With 24 million ecommerce sites worldwide, the ecommerce marketplace has swept the globe!
And with global e-commerce sales projected to skyrocket to a jaw-dropping $6.3 trillion by 2024, it's time to brace yourself!
The competition is huge, and your competitors are everywhere.
Yet there’s tons of room for growth.
Wonder what makes us say so?
Have a look at the growth of multi vendor marketplace and other ecommerce platforms:
- 95% of all purchases are estimated to be done through ecommerce by 2040
- 21% of e-commerce businesses have switched to a multi vendor marketplace
- 48% of buyers go straight to a multi vendor marketplace when buying online
- #1 reason people shop online is that they’re able to shop at all hours of the day
- 93.5% of global internet users have purchased products online
Source: KPMG, Wpforms
To triumph on your ecommerce journey and to build a marketplace website that attracts customers, it is essential to provide a user-friendly shopping experience to your customers. With the evolving buyer habits, as an online marketer, you need to be on your toes and make your ecommerce website flexible enough to alter as the situation demands.
Table of Contents
- 5 Things to streamline when you build a marketplace website
- How to create a multi vendor marketplace with StoreHippo
Going online and creating your own multi vendor marketplace is a great idea. However, just building your own marketplace website can not guarantee unrestricted growth for your business. When it comes to building a successful website, you require a series of effective strategies to attract, engage, and convert customers. To boost your order volume, you need to cater to your buyer's demands and expectations.
Wonder how to do that? Here is a list of the top 5 things to streamline before launching your enterprise marketplace:
With 94% of first impressions being registered because of your site's web design, you can not just put the design element in the back seat. Can you? A good website design helps keep your customers hooked to your enterprise marketplace. Whereas an unimpressive design kills your buyer’s interest right at the beginning. If you are thinking that designing is a one-time job, let us correct you there. The design on your multi vendor marketplace is not timeless. It needs to be updated and changed at regular intervals.
StoreHippo ecommerce solutions help you play around with the store’s design and create professional website designs with its drag-and-drop functionality. The easy-to-use feature helps even novice sellers to quickly alter the design and completely overhaul their website within minutes and without coding. StoreHippo offers 100+ device-optimized themes for you to choose from or you can create your own design set as required by the market dynamics.
StoreHippo offers a developer-friendly interface that comes with heavy-duty programming support. It helps you to edit the HTML directly to make your existing widgets behave as per your requirements or add new widgets as and when required by your multi vendor marketplace.
With the hyper-personalization era and the new-age buyers inclined towards a customized buyer journey, offering personalization to your customers becomes a priority. To drive success and attract customers, you need to seamlessly create personalized experiences across all sales channels and keep your customers engaged. The question here is are you equipped enough to create personalized and customized user experiences on your enterprise marketplace?
StoreHippo, the best marketplace builder understands the need for personalization and offers a variety of tools that offer easy personalization. Built on decoupled headless architecture, StoreHippo offers flexible ecommerce solutions that can be tweaked inside out. StoreHippo helps you offer multi-level personalizations like building different storefronts based on audiences, products or locations. You can customize the checkout process, shipping solution and even offer personalized discounts and deals to your customers with StoreHippo. You can also customize content by offering multiple languages and personalized pricing with a wide range of tools and features from StoreHippo ecommerce solutions.
To build a marketplace website is a great idea, but when it comes to handling multiple vendors, it might be challenging to calculate and manage the payments. Buyers might place a multi seller order where the products are from different sellers. It can be a tad bit tough to streamline different product payments to the respective vendors. Here comes an automated system to your rescue.
StoreHippo ecommerce solution offers an automated payment system that makes it seamless to handle the admin and seller payments. With the adaptive payment feature, the order amount gets automatically split between the admin and respective sellers from the payment gateway itself. StoreHippo, the best marketplace builder also offers an in-built tax engine to simplify and automatically charge taxes on your e-commerce sales. StoreHippo offers full support for GST, CGST, SGST etc. You can add different tax percentages for each GST component and easily compute different GST taxes for various products and services offered.
One of the most important things to streamline before going online to your customers is a frictionless checkout process. Customers tend to drop a purchase if they face a complex and lengthy checkout process. A simple way to ensure a smooth checkout process is to offer your customers multiple payment options to choose from. As you build a marketplace website, make sure you offer a comfortable payment solution to your customers.
StoreHippo ecommerce solutions come with 60+ pre-integrated domestic and international payment solutions to help you make buying easy on your enterprise marketplace. You can integrate with multiple payment gateways and offer a wide choice of payment to your customers like COD, net banking, cards, store credits etc. You can also enable payment gateways based on the location of the buyers and offer multi currency payments for your global customers.
61% of the customers are willing to pay more to get same day delivery. Well, it is clear that customers look for quick shipping and are more inclined to receive their orders the same day. A multi vendor marketplace that offers seamless and transparent shipping goes a long way in providing customer satisfaction. Offering real-time tracking of the parcel is a plus to the customers.
StoreHippo ecommerce solutions offer inbuilt shipping solutions to help you choose from multiple shipping partners. You can streamline quick deliveries and optimize shipping costs by integrating more than one shipping partner on your enterprise marketplace. StoreHippo also offers a complete delivery management solution for faster and error-free delivery solutions. You can onboard, manage and track your own fleet of delivery boys right from your admin dashboard. With the inbuilt delivery management software from the best marketplace builder, StoreHippo, you can implement hassle-free shipping and quick delivery.
Creating your marketplace website with StoreHippo is just as easy as shopping from a multi vendor marketplace. With just 10 easy steps, you can start selling your products/services in the ecommerce market.
Here is a step-by-step guide to help you build your multi vendor marketplace with StoreHippo:
Step 1: Choose the StoreHippo subscription plan according to the business you are planning to take online.
Step 2: Register a unique domain name for your website. Remember to keep your domain name simple yet catchy.
Step 3: Choose a design theme from the rich themes library from StoreHippo. Make sure to choose an engaging and attractive theme that helps you convert your customers.
Step 4: Build a simple and easy registration page for your vendors and ask them to register on your platform. StoreHippo, the best marketplace builder offers a separate vendor dashboard to each of your vendors for ease of doing business.
Step 5: Add multiple payment gateways to offer a frictionless checkout experience to your customers.
Step 6: Integrate with your desired software for all your marketing needs, CRM, chat support, accounting etc. StoreHippo also offers 300+ in-built tools to help you manage your day-to-day business operations.
Step 7: Build a marketplace app for your business using the in-built marketplace app builder and offer your customers ease of shopping on the go.
Step 8: Integrate shipping partners on your multi vendor marketplace to help you offer quick delivery to your customers.
Step 9: Integrate with social media and use other inbuilt marketing tools like a powerful discount engine, SEO tools, blog engine etc. to promote your business to the customers and potential vendors.
Step 10: Do a live test of your enterprise marketplace website before going live.
And done! You have successfully built your marketplace. Now it's time for you to start planning your marketing strategies to carve a niche in the ecommerce marketplace.
As you build a marketplace website for your business, you need to streamline various aspects considering the comfort of your customers. StoreHippo helps you implement out-of-the-box business models and provides inherent flexibility to build customized business solutions.
With 300+ enterprise ecommerce solutions, StoreHippo is built on MACH architecture and helps brands grow their business beyond borders. The best marketplace builder, StoreHippo helps you build successful marketplaces across various industries. The easy-to-use cutting-edge ecommerce marketplace platform helps make the most of the win-win multi-seller business model.
Are you all set to launch your multi vendor marketplace with StoreHippo? Explore the enterprise features by starting your 14-day free trial now.