Are you on a lookout for new ideas to boost your handbags business?
Have you considered building a multi vendor marketplace for global markets?
If not, now is just the right time to look at the prospect of building your own online marketplace to sell bags.
Let us look at a few global multi vendor marketplace trends in 2023 that will answer the question for you:
- 47% of global online purchases are done via online marketplaces
- 27.4% CAGR of global cross border ecommerce between 2019-2027
- 42% of online purchases were done on marketplaces in 2021
- 48% of online buyers prefer going straight to multi vendor marketplaces
- $ 64.62 bn is the revenue of the handbags segments in 2023
- 4.77% is the CAGR of the handbags market for 2023-2026
- $ 81.79 bn is the revenue forecast for the handbags market in 2030
Source: Statista, Grand View Research
With figures speaking for themselves, it is evident that building your own online marketplace is just the right choice for your handbag business. Multi vendor marketplace being a zero inventory business model is the best way to digitize the sales channel of enterprise brands with a wide distribution network.
The question that arises here is how to go around it.
Table of Contents
- What is the best way to build an online marketplace?
- How to build a handbags multi vendor marketplace for global market
There are two approaches that can be taken to build an online marketplace. They are:
- Bringing together a team of high-tech professionals to build an online marketplace frock scratch
- Use a SaaS-based turnkey ecommerce solution provider
Between the two options, building an online marketplace from scratch can be a taxing job. However, as you shift your focus on finding the right turnkey ecommerce solutions provider, you can spend a large portion of your time on escalating your business.
Wondering how a Saas-based ecommerce platform is a win-all option here?
Building a multi vendor marketplace for the global market only seems topsy-turvy until you have a turnkey, fully-hosted and managed ecommerce solution provider like StoreHippo at your disposal.
Let us look at the step-by-step process to build a highly scalable multi vendor handbags marketplace for the global markets.
As you plan to build your handbag marketplace in the ecommerce sector, you would want to first establish a potential audience segment. Finding the right market segment can be done by conducting a customer survey that helps you understand the existing market scenario. Like finding out the types of handbags that are in demand, say luxury bags, traditional handcrafted handbags etc. With such factors at your fingertips, you can have the right business plan and create a multi vendor marketplace that caters to the exact needs of your target audience.
Once the business plan is set and the target audience is identified, you need to buy a domain name. However, while choosing a domain name for your handbags business, you must choose a unique domain name that can identify with your business. The shorter and simpler a domain name is, the better it is for people to remember you.
Also, with a domain name, you need to get an SSL certificate to protect your online marketplace from hackers and malware. StoreHippo gives a free SSL certificate for online stores built on the platform.
Choosing an ecommerce platform to build your handbags marketplace is a crucial step to take. To stand out and make a kill in the global handbags market, you need to be wise while choosing your ecommerce platform or solution provider.
StoreHippo offers 360-degree ecommerce solutions with a host of in-built features to help you customize your ecommerce platform to the unique needs of your business. Built on MACH (Microservices, API-first, Cloud-native, Headless) architecture, StoreHippo offers better creative control to the businesses to implement high level personalizations and build tailor-made solutions.
And if you are wondering what makes StoreHippo the best marketplace software to build multi vendor marketplace, here’s the answer:
- It comes with 300+ inbuilt features
- Built on mobile-first technology
- Offers peak load tolerance with inherently scalable infrastructure
- Global features like multi lingual and multi currency
- 120+ pre-integrated solutions, 60+ integrated payment gateways and 30+ integrated logistics solutions
- In-built tax engine for quick tax compliance
- In-built delivery boy management software to align speedy deliveries
When you choose StoreHippo ecommerce solutions you build a reliable and user-friendly platform for the ease of shopping for your customers. An ecommerce website builder with such amazing features helps businesses create advanced online marketplaces for unprecedented growth.
The next step towards building your handbags multi vendor marketplace is to onboard multiple local and global vendors and list the handbags on the marketplace. To make the onboarding process easy and seamless for the vendors, StoreHippo comes with an end-to-end vendor management solution. StoreHippo creates individual vendor accounts with a simple registration process offering a user-friendly admin dashboard.
When you list your handbags on the marketplace, you need advanced tools to add and manage the products seamlessly. Like StoreHippo comes with:
- Individual vendor accounts and simple registration processes
- End-to-end vendor onboarding and management solutions
- User-friendly dashboards to help vendors manage their day-to-day business operations
- Complete approval flow control with the admin to approve or reject vendor products
- Easy product management solutions helping the vendors upload bulk products using CSV
With such comprehensive solutions from StoreHippo, it becomes easy not only to onboard the vendors but also to manage vendors seamlessly.
Well, when you create an online marketplace, it is equally important to deck up your marketplace. People come flocking to handbag stores that give them a rich look and feel that offers them a clear product image and 360-degree view. StoreHippo offers an in-built theme designer where you can choose from the rich design themes library and play around to create beautiful online marketplaces for your handbag business.
With the easy drag-and-drop feature from StoreHippo, even a novice user can create professional-looking marketplaces with no need for coding. You can seamlessly change banners, sliders etc and give a global look to your marketplace by simply using the rich set of design variables. With the global solutions from StoreHippo, you can quickly increase customer engagement in the global handbags market. StoreHippo enables you to translate your website into 100+ languages including the RTL languages like Arabic and Hebrew.
Quick delivery is the need of the hour. Each customer expects their orders to be delivered quickly, and so the online marketplace owners need to integrate with a comprehensive shipping and logistics partner.
StoreHippo offers inbuilt shipping solutions for you to choose from multiple shipping partners and streamline quick order deliveries. With the complete delivery management solution from StoreHippo, customers can also track their orders on mobile and desktops. StoreHippo also offers advanced delivery boy management software to help handbag businesses manage their fleet of delivery boys seamlessly.
You can also offer your customers to choose from a full spectrum of payment options like 60+ pre-integrated domestic and international payment gateways, netbanking, credit and debit cards, store wallet, COD etc. With StoreHippo you can also offer multiple currencies for frictionless payment processes.
With the fierce competition that the ecommerce industry is facing today, marketing the business becomes a must. When a customer looks for handbags online, your website must appear in the top 10 results from Google for the customer to visit your online marketplace first.
To help you market your enterprise business well, StoreHippo comes with effective in-built marketing tools like a powerful discount engine, SEO tools, blog engine etc. With the SEO elements from StoreHippo like meta title, meta keywords, alt tags, sitemap etc, you can quickly rank higher on SERPs. StoreHippo also comes with a host of marketing tools like a discount and coupon engine, personalized notifications, abandoned cart recovery etc to help you market your brand. You can also use the inbuilt blog engine from StoreHippo to publish a variety of content and build a unique brand presence.
With all the pieces in the right place, your handbag multi vendor marketplace is all set to attract audiences and receive orders. With a test launch, you can sort out and fix the operational hiccups that may have been missed otherwise. Once done, you can seamlessly sell handbags to global markets on your multi vendor marketplace.
To build your handbags online marketplace in global markets, all you need is a 360-degree ecommerce solution provider. With StoreHippo and its comprehensive features, you can create conversion-oriented multi vendor marketplaces in just a few steps. You can also offer a personalized buying experience to modern-age customers with the tools from StoreHippo.
Are you ready to build your handbags multi vendor marketplace with the exclusive features from StoreHippo? Start your 14-day free trial now.