5 Key Multi-Vendor eCommerce Website Features
What makes Amazon, eBay, or Etsy eCommerce marketplace leaders? Of course, their unique business model is one thing, but this does not fascinate customers. So, what does? The features of these multivendor online stores, like ease of use, vast product selection, strong seller support, and more, separate them from the rest and boost their position among the best in the industry.
Every marketplace has some similar features, but depending on the niche they are, leaders have some different features. So, if you are about to build a multivendor eCommerce website but are curious to know what features would add value and separate your business from the rest, you are in the right article to know all of them. Let’s understand them:
1. Vendor Management System
As the name states, “multi-vendor” means various vendors under one shop. It’s like a mall where various sellers sell their unique products; the owner provides them a shed, a credible place, and a wide array of customers. In return, they offer the owner a nominal charge (rent).
Similarly, multivendor websites work. Here, various vendors sell different or identical items; the catch lies in how a website owner manages it. It is helpful for marketplace owners and vendors alike. Vendors can access a vast user base, increasing the chances of upselling. Marketplace owners' revenue streams can be much broader than a vendor's.
2. Product Catalog and Inventory Management
Vendors can efficiently manage their products in an eCommerce marketplace due to its product catalog and inventory management feature. They can provide descriptions, upload high-quality images, and include the price of their products. Not only that, vendors can check on their inventory level and refill the ones in a reducing state. This centralized IMS helps sellers keep their stock-level aligned with the increasing demands.
3. Secure Payment Gateways
Insecure payment gateways are a probable sign of increasing bounce rates and reducing user trust in your online store. An authorized eCommerce marketplace facility offered by a leading online store development platform, like Shopify, Magento, or more, reduces this issue. These platforms uphold the collection of various secure payment gateways and integrate them into a website. As a result, vendors can incorporate multiple secure payment options in their website, improving their credibility and reducing bounce rates.
4. Commission and Revenue Sharing
A multivendor eCommerce website’s feature that is undoubtedly the most preferred among vendors and marketplace owners. The commission and revenue sharing feature ensures that both parties can benefit from sales. Depending on the marketplace or the platform on which a particular store is built, commission and revenue sharing models vary. You can choose either a fixed amount or a sale-based commission.
5. User Roles and Permission
A marketplace is not just a standalone online store where an ABC seller has all the power. Instead, in a multivendor eCommerce site, various vendors are present and selling their products. Depending on their role, their permissions vary, as a vendor can only log in to his/her store, while a marketplace owner can oversee different vendors' stores. A business owner can have the entire control of the marketplace.
Conclusion
Building an eCommerce website requires investing heavily in product purchasing and website development. Here, marketplaces are a strong option for people seeking a credible online presence. They are becoming a prominent user option due to their features, like vendor management, commission models, user roles, and more. However, building a sophisticated multivendor website requires expertise, and it is good to hire web developers with hands-on experience in this domain. Skilled professionals will ensure the building of an eCommerce marketplace that precisely relates to the requirements of a business.
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