Consider yourself as an example. While going for online or offline shopping, 9 out of 10 times you will choose a single store where you can find all the essentials without visiting 2 or 3 different shops. Adding the example in real life, modern customers prefer shopping malls while purchasing. Because not only do the shopping malls provide all the product categories in a single place but also save a lot of time for the customers.
The Multi-seller marketplace trend is also rising in the eCommerce industry. Nowadays, more and more sellers are turning their single-vendor online stores into multi-vendor online stores. Before discussing why and what are the benefits, let’s get some details about the online marketplace.
The multi-vendor marketplace is an eCommerce shop where you can find more than one online seller selling the same or different product categories. However, if we discuss the hierarchy, the shop admin manages all the sellers and the online shop.
In other words, in exchange for letting the sellers register their products on the admin’s online store, the admin charges commissions from the third-party sellers.
If we try to differentiate the single-vendor and multi-vendor online shops. The single-vendor online shop is managed by a single admin who manages everything from product listing to orders.
On the other hand, in multi-seller marketplaces, the store admin allows third-party sellers to register their products on the eCommerce shop.
Various reasons are attracting online sellers to convert their online shops into multi-vendor marketplaces. Although it is a bit of a tricky task to manage the different sellers. Yet, things become easy if you use Knowband Multi-Seller Marketplace Addon for building your marketplace.
Moreover, in the below-mentioned points, we have tried to figure out some of the most sounding reasons to go with online marketplaces.
The other reason behind the success of multi-seller eCommerce marketplace is that marketplaces provide additional income sources to the business. Not only you can earn from getting commissions on sales done by third-party sellers. But also, marketplaces built with Multi-seller marketplace add-ons allow the store admins to charge monthly subscription charges from the sellers.
Thus, building your eCommerce multi-vendor marketplace with the multi-seller marketplace module can add rapid boosts to your business turnover.
While managing your single vendor shop becomes costly because of a lot of marketing expenses. On the other hand, you will not have to worry about marketing your multi-vendor marketplace.
The reason is that along with you, there will be other sellers promoting their products on their end. The same will not only bring traffic to your website but also, will be beneficial for both sellers and admins. Also, along with the traffic brought by the sellers, you will get the chance to present your product dashboard in front of a relevant customer base.
Increasing the number of products and categories will not just increase the number of products and categories. Moreover, you will be having increased chances of getting more traffic to your online website.
The reason behind the same is that you will not be the only seller in your eCommerce shop. Moreover, customers which are interested in a vast variety of products will be shopping from your online store because of the variety of sellers.
The following factor adds significant value to the brand name and provides incredible boosts to the brand-customer reach.
Although managing multiple sellers along with all the commission flows and order management sounds a bit tricky one. Yet, if choose the correct option to go with, things become easier.
With the help of Knowband Marketplace, the store manager can manage all the doings from seller approval to seller order management. Moreover, if you are not even familiar with coding or technical skills, you will find the Knowband Multi-Vendor Marketplace the perfect option.
Keeping up with the market competition these days is a hard nut to crack. Not only the number of online retailers is increasing day by day. But also, you can find various other merchants dealing in the same product categories as yours. Thus, it becomes a must to implement new and effective ideas to grow an online business.
Likewise, building an online marketplace like eBay and Etsy could be the next game changer for your eCommerce business. Moreover, if you are having queries regarding multi-vendor marketplace extensions, you can always drop us a mail at email@example.com.