eCommerce is growing at unpredented rate globally and changing our shopping experience. In the busy day-to-day life, people are resorting to the Internet to buy all kinds of goods & services. So while they are on a website buying their favorite jeans, they would prefer clicking on a menu on the same site to look for a branded headphone rather than restlessly surfing around Google looking for a separate website. This is one of the many reasons why Multivendor eCommerce websites are picking up the heat. As the name suggest, multi-vendor websites are those ecommerce platforms which are being served by multiple vendors. They are basically market place. There are several popular names in eCommerce industry like Amazon, Flipkart, Konga and Snapdeal who have created successful Multivendor marketplaces.
Multivendor marketplace setup allows multiple merchants to register within the same eCommerce website and add to the repository its own line of products across different categories. So, you have a single website where there is a combination of fashion products, electronic gadgets, books, and so on – depending on the range of merchants running their business from that site. Multivendor web platform is an Online Store where different vendors can sell their products through a single store. More the vendors you have in your store more will be the range of product offerings and more will be the profits.
Multivendor functionality allows businesses to create a marketplace environment that is easily accessible by both customers and vendors. Both will have access to their own dashboard with respect to their personal requirements. Vendors will be able to upload products, add categories, descriptions, images or prices, track inventory and sales and much more while customers will be able to log in and make their purchases in a secure eCommerce environment.
Magento is a very robust eCommerce platform that provides core features such as order management, invoices, shipments, shipping methods, payment methods, and customer information management. The Purpose of Magento is to delivers exemplary levels of customization and usability to stakeholders. To take complete advantage of the powerful and reliable platform, the multivendor functionality is the way to tread on. There are tons of benefits that make the multivendor website for Magento an exceptional addition to your eCommerce. When coupled with the platform, it imparts the marketplace exceptional flexibility, multivendor management capabilities and seamless opportunities for expansion and business growth.
Magento supports Multivendor functionality which allows its client a way to manage multiple online stores with a single admin panel. Magento provides a trader with services and rights over the website features, content as well as a facility to organize & structure their online stores. Using only one single admin panel having different domain names, lots of sub websites and online stores running, this is a remarkable feature of Magento.
Multivendor website can be great for the customer, they can see a wide range of different products, and on few clicks, the product arrives at their doorstep, all from one single website. Multivendor sites offer customers the kind of experience which would require huge efforts in real to match. In retail, there will be a lot of Stakeholders & other overheads cost coming into the picture. Instead, a fairly small operation cost can run an eCommerce store with thousands of lines of inventory, with a wide product range and it enables more niche products to be offered together. The product range can be curated to offer a pre-selected range to the visitor or can be open access, allowing anyone to list their products.
Typically, the website owner will have an administrative login of the site, from where they manage all aspects of the marketplace, and they also have the ability here to accept or reject vendor applications. Once a vendor application is approved, they will have access to a vendor control panel, from where they can upload and edit their products, set availability, pricing and shipping rates. They will also be able to see what sales are made, any payments due and any products that need to be shipped. Once the site has been populated with a good product range, driving traffic and sales through it becomes the top priority for both the website owner and vendor. This mutually beneficial setup is an excellent way to accelerate the progress of an online business.
Benefits of Multivendor Website
- Customer -Vendor Relationships
One of the main aspects of a successful online venture is a well-organized interaction between a vendor and a customer. A simple web store possesses more functions, including communication services, so customers can contact a vendor or send an email any moment if they face a problem or need any further clarification on the information provided by the vendor. You need to provide end users even with more narrow and sophisticated support tools, such as Live Chat support, help desk ticket systems and more providing quick solutions.
- Global Presence
By registering with Multivendor website, Vendors can get in touch with the most remote areas up to the international borders using the same platform. Delivery, Packaging, shipping, and logistics is not at all a problem because these marketplaces give special solutions to their vendors that impact the vendor costing and overall experience of the customers.
- Development Time & Costs
Vendor can easily create his own web store with a separate admin panel just with a few clicks for being a member of a Multivendor website. By choosing a multivendor marketplace, you can decrease your expenditures on establishing your own web store, as a marketplace will provide you with all required infrastructure. If you want your products to be listed or promoted, this can be fulfilled by paying the extra promotional charges to the Marketplace owner. Each marketplace fixes their own percentage of vendors’ sales as commission.
- Store Functionality & Management Flexibility
By implementing multivendor functionality, a website owner can manage the shop on his own. Vendors get control over the processes in their online stores and are able to edit, delete or add different types of content.How good it is to have a state-of-art website with high performance and fast searching results, allowing your customers to do shopping without any obstacle.
- Business Growth
Multivendor marketplaces are full of benefits, where you can add more catalogs or categories within multiple stores and enabling to scale up your eCommerce business to a size you would like to see. With regular development and customization, a merchant can not only stand out of the crowd of competitors or expand his business around the world but compete with large marketplaces as well.
Multivendor is gaining popularity as it can serve as a standalone eCommerce platform beneficial for retailers, wholesalers, and manufacturers to sell their product globally. By using Magento Multi Vendor Website Organizations have comes to know that it is a platform which creates a win-win situation for Sellers and Customer. Magento has indisputably changed the landscape of e-commerce business. It is becoming one of the most preferred choices to base your business on, as well as the most sought-after eCommerce platform that businesses want to migrate to. The fact that Magento accounts for over 29.1% of the eCommerce market share is just a feather on the hat of Magento eCommerce platform.
Creating multivendor sites focused on an online retail industry is an excellent way of acquiring new customers, increasing sales, your market reach, and penetration, and developing a significant advantage for your customer. You are offering your customers everything under one roof and that is one of the most crucial reasons behind the big success achieved by leading Multivendor eCommerce running today.