Having multi vendor marketplace platforms on the eCommerce website that you own is a wonderful approach to administer a diversity of products to your users. All the individual vendors have different qualities, and many will be able to present the same products at competitive prices.
Housing competition between vendors helps them to offer the best prices for their products, which will ultimately benefit your users. With a multi-vendor marketplace, you can earn a good commission on every sale.
Marketplaces embody a massive opportunity for enterprises across a variety of sectors. Currently, half of online retail sales come through marketplace channels worldwide.
A rising number of companies are adopting marketplaces to increase product range, expedite cross border expansion, and improve logistics, costs, and operations.
What is Multi Vendor Marketplace Platform?
The multi-vendor marketplace can be called an e-marketplace platform where one can register peculiar sellers & allow them to list their products on your marketplace.
Hence, the very first thing one should analyze is which platform suits your business requirement.
Without a doubt, it has always been straightforward to build a store and sell products to customers because the transfer of goods & services is kept between just the two entities merchant & buyers.
Having an online marketplace is an entirely different scenario. In such a marketplace, one has to deal with many other beings, like merchants, sellers, buyers, suppliers, and artists.
This is one of the primary purposes of targeting one specific platform to convert an online store into a marketplace.
Basic Features of a Multi-Vendor Marketplace
All multi-vendor marketplaces should offer valuable functionality from both the seller as well as buyer side. These are some of the features your website featuring a multi-vendor marketplace should have from the point of view of a client.
- It should have convenient navigation that can turn the process of shopping as enjoyable as possible.
- There should be a simple checkout process. Make sure to streamline the method of checkout so that your checkout page is inherent and crisp. It will help you boost conversion with the same amount of visitors on the site.
- Include the functionality of order notifications. Notify your clients on their order once it is tendered, processed, shipped, and delivered. Provide a tracking code as well.
- There should be diverse languages and currencies. Enhance the user experience on your marketplace by giving your clients the freedom to choose the desired language and currency.
- Let your customers pick the method of payment that is the most fitting for them. It will boost your sales significantly.
Here are amazing multi-vendor marketplace platforms for your eCommerce store.
Yo!Kart has built an extensive buzz in the e-commerce startup diaspora since its launch. Praised by many entrepreneurs due to its fully customizable, feature-rich, and multi-layer security. The platform makes it convenient for anyone to start their multi-vendor marketplace. Yo!Kart has a natural interface with a custom storefront and automatic order processing. It has seamlessly accomplished to extend a wide array of features with economical pricing.
Yo!Kart offers marketing, design, easy product management, reporting along with a plethora of other features that help in maximizing eCommerce capabilities. It comes with ready-to-use mobile apps, in-built payment gateways, and third-party integrations. One feature that surpasses the competition is that there is no limitation on the number of members and products. This factor makes it a convenient choice for early-stage startups as well as large enterprises.
It is an established fact that Magento is the most powerful eCommerce platform built on open source technology. Magento platform comes with the upgraded versions and offers all the features necessary to operate a successful eCommerce business. Therefore, it enables a scalable eCommerce solution for your online business.
Being an open-source platform, Magento allows you the source code. You can explore the systems and modify them to create the perfect multi-vendor marketplace software considering that you have an in-depth knowledge of coding.
It gives you complete freedom to make the things work as per your requirement. In terms of security, Magento gives you robust protection. There are tons of customized CSS options available for web designs. Choosing Magento is an excellent idea to set up a marketplace.
Prestashop with Agile Multiple Seller
Prestashop is the main competitor to Magento – they are the two leading free, open-source solutions completely dedicated to creating e-commerce sites.
Their Agile Multiple Seller is one of the best Prestashop plugins to build a marketplace, thanks to the flexibility of its functionality. Costing $144 provides all the features expected from a marketplace solution for commission configuration and vendor profile management.
It allows vendors to customize and manage their online store interfaces almost independently, setting a logo, choosing a URL, and also put in place a custom theme.
For payment management, it has three distinct possibilities: you can authorize vendors to collect payments themselves, manage payments yourself, or you can make use of the co-management interface that is offered.
CS-Cart Multi-Vendor is a full-fledged multi-vendor marketplace platform built specifically to create a robust multi-vendor marketplace. It doesn’t require any other applications or extensions to run the market, so you’ll get all the features of a multi-vendor platform.
It enables the vendors to register on your eCommerce site and have access to a clean dashboard. The dashboard shows them statistics, income status, number of orders, sales, tax details, and much more.
Vendors also get the ability to add their products with all the required information, including quantity and price. The platform has a review system that enables users to leave feedback on the products they purchase. Any vendor can enable or disable the review system for their products.
The commission system on the platform is easy to understand. One can charge a flat fee on every sale or even set a percentage for vendors. Every single penny from any sale will come first, and you can distribute it to the vendor after deducting your commission.
There are portions including cost and limitation of characteristics in various packages make it more confusing for business people to choose a system. Furthermore, merchants selling through big sites like Amazon and Etsy can sell independently by building their stores with small investments, but they lack knowledge about existing solutions. To make it accessible, you need to widely compare the pros and cons of the top hosted e-commerce platforms.