The chicken and egg problem is one of the most prominent problems of online business. The platform serves both sides of the market, that is, the supply side and the demand side. Satisfying both the aspects of the business scenario is a tricky affair, you need to take care of both the side in one go. This is when the chicken-and-egg problem comes into play. The development of marketplaces that have facilitated measures to deal with the issue.
What exactly is a marketplace?
The concept of a marketplace or a multi-vendor platform refers to a specific model that facilitates shopping from many different sources. The operator of the marketplace does not own any inventory. The aim of the business is to bring various sellers and buyers at one platform. They present the inventory of other sellers to a user and facilitate the transaction between the two. Magento is an ultimate example of an online marketplace.
Bringing the customers and sellers together on a single platform, the marketplace provides an efficient mechanism to manage the supply and demand problem. The operator of the marketplace acts as a trusted third party between the client and seller. This third party is responsible for shipping directly the product to the end customer. The entire business model of marketplaces is limited to commissions on sales.
The Magento Multi Vendor/Seller Marketplace module supports various small and medium eCommerce stores to extend their reach and cater to a larger target audience. With this Magento marketplace extension, the seller can directly connect with distinct buyers. Carving out a niche place for itself among various available Magento Marketplace (multi-vendor) extensions, the store owners can boost their sales to great extent.
While the multi-vendor Magento marketplace extension makes the transaction cinch, there are a lot of technicalities involved. In order to ease the task, there are a lot of addons available. Let us discuss various features and functionalities of Magento marketplace extension that can make the entire thing simpler for your raising the bar of your business standards.
1. Marketplace low stock notification addon
Marketplace low stock notification addon helps in keeping a track of the product quantity in the inventory. This Magento marketplace extension allows the seller to stay in line with efficient inventory management. This Magento marketplace extension sends an alert or notification every time a low quantity of products on the marketplace store is detected. Installing the Magento marketplace extension helps the seller get rid of the prominent issue of keeping a track on the inventory. Here are some of the feature this Magento markeplace plugin offers.
- The Admin can decide the quantity below which the emails alert will be to send to sellers.
- Cron can be scheduled to check product status.
- The Magento marketplace module can work even without CRON by checking product quantity on success order page. The email template can be managed by the admin Admin can decide the id with which emails will be sent.
- This Magento marketplace module is multi store compatible, compatible with all languages and SSL.
2. Return manager addon
80% of the total sale is expected to be returned. Thus, the return request management is one of the trickiest considerations for the sellers in the marketplace. The Magento Return Manager extension manages the refund and returns request of the customers. The seller gets an email notification every time such request is raised by the consumer.
Here are some of the features offered by the return manager extension.
- The Magento return manager extension allows the customers to return the products directly to the seller.
- The return manager extension keeps the seller aware about refund/return request through email notification.
- The Magento return manager extension by Knowband allows the admin to control the number of days when the request can be raised from the date of purchase customers.
- The return manager module offers the admin to see all refund requests from the customers to sellers.
- The return manager module is multi store and SSL comaptible as well as compatible with all languages.
3. Magento Sellers Shipping Charge and Invoice addon
Proper billing with cost breakdown along with invoice is something that online shoppers just can’t compromise. Magento Sellers Shipping Charge and Invoice Addon take this problem off your shoulder. The extension enables the seller to generate the invoice of the order and add the shipping charges as well.
Features of the plugin are as follows:
- It provides control for admin to set global shipping charges for all sellers.
- It allows sellers to set their own shipping charges for their added products and provides per product Shipping charge.
- Provides invoice generation feature for Sellers.
- Admin can change error message, title and shipping method name from the backend.
- Multi Store compatible
4. Magento Market Place Import/Export Addon
Keeping a check on the products being added and removed on the store is the biggest heck for sellers, regardless of the platform. While the aim of the marketplace to reach out to greater audience base, this is one issue that is inevitable. Magento Market Place Import/Export Addon enables sellers to import/export their products and its combinations from excel sheet.
Features offered by this Magento marketplace plugin is as follows:
- Sellers can import/export their products and categories with the help of this Magento marketplace plugin.
- The Magento marketplace module allows the admin to enable this import and export feature for a particular sellers only.
- The Magento marketplace module offers various filter options while exporting products.
- This Magento marketplace plugin by Knowband allows the sellers to perform bulk Add, Update and Delete operations.
- The respective Magento marketplace plugin is multi-store compatible Compatible with Excel sheet
- Thsi Magento markeplace module is easy to integrate with our Multi vendor marketplace module.
These are some of the addons that have made the life of the sellers of the Magento marketplace easier. It saves their time by allowing them to perform bulk operations with minimal effort. Optimize your marketplace with these handy tools and boost your sales.
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