Do you have just the perfect set-up for your multi vendor marketplace and yet battling to retain customers?
Are you stuck with low conversion rates and poor traffic?
Wondering how to take the road ahead?
Quite natural to be confused.
Yes, with the ecommerce world flooded with online marketplaces, it can be intimidating to stand out from the crowd.
Thinking about what makes us say that? Well, look at the numbers themselves:
- $3.5 trillion is the estimated generated sales of B2C ecommerce marketplaces by 2024
- 48% of buyers go straight to an online marketplace when buying online
- 14% of buyers go to an online marketplace for a first-time purchase
- 37% of customers prefer to make a repeat buy at a multi vendor ecommerce website
Having said that the growth of online marketplaces is a powerful juggernaut, you can make your own way and carve a niche for your enterprise business. However, to be able to sell better, you need to provide your customers with exactly what they are looking for. And if you are unsure what your customers want, let’s try to model ourselves on the successful online marketplaces in India.
Table of Contents
A successful marketing strategy is always a combination of multiple elements that come together to work wonders. Let us decode top 5 best practices from successful online marketplaces in India.
Here’s something surprising for you:
- Almost 87% of the customers are highly influenced by personalized buying journeys
- 90% of leading marketers say personalization significantly contributes to business profitability
Influenced much? As you offer personalized content, messages, buyer journeys, offers, or an overall personalized shopping experience to your customers, you make them feel at ease with your enterprise brand. To achieve hyper-personalization on your multi vendor marketplace, you need to first segment your customers based on their order history, browsing patterns, and other demographics.
StoreHippo ecommerce solutions help you offer an extremely personalized shopping experience to your customers. It is built on the decoupled headless architecture that enables you to easily tweak your marketplace website at the frontend and backend and implement multi-level personalizations.
With StoreHippo, you can translate your marketplace content into 100+ languages including right-to-left languages like Arabic. You can also build customer segment-based personalized landing pages to target a specific segment of your buyers. You can seamlessly mix and match designs and create the best marketplace website for your customers. An attractive well-designed landing page is surely going to pull in customers.
Let’s take a look at omnichannel buying trends:
- 91% higher Y-o-Y retention for omnichannel brands as compared to single channel brands
- 60% of consumers prefer mobile shopping apps over mobile sites
With the massive shifts that the buyer journeys are seeing these days, all online buyers prefer connecting with the brand on at least 4-5 channels in India. When you offer an omnichannel shopping experience with a focus on mobile commerce, you enable your customers to enjoy shopping anywhere and anytime.
The best marketplace website builder SoreHippo offers ready-to-use omnichannel ecommerce solutions that help you take your enterprise business right where your customers are. You can quickly add new customer touchpoints using the same backend logic and APIs to provide a consistent buyer experience to your customers. Built on mobile-first technology, you can seamlessly create mobile apps right from your dashboard without any coding. The stores built by Storehippo are PWA that look, feel and work like mobile apps even on entry level devices.
This is why quick delivery is important for your online marketplace:
- 61% of consumers are willing to pay more to have their products delivered on the same day
- 46% of Indian shoppers expect delivery in just under two hours
The digital-age buyers shop online for one of two reasons: convenience and quick delivery. Is your marketplace offering quick delivery solutions to your customers? If not, what is the way forward? Well, you can onboard best local sellers who make it easy to fulfill faster delivery without having to invest much in the delivery solutions.
StoreHippo’s end-to-end multi vendor solution helps you seamlessly manage the hyperlocal vendors on your online marketplace. These vendors can use the in-built delivery boy management system from StoreHippo to ensure quick and error-free deliveries. You can quickly onboard, manage and track your delivery agents right from your admin dashboard. Or alternatively, you can choose from 30+ pre-integrated delivery partners or integrate your own hyperlocal delivery solutions.
Did you know that:
- 45.4% of e-commerce payments come from digital wallets
- 72% of Indian purchases are paid for with bank transfers, e-wallets and other types of alternative payments
A seamless payment process is the backbone of every successful multi vendor marketplace in India. When you let your customers choose their own payment option, they feel content in making a purchase from your marketplace. By offering ease of paying, you can boost your ticket size and order volume.
StoreHippo ecommerce solution comes with 60+ pre-integrated domestic and international payment gateways for your customers to choose from. You can seamlessly integrate multiple payment gateways at zero additional costs, providing the most secure and smooth payment experience to your customers. You can eliminate payment downtime and make accepting payments easier, simpler, and safer using various channels. With the adaptive payment feature from StoreHippo, the best marketplace website builder, you can automatically divide a multi order payment among various vendors or admin.
Don’t think customer service is vital for your business? See this:
- 76% of people will stop doing business with a company after only two poor customer experiences.
- 83% of consumers look for customer service quality when deciding what to buy
How do you think other marketplaces have succeeded in the Indian ecommerce market? Yes, by being available for their customers. There’s nothing as important as keeping your customers happy and satisfied. The sure shot way to your customer’s heart is making sure that their grievances are heard and listened to.
With the best marketplace website builder, StoreHippo, you can seamlessly connect with your customers through automated tools and features. StoreHippo helps you recover abandoned carts with follow-ups, SMS, push or email notifications. Since the customers are today taking the social media channel to connect with the brands,StoreHippo enables you to integrate with all social media channels to keep customers engaged. You can also integrate your marketplace with your choice of customer servicing software.
The evolving buyer habits require you to stay on top of the latest trends. As you thrive towards boosting your order volume, you need a strong marketing strategy to make a kill in the Indian ecommerce market. With the right tools and features, you can implement all your strategies and set your online marketplace on an upward growth trajectory.
StoreHippo ecommerce solutions helps you build the best marketplace website with its 300+ enterprise-grade features. You can seamlessly carve a niche for your brand with the user-friendly and easy-to-use multi vendor marketplace solution. StoreHippo is designed for a wide range of B2B, B2C, D2C, B2B2C and other hybrid business models.
Are you ready to boost sales on your online marketplace using next-generation ecommerce solutions from StoreHippo? Start your 14-day free trial now.