Take an overview on Multi-Vendor Marketplace E-commerce Solution
As of today, one of the significant on-going E-commerce trends is converting the basic E-commerce Website into Multi-Vendor marketplace. Before proceeding further, let’s clearly define what is actually multi-vendor marketplace and what benefits does it offers to small to mid-level vendors and merchants. When your basic E-commerce website is converted into a multiple-vendor marketplace, your customers have lots of options and preferences to choose various products from the catalog. Moreover, they can compare various products and features from the same category, compare the prices of the same products from different sellers and finally buy their intended product from the Online Marketplace.
What is Multi-Vendor Marketplace?
The multi-vendor marketplace is a huge Online store platform that will extremely benefit the small to mid-level vendors who are searching for the online resource to sell their products easily to the users in a cost-effective manner. Through this Multi-vendor Marketplace, the sellers or vendors can manage their products and orders from front-end, customize their reseller UI/UX, add shipping & tracking information with their orders from the separate vendor login credentials. The admin has the full control over to manage the entire marketplace, it can set customized commission rate for sellers to manage their orders, products, inventories, customize various transactions, Email communication, and customer reviews.
Why Multi-Vendor Marketplace?
With a basic E-commerce Website, only one seller who acts as the admin has to cater to the needs of a huge number of buyers on its own. The buyer’s demands are unpredictable. To provide your user with the exact product they are looking out for might become the tedious task with one seller and with a few numbers of products. To cover a large number of audience, you must be able to satisfy the need of every user and help them find their preferred product conveniently which can be achieved by extending your one seller E-commerce store into Multi-vendor E-commerce store or Marketplace. By adding vendors to your E-commerce store and transforming it into a marketplace, you can add multiple numbers of products within your marketplace by gathering multiple numbers of vendors. Your vendors will be adding a variety of products thus offering your user with multiple options to choose the perfect product.
Features of Multivendor E-commerce
Some of the essential features that Multi-vendor E-commerce site must be integrated with it.
Search
This search feature in the Multi-vendor E-commerce website facilitates the user to search the array list of product based on keywords, dates, categories. By this way, you can filter and sort out your customized product by price, brand, rating, and reviews.
Private Marketplace
You can keep your entire Marketplace customized and private. This means that you can take over full control and manage your both buyers and sellers & customers. Whenever a person wants to become a seller, this feature in E-commerce Marketplace lets the admin approve the seller request only then the person will be able to become the seller.
Social Login
This feature lets you discover all the social media exposure of a multi-vendor e-commerce website and also helps the developers to create social media connectivity integration.
Payments
Either you can use the pre-integrated payment processors or you can integrate your own payment processors by deleting the default Payment gateway system.
Multi-lingual
These multilingual features allow you to translate and edit the content on your marketplace to different languages of your choice.
Admin Portal
Admin of Multi-vendor E-commerce website can manage users and make additions and customizations to the marketplace via the powerful admin dashboard.
Merchant/Seller Portal
The sellers of the Marketplace can view and manage orders and add new listings via the powerful seller dashboard.
Analytics
By integrating the google analytics account with your Multi-E-commerce store you can gather the full analytics data like most viewed items, total sales/revenue in numbers and through a graphical representation.
Custom Domain
With the Multivendor E-commerce website, the developers will be able to connect your own custom domain and create a custom landing page too.
Custom Homepage
You can create a customized marketplace on your own and create a customized homepage too. The advantage with the Marketplace e-commerce site is you can create every element for your desired ideas.
Workflow of Multi-Vendor Marketplace
While configuring the dashboard of Multivendor Website, admin or seller will be able to function based on the following workflow & take the advantage of these features.
Product Sale Commission
The admin can determine the commission rate for every seller for every sale they make from the Multi-vendor Marketplace platform.
Set ID
The admin has got full control over its sellers and has the full authority to add a new product or remove from the catalog. Set new ID or modify ID of the product
Seller can also Manage Orders
If approved by the admin, sellers can manage their orders, generate invoices, enter tracking and shipment information, cancel or refund. All these can be managed effectively by the seller when the admin allows them to handle these process on their own.
Admin Control
The admin control is the highest priority level of managing the entire activity of the Marketplace. The admin has the full power to manage the marketplace automatically without approval and decide whether to approve the request of the seller, allow them to add their product, create invoices and more can be done by the seller only if the admin allows them.
Inventory Settings
Once after setting the minimum quantity level for low stock determination in the configuration, whenever the stock level reaches the minimum level the system automatically sends email to the respective sellers and also notify admin accordingly.
Marketplace Seller Panel Management
Once the seller has been added to the Marketplace section in My Account Page, he or she can edit his/her seller profile, create an attribute for configurable products, add new products, view product list, a seller will be able to modify dashboard and customize it for their ideas, and more.
Update Seller Profile Information
If approved by the Admin, the seller can edit their profile information as per the need. The list of information that can be edited are title, contact, number, banner, logo, locality, description, return policy, shipping policy, country, meta keywords and payment information.
Benefits of Multi-Vendor Marketplace
Having a marketplace is surely beneficial to everyone who is all associated with it, be it the admin or the seller or the customer or the commission.
Admin Benefits
The Admin is the only person who will enjoy all the benefits and features of the entire Multi-vendor E-commerce Website. Without Admin knowledge seller cannot take the full advantage of the Marketplace. But it doesn’t mean seller has less privilege. The Admin has got the full power to manage the entire Multi-vendor E-commerce Website.
Vendor Benefits
Selling products on the marketplace offers lots of benefits to the vendors/ sellers/ merchants. It is the cost-effective and profitable model for the vendors. This is because every seller cannot set up their own website and sell products. A very new seller without having complete expertise who wants to gain experience and become popular on the online marketplace, this is the scalable and robust platform to start with and earn potential customers and achieving your goals.
Customer Benefits
If you take from the perspective of customer’s smooth online shopping experience, definitely it is the availability of so many products on a single website. When it comes to the flexible online shopping experience, Marketplace is the best online place where the customers get to choose what product they want, they can choose their preferred vendor from the array of sellers. They have a variety of options and choices. They could compare the product features, prices, vendor ratings, read reviews etc.
