can also choose third party shipping companies offering services at reasonable rates.
Therefore, with such shipping options, you can choose the best as per your needs.
4. Customer management
Customers are everything for a business. What is about customer’s feedback, reviews, and complaints? What customers think about your products and services you offer?
Today more customers like multi-vendor marketplaces due to multiple product options, competitive prices, refund policies, easy returns etc. Such eCommerce marketplaces enable you to manage your customers easily.
Sellers can save a lot of time and money in managing their customers. With a proper customer support team, marketplaces assist customers and solve their issues.
Since customers raise issues 24*7, you should be available to resolve their issues promptly. It is vital for both marketplace owners and vendors as well.
5. Everything gets automated
Gone are the days when you required taking worries of inventories, pricing, product additions and upgrades, logistics and other required elements of your eCommerce store.
The evolving technology offers lots of automation options to vendors. A multi-vendor eCommerce marketplace allows vendors to manage everything with an admin dashboard.
The admin panel enables the vendors all tasks seamlessly. Hence, it offers a profitable and time-savvy situation for vendors by automating all manual tasks.
6. Lower operation costs
Operating a multi-vendor marketplace is less costly as compared to a single-vendor marketplace. You don’t need to invest time, efforts and money in detaining and operating products and managing logistics.
Sellers or vendors maintain all such liabilities. Additionally, you don’t need to think about your products’ marketing, scaling the operations to get attention from global customers.
Don’t think about website maintenance. The marketplace owner manages all such responsibilities. Therefore, marketplace owner and vendors both get lower operational cost benefits.
As a vendor, you need a platform to sell your products to more customers; choose a multi-vendor marketplace. A multi-vendor marketplace app builds a profitable and easy-to-use seller-buyer ecosystem, offering benefits to both parties.
Don’t wait for more; start a marketplace business today to leverage the benefits of huge demand and global sell.