Do you know? The expected worldwide ecommerce revenue for online fashion stores is expected to rise from $134.2 billion in 2020 to $712.9 billion by 2022.
Which means the chances to grow are high for the industry.
I know you're a bit skeptical about your online clothing marketplace growth. But hey, let’s get our doubts cleared! Let me guide you through the process.
And through data driven evidence, I will reveal the revenue building strategies used by the top 5 multi vendor marketplaces. These tactics have literally delivered subsequent profits to these fashion ecommerce websites.
List of Top 5 Fashion Multi Vendor Marketplaces In India
Myntra, an online clothing store founded in 2012 by IIT alumni and in 6-7 years, it gained the name of ‘biggest online fashion retail marketplace’.
5 Success Strategy of Myntra
- Third party Logistics integration to deliver to small cities
- Use of discounts and coupons to heavily promote sale
- Use of Personalized notification
- Attractive Website design with proper balance of images and Text
- Partnered 100+ fashion brands
A multi vendor marketplace started as an online clothing store but later synthesized into selling both fashion and lifestyle products.
4 Success Strategies used by Limeroad
- Effective vendor management permitting 600+ vendors to sell.
- Launched Mobile App and mobile friendly website for smartphone buyers.
- Incredible user experience with informative product pages, fast loading pages, product categorization, clear images and more.
- Multi-lingual support for both English and Hindi speaking users.
An online fashion marketplace that has simplified the online shopping of beauty and apparel products for both men and women. It sells over 1,30,000 products from 1300+ brands.
5 Success Strategies used by Nykaa
- Order management system that allowed multi location order fulfillment
- Logistics integration to sell across 1000+ pin codes, more fast.
- Robust Inventory model where vendors can directly deliver to customers.
- Launched their own beauty brand that bring huge profits (apart from commissions)
- Offering personalized discounts, purchase points, coupons etc to each customer maximize their returning sales.
A multi vendor marketplace selling fashion products for both men and women. It has around 70+ brands covering celebrity, international and local brands.
5 Success Strategies used by Koovs
- Heavy deals, vouchers and discounts ranging between 50-90%
- Terrific shipping service with logistic integration on website.
- Integrated payment gateways including multiple banks and mobile wallets.
- Partnered with national and international brands selling apparel and other fashion products
- Mobile app for both Android and iOS users to give fast shopping experience.
- Conversion friendly products pages, with elements like item description, images, sizes, call to action buttons, price, discounts, delivery information, etc
It is an online clothing and fashion marketplace which is a division of Reliance Retail. Their ecommerce website has 100 + premium brands offering affordable, quality fashion products to online buyers.
6 Success Strategies adopted by Ajio
- Delivers to 15000+ pin codes all over India using third party logistic partners.
- A 30 day return policy, discounts and loyalty points to win customer trust
- Promotion on social media platforms like Facebook, YouTube, Twitter, Instagram.
- Easy website navigation and product categorization made online shopping easy and resulted in more checkouts.
- Effective use of Call to actions buttons on every page to push purchases.
- Upselling and Cross Selling functionality
How StoreHippo’s Marketplace Builder Can Help You In Achieving Growth?
Undoubtedly, StoreHippo promises all the functionalities, used by above fashion marketplaces to enrich the user experience.
Just like Myntra, you can also integrate multiple shipping solutions with StoreHippo Inbuilt logistics solutions, to deliver globally. By using this, you can
- Track and schedule delivery
- Enable COD support on website
- Deliver to 12000+ pin codes.
- Keep track of vendor’s inventories, whether it is in-stock or not
Other features that you get in StoreHippo multi vendor marketplace software
- Product Management: With this option, you can give authority to different fashion product sellers to independently handle their orders and shipping of listed products. Also, they can add and update inventory, product variants, product details, pricing, etc.
Dedicated Vendor Dashboard: Vendor gets a snapshot of his business using the dashboard which provides order summary, sorting functionality, sales report, best selling products, revenue details and much more.
- Manage Multiple Vendors: Manage vendor’s activities. Like their invoices, ledger, performance, personal details and inventories at one place.
- Personalized Notifications: 75% of consumers prefer to receive personalized messages, offers, and product recommendations from brands. By tracking buyer’s shopping behavior on your online store, fashion marketplaces can throw highly personalized SMS, emails, and push notifications. Eventually, you will see an increase in conversion rate.
- Shipping and Discounts: Set up vendor specific shipping charges and discounts to promote your bestselling vendors or products. Choose from multiple shipping partners to optimize shipping costs and maximise ROI
- Permit Vendors to Manage Orders and Shipping: Your vendors can easily complete orders without bothering you. They will have easy access to order details like open, cancelled and completed orders on StoreHippo’s vendor dashboard. They can even generate and print invoices for every order.
The logic behind explaining these powerful strategies that skyrocketed their fashion marketplace growth is to give ideas and turn your growing process more easier. By using such techniques, you can eliminate the time consuming guesswork as your competitors have already done it for you.
Here are 5 suggestions you can consider to build a successful marketplace.
- Make a mobile friendly fashion ecommerce website.
- Add multiple payment gateways
- Provide different payment modes to enhance shopping flexibility.
- Website design should be attractive and device responsive.
- Include social media icons in footers and product pages.
- Make information rich product pages with 2-3 call-to-actions to push customers towards the checkout page.
- Delight customers with coupons, free delivery, discounts, free vouchers, loyalty points, etc. If you also want to display discounts on your website, you can use the discount engine available in StoreHippo’s dashboard.
Build your fashion store with easy to use multi vendor marketplace software. Get started with StoreHippo’s ecommerce software to reach new customers. And, the best part is - it offers a free trial for 14 days. Go grab this opportunity now!