How To Develop A Multi-vendor Ecommerce Marketplace Platform?
Would you rather register and shop from various online stores or log in to an online marketplace where you can add anything you need into your cart and check out using your preferred payment option?
The majority of online shoppers prefer to log in to an eCommerce marketplace platform where they can get everything they require. The convenience of getting everything at one-stop is diminishing the hassle of wandering on different platforms. The same as malls and supermarkets have cut the importance of individual stores.
Besides, the number of digital buyers is at its peak. Statista reported: In 2016, there were 1.66 billion digital buyers worldwide, which are expected to reach 2.14 billion by 2021. The surge is a consequence of convenience and cost-effectiveness of online shopping and faster internet and ubiquity of mobile devices. Ultimately, it facilitates and opens up more business opportunities for both new and existing entrepreneurs.
Before heading towards addressing how to build the best multi-vendor marketplace platform, let us shed some light on its assorted benefits.
eCommerce multi-vendor marketplace platform brings benefits for all: Owner, Vendors, & Customers
- Multiple revenue models can be adopted, such as a fixed commission on every sale from vendors, revenue through advertising vendors’ product, or sponsoring third-party products;
- More vendors bring more registration from buyers that make the eCommerce store more valuable for other vendors;
- The more number of user registrations on the eCommerce platform, the more it raises;
- Owners get the power to control what to display on the app in accordance with the overall brand identity.
- As vendors themselves manage and ship their products, it cuts efforts required from the owner to very few;
- eCommerce marketplace development helps you target audience globally as you can welcome vendors and buyers from across the world;
- Multivendor marketplace models like Amazon and Etsy have higher potential for attracting investors and raise funding;
- Sellers become promoters to influence new visitors to buy their products that simultaneously promote and increase the value of your eCommerce marketplace;
Generic & Advanced features to count in Multi-vendor eCommerce Marketplace App Development
If you intend to develop a Multi-Vendor eCommerce Marketplace, you cannot miss out on this segment, which includes spectacular features. So, let us get you familiar with such features.
- Enchanting Design: The design of your eCommerce website or mobile app is the heart of your platform. It must be appealing, engaging, and complying with several criteria to meet users’ expectations. The criteria incorporate:
– The Responsiveness indicates your eCommerce marketplace platform’s versatility to be accessible on various devices with the least human efforts.
– Separate Dashboard for vendors and buyers; it keeps the data formatting and centralization up to the mark.
– Simple yet intuitive UI that helps users to navigate through the app without hassle.
- Generic Features: Common features for every user of the app, including vendors, buyers, and admin.
– Sign up for new users and Login for existing users to use the platform;
– Forgot Password for existing users if they forget their password;
– Multilingual feature to let users from all over the world access the app in their language;
- Features for managing products
– Import or Export feature to allow vendors to upload products in bulk on the platform quickly;
– Stock management to keep track of product stock;
– Tax management to automatically calculate and show the accurate tax amount on the invoice;
– Discount or special offer to let vendors announce any discount schemes to increase product sales;
– Reply to customers comments feature to enable vendors to communicate with buyers if they comment anything on products;
- Features for buyers
– Advanced Search Filter to allow buyers to narrow down the search to specific products;
– Expected Delivery Time feature that shows estimated days to deliver the product once buyers enter their local Pincode;
– Order Tracking to facilitate buyers to track their parcel in real-time;
– Shopping Cart works like a shopping trolley where buyers can add products from different vendors on your platform and check out the same as the shopping mall counter;
– Payment Window that incorporates multiple payment gateways for buyers to choose as per their convenience including PayPal, Stripe, Credit/debit cards as well as cash;
– Review & Rating allows buyers to leave a comment about their product experience which become useful for other buyers;
- Features for Admin
eCommerce software admin holds some powers to control the entire marketplace platform, and to perform such powers below features would be required.
– Vendor Management
– Visitor Statistics
– Revenue Report
– Orders & Transactions matrix
– Product Recommendation
Takeaway: The features, as mentioned above, are subject to a formal example. You can customize the features set as per your requirements to build your eCommerce website or app.
How to start an Online multi-vendor eCommerce business?
For new entrepreneurs who want to build a multi-vendor eCommerce marketplace website and app, it’s crucial to be acquainted with the eCommerce market. Take into account the below steps to develop a multi-vendor application and create a strong online presence with the eCommerce marketplace.
- Market Analysis
- Research on competitor platforms
- Study your target audience using demographics and analyze their pain points (for marketplace platform vendors and buyers can be considered target)
- Draft Specifications for your eCommerce marketplace platform (all type of features, functionality, and other APIs)
- Decide a viable business model
- Hire software developers
The success of eCommerce apps like Amazon and Etsy has promoted the demand for such platforms and brought up novice business opportunities. Nevertheless, you need the right technology-stack and professionals for successful multi-vendor eCommerce marketplace development.
Unary Team is a software development company in Kuwait that offers a dedicated Multi-vendor Application Development solution. From project estimation to post-development maintenance services, we support you at every stage of the development cycle. For a ballpark estimate of your multi-vendor eCommerce marketplace platform, write to us today!