Every day, millions of people across the globe are shopping online – from groceries, electronics, furniture to clothes. No matter what products are being sold by sellers, there is an end number of customers looking for products online.
So, the main reason for the popularity of the multi vendor marketplaces is that it brings customers and sellers together. The best part is that it allows you to grow a scalable online business with multiple revenue streams without any hassles of managing your own inventory.
Do you own an ecommerce business or looking for options to expand your business? With a multi vendor marketplace, you can simply onboard vendors/people who are looking to sell online. To help, we have put together the must-have modules you should consider while researching, launching, growing a profitable online marketplace.
Know this 10-must have modules before you start an online marketplace platform
1. Simple onboarding of vendors
When you start an online marketplace, attracting vendors is going to be a major challenge because you are new in the market and need to build trust. Having said that, a great onboarding process with clearly mentioned vendor terms and straightforward registration can help you big time.
StoreHippo provides a whole new channel of marketing and sales to the vendors through a ready-to-go multi vendor marketplace solution. It eases the vendor onboarding process while helping them manage key business parameters i.e. products, orders, payments, and customers.
2. Central business overview with admin dashboard
A full-fledged admin is all that you need to make your online business a huge success. It provides a clear overview of the business, vendors, customers, orders, shipping, payments and helps in understanding important business insights.
The admin dashboard offered by the multi vendor marketplace solution of StoreHippo helps to manage your marketplace and compiles the whole ecosystem at one place. Right from adding sellers, setting up their commissions, splitting order payments, managing taxes, keeping an eye on business profits, and a lot more.
3. Seller ledger
Every vendor is different and follows different business practices. So, the transactions, orders, products, and payment conditions vary accordingly.
When it is not possible to manage individual vendors and set up their rules separately, the multi-vendor marketplace solution of StoreHippo comes to the rescue. It allows the online marketplace owner to set up vendor rules for commissions, payments, commissions, etc. The owners can directly access a comprehensive seller ledger to calculate and track the payments for vendors, check the transactions, pending orders, invoices, and more. Simply, check everything related to vendors on your dashboard in a few clicks.
4. Adaptive payments for multi-vendor orders
If you are yet to start an online marketplace platform, soon you will realize that managing
payments is the most difficult part of online business.
But it’s much easier with the adaptive payment feature of StoreHippo. You can provide seamless payment options where the order amount gets automatically split between the admin and sellers from the payment gateway itself. It makes the online buying process easier and better for every party involved in the transaction.
5. Hassle-free tax engine
Tax management seems to be a hassle for almost every second online business owner but an easy to understand tax engine can solve your problem. To help you manage the taxation on your marketplace, you need a robust and powerful tax engine that can calculate multi-level taxes based on the sellers’ location, products etc.
It helps sellers to manage their taxes while simplifying their ecommerce tax calculations. A clear understanding of GST, accounting, and other tax rules makes it easier for sellers to decide the product charges. The online multi-vendor store can be well integrated with your choice of accounting software and get all the tax calculations synced with the accounting systems for easy remittance.
6. Powerful discount engine
The power of marketing rules the businesses – it stands true in the ecommerce business as well. The powerful discount and marketing engine help your multi vendor marketplace to create a variety of coupons and promotions to boost your website conversions. You can help vendors to create their customized marketing campaigns like:
- Product Level Discount
- Seller Specific Discount
- Order Based Discount
- Custom Discount Codes
- Time Specific Discount
- Device Based Discount
- Group-Based Discount
7. Vendor approval workflow
As an online marketplace owner, you have complete control to approve or reject the products of vendors. You can set a customized approval workflow with StoreHippo that allows you to keep a check on every product uploaded by the vendors. The uploaded products will be visible on the marketplace only after the approval of admin so that the customers do not get to see any unwanted products.
8. Integrated shipping
To start an online marketplace platform, online operations always need to be supported with offline business processes. And shipping is definitely one of the key business processes in an ecommerce business.
StoreHippo offers integrated shipping solutions to run online operations without any hassles. The sellers can directly manage their shipping and pickup of products from thor dashboard, and admin can easily get an overview of the shipping processes.
9. Vendor dashboard
The primary concern of vendors is to sell their products and get paid. This means an intuitive vendor dashboard with features like easy product listing, selling and dispatching the products, payments, order processing can do the job well. The separate panel is provided to the vendors so that they can handle everything on their own without any dependencies. The friendly user interface allows vendors to manage the inventory and order status easily.
StoreHippo provides a complete sense of transparency to the vendors with the individual dashboard and allows them to manage their business just the way they want.
10. Flexible returns and refund management
Returns and refunds present a multitude of problems for online business and this problem gets even more accelerated with a multi vendor marketplace.
StoreHippo provides a simplified return and refund solution where the individual sellers can manage the returns and refunds easily through their dashboard. The sellers can't even handle the reimbursements at their end. When these processes take less time, you can gain better customer experience and build astounding support and trust.
Why is StoreHippo the Best ecommerce platform to build your online marketplace?
The must-have modules have been emphasized to let you understand the most important features and solutions for your success. StoreHippo is a ready-to-go ecommerce platform that helps you build a scalable multi-vendor marketplace in no time. It has built popular online marketplaces like Nykaa, Firstcry, Zomato, and Swiggy and helped create multi vendor marketplace for many businesses.
The fully hosted and managed solution offered by StoreHippo helps business owners to achieve amazing business growth without any worries of managing the IT aspects. Schedule a 14-day trial to explore the features of our multi-seller ecommerce solution.