Did you know that more than 50% ecommerce sales are made through online marketplaces? In 2019, the top marketplaces like amazon, eBay have contributed $1.7 trillion to the global economy and it is predicted to reach $7 trillion by 2024.
This tremendous growth has become the primary reason for many retailers to launch their own marketplace. The multi-vendor marketplaces are incredibly popular selling channels across the globe. Still wondering why?
Let us clarify some of the top reasons:
- One-stop platform to reach an extensive customer base
- Best platform to promote online sales
- Multiple sources of revenues through sales, commissions, fees, etc.
- Plenty of sellers with wide range of products
- No hassles of inventory and payment management
So, if you are looking to increase your sales, setting up your online marketplace can be a great option to boost exposure and expand into new territories. Let’s take a look at the top 5 most popular multi-vendor marketplaces and get some more inspiration.
Amazon is a global online marketplace giant and surely shows the bright future of ecommerce. And it earns more than 50% of its revenue from third-party sellers.
eBay was one of the first few marketplaces launched in the 90's and it was launched as a peer-to-peer online marketplace for auction-style listings. And it still holds the second leading marketplace position.
Alibaba has been launched to improve the global ecommerce system. The multi vendor marketplace has become profitable in the first three years of launch itself.
Unlike eBay and Amazon, Etsy is a unique site that allows creative sellers to list their vintage, handmade craft items. The platform is accessed by more than 33 million shoppers glo
Catch is the marketplace to a great variety of products and makes sales of more than $1 million dollars every week.
Whether you are looking to sell in a set geography or the whole world, a multi-vendor marketplace has all the potential to help you expand business reach, test new markets, and grow your business globally.
Build your online marketplace today
The first and foremost thing to consider here is – which ecommerce platform suits your business requirements? This decision becomes extremely important because you have to deal with multiple entities including sellers, buyers, merchants, suppliers, etc. StoreHippo makes it super easy for you by providing 300+ inbuilt features and a future-ready technology.
How StoreHippo can help you build a top multi-vendor marketplace?
- Mobile commerce edge
Be it customer or seller, everyone is on mobile. As online shopping is an advancement of buying from physical stores, mobile commerce is the natural progression of ecommerce. It is important to have a competitive mobile edge when you are building an online marketplace. StoreHippo is one of the best marketplace builders that help you build the next generation marketplace and capture the new-age online shoppers. Along with that, you can also build your mobile app from your dashboard in just a few clicks at no additional cost.
The best part about creating your online store with StoreHippo is its mobile-first technology that supports PWA (Progressive Web App) experience. PWA are the roadmap to modernize your online marketplace and combine the best of mobile and web apps. Think of a website built with web technologies but act and feel like an app. Don’t wait to win the mobile commerce world.
- One-stop shipping solution
Now, who doesn’t know about the shipping hassles in an online business. And you are not alone when it is about shipping hassles in a multi vendor marketplace. But fortunately, you have got the back of one-stop shipping solution of StoreHippo. You can easily sell products without worrying about any shipping hassles. We offer integrated shipping within the e commerce platform to expand your business reach. Some of the top features of our shipping solution include discounted shipping, automated processes, ship globally, add multiple logistics partners of your choice, and much more.
Like, StoreHippo ensures you an easy integration with shipping partners, availability of discounted shipping rates and automated shipping management process. Additionally, there is no additional cost and effort in adding your choice of shipping partners/channels. Safeguard yourself from the nightmares of supply chain issues with StoreHippo.
- Easy vendor management
Vendors are the lifeline of your business and so is their management. If the vendors are satisfied with your website, they keep selling and earning from the marketplace, ultimately, that makes your multi vendor marketplace successful. Agree?
StoreHippo understands it very well. We allow quick onboarding and registration for vendors. The hassle-free vendor onboarding makes it easier to register more sellers and earn more commission. And we do not just stop at the vendor registration part but go much beyond. The vendor management features like seamless payments, customized commission rules, multi-tier tax engine list StoreHippo among the list of top best marketplace builders.
- Multi-store benefits
While it seems tempting to focus on dealing with multiple product lines, it creates a lot of difficulties when you start managing them in the store. Don’t worry, StoreHippo have you covered. It allows you to build micro-sites for multiple product lines and comprehensive features to manage the online stores separately.
What’s more? You need not to juggle between different logins to enter into different micro-sites. Just enter into your central admin dashboard using the multi-store solution and handle everything right there.
- Customized pricing and invoices
The foremost thing required by a multi vendor marketplace is the flexibility to run online business. Different businesses have different contracts and deals with different clients and differential prices are offered to them accordingly. Similarly, the businesses require flexible invoice templates that can be adjusted according to the dynamic needs.
Keeping this in mind, StoreHippo allows you to handle pricing based on different factors like location, login, IP address, retail or wholesale deals, and other relevant factors.
- Integrated payment gateways
Online payment is a fundamental feature of online business because it is directly connected to the shopping experience, customer satisfaction, and sales. Don’t you want more sales, and satisfied customers on your multi vendor marketplace?
StoreHippo offers multiple payment methods to the customers with 50+ pre-integrated payment gateways. It allows you to create a state-of-the-art marketplace website with advanced payment options like internet banking, cash on delivery, wallets etc. Start your swift and convenient payment experience with us.
- Automated marketing tools
There is no substitute to intelligent marketing tools if you want to make your online marketplace successful. Without the right marketing tools in place, there is no point of building an amazing website.
StoreHippo offers a huge variety of automated marketing tools and powerful discount engine to boost customers conversions and sales. You can offer customized discounts for products, collections, category, user groups, device-specific audiences, build dynamic marketing pages, run customized email campaigns, recover your abandoned cart orders, offer live chat support, and much more. With the best marketplace builder, you have everything your ecommerce business needs to be successful.
Launch your multi-vendor marketplace with StoreHippo
Now, when you have understood about the boom of online marketplaces and top 5 online marketplaces that are acing the ecommerce world. It is the right time to understand how StoreHippo can help you become the next in the list of top marketplaces across the globe. When this tremendous growth and success must have blown your mind already, don’t wait anymore to build a perfect multi vendor marketplace for your business. Enough of inspirations, now is the time to act on your online business plan. Schedule your 14-day free trial to see all these features in action.