Are you satisfied with having a simple online store selling goods or services to your customers? Don’t you want to achieve something bigger and better by reaching out to a much larger audience and making them your loyal buyers by spoiling them for choice? Sounds familiar? Yes, it is, because this is exactly what the most popular online market places like Snapdeal, Flipkart and Amazon did to completely change the perception of e-commerce.
With the stupendous success of thriving marketplaces, online shopping has been redefined. Established online merchants as well as entrepreneurs realize that investing in a multi-vendor model is not only a better deal but also the demand of the changing times. E-commerce investors have also shown a preference for multi-channel business models especially multi-seller marketplaces.
What makes your store a multi-seller E-Commerce store?
A multi-seller feature allows you to extend your online store and convert it into a marketplace with any number of sellers selling same or different products at the common platform. Simply put, you have an online store, which offers multiple choices to your customers. They can pick and choose the services of the different merchants listed on your portal based on their offers, fast delivery, competitive pricing or a combination of these criteria.
What is making multi-seller e-commerce platform so popular?
Innovation is the key to the success of any business and this is the reason why multi-seller platforms are becoming increasingly popular as compared to a basic online store. Multi-seller store has some obvious benefits as listed below:
Sell a variety of products: You can add any number of vendors to your store who will have their own inventory. This means your store will come very close to the physical world marketplace where lots of vendors offer a huge variety of products for the customers. It’s a no brainer that will multiple products and offers the traffic and sales of your online store is bound to increase manifold.
Streamlined and smooth operations: Running an online store effectively is all about streamlining operations to manage and deliver products in the fastest way. When you convert your online store into a marketplace handling logistics, managing inventories, providing product catalogue updates is all done by the individual vendors. This results in smooth and hassle free operations and shifts the headache of managing it all multiple players.
Less expensive: Having an online marketplace can drastically cut your cost of managing various teams needed for maintaining the inventory side of the business. You can focus on your sales and customer support team who can be used for scaling the market and keeping your customers happy. This division of labor not only cuts down the costs but also results in greater efficiency and better quality of job.
No Inventory Needed: The most daunting task while starting an e-commerce venture is to set up a warehouse and hire and manage human resources needed to manage it. This exercise needs can significantly increase the cost of running the business especially in the early stages. With multi-seller functionality an online store can do away with this basic requirement as warehouse and related human resource is the responsibility of the vendors.
Additional Earning with minimum effort: By adding different sellers to your store and charging different levels of commission from them you can earn additional income with almost negligible effort. Every time a seller gets an order from your online store you automatically get a percentage of profit as commission.
Lesser responsibility more control: The admin of an online marketplace has complete control and authority of choosing, allowing, restricting or rejecting any vendor. Once a vendor is listed on any marketplace the onus of order fulfillment is completely on him. This frees the admin from many responsibility whereas the completed authority of managing various vendors remains with him.
Multi seller e-commerce solution offers various benefits to the sellers and vendors as well. Some of them are:
- Greater visibility and readymade high volume traffic of the marketplace
- Saves marketing cost as brand value of marketplace favors the vendors
- Easy set up and cost saving in as n need to set up online store from scratch
- Advantage of accumulated knowledge and data from marketplace helps to sell better
- Flexibility to concentrate on profit making with no set up worries
- Technical aspect of managing stores completely taken care by the marketplace owner
Almost all the industry verticals can benefit from a multi-vendor e-commerce store. Let’s take a look at some scenarios where this type of business model is a perfect fit:
- Food shop where multiple sellers can be added to offer various cuisines being prepared at individual kitchens.
- Grocery chain with stores in different locations fulfilling area wise orders promptly
- Service platform for doctors and medical professionals offering panel of doctors and related services
- Gifts and flowers business delivering orders across the globe with multiple sellers offering their services on single marketplace.
- Big franchise running different stores can add more stores to one common marketplace
- Clothes, electronics, beauty products and almost any other similar e-commerce verticals
- Various non-profit and social organizations can come together on a common platform and offer services for betterment of society
StoreHippo provides you with a comprehensive multi-seller functionality that extends your online store and converts it into a thriving online marketplace. With this unique solution available with our best e-commerce platform any merchant can take his business to new heights. Some of the best advantages offered by StoreHippo are:
- Create your brand value by offering the best products and multiple sellers
- Multiply profits by earning commission from multiple sellers
- Easily manage vendors with simple and separate vendor panel
- Setting separate commission levels for vendors and their products
- Complete autonomy and control in selecting and moderating vendor and product profiles
- One click easy accounting and management of seller ledgers
- Instant notification when a seller is added, edits, sells or uploads new products
“StoreHippo platform allowed us to incorporate and implement the muti-vendor feature with utmost ease. With their comprehensive solutions for managing multiple vendors we have been able to take our business to places.”