Looking to open your own marketplace in a specific niche? Don't know how to start?
So, why not take inspiration from existing vertical multi vendor marketplaces. And learn how they have earned the trust of buyers and surpassed their own yearly sales record.
This is called converting their hard work into your smart work. What I mean is, to steal their selling strategies and use them in building your multi-vendor store. Sounds clever? I know.
Here surfaces another question - What made them the best marketplaces? Well, there is no secret sauce for success. But I can disclose two ingredients that genuinely support marketplace success. Let’s dig in.
Using them, companies can design high-converting ecommerce websites. Moreover, as a marketplace owner, you will have entire control over inventories, vendor accounts, commissions, product pages, etc.
Treat marketing as fuel to your ecommerce store. Why? Because just as fuel gives life and energy to your vehicle, marketing gives life to your store. Without marketing, nobody will recognize and visit your online store.
Table of Contents
Let's discuss in brief the top 5 multi-vendor marketplaces that are ruling the customers' hearts and growing their annual revenue rapidly.
A very popular multi-seller online store dealing in skincare, hair care, women's apparel, fragrances, and hygiene products. They sell 35,000+ products from more than 400 brands. Moreover, it gets 2.8 million monthly visitors of which 95% are returning customers
How did Nykaa cross Rs.1230 crore revenue in 2022?
- Vendor-based models gained popularity in the fashion industry.
- Delivered to 1,000+ cities and 10,000 zip codes using automated shipping solutions.
- Coupons and discounts to keep customers purchasing.
- Social media sharing buttons on product pages including Whatsapp, Facebook, Instagram and Snapchat.
- Mobile-friendly product pages for ultimate customer experience on mobile devices.
- Making blogs, beauty guides, Buying Guides, and product reviews to simplify the buying process.
A multi vendor marketplace selling more than 100,000 kids-related products from 700 sellers, both national and international. Till now, they have delivered to 25,000+ cities in India.
How did they cross Rs 1,740 crore revenue in FY 2021?
- Creating fast loading, eye-catching store-front landing pages
- Fast and flawless delivery service with own logistics company
- Easy Website Navigation using reliable best marketplace builder
- Mobile-friendly sites and a mobile app to capture mobile shoppers.
- Loyalty cash programs, cash refunds, and huge discounts.
- Informative product pages pushing customers towards checkout.
- Multiple payment options - international cards, wallets, and COD.
- One-click checkout mechanism.
Zivame is the largest online lingerie marketplace that has 5,000+ styles and sizes, from 50 lingerie brands. One thing’s sure they use the best marketplace builder that makes their website user-friendly and high converting.
Which factors earned them US $ 55.3m in revenue in 2021?
- Money back return policy, discounts, BOGO offers, gift cards
- Simple categorization of the product. For e.g. shapewear, nightwear etc.
- Dedicated logistics partner completing orders on time.
- Sales promotions on Facebook and Instagram.
- Prominent Call to action buttons that entice shoppers to buy
- Cross-Selling and upselling
- Personalized push and email notifications for customer retention
A multi vendor marketplace started selling furniture and home decor in the year 2012, to embellish Indian homes. Their ecommerce website has 1000+ products from multiple sellers.
Which factors earned them operating revenues range INR 100 cr - 500 cr in 2021?
operating revenues range is INR 100 cr - 500 cr
- Email newsletters to earn returning online buyers
- Clear images, product specifications, colors choices and other trust-building elements for quick checkouts.
- Price comparison options to buyers.
- Free delivery benefit and delivery tracking service to customers.
- Flexible payment modes- Credit cards, Debit cards, EMI, UPI.
- Referral programs, giveaways, contests and paid promotions.
LimeRoad ecommerce store receives 1.3 million monthly online shoppers. In total, this multi vendor marketplace has 4000+ sellers with 50,000 products related to clothing, accessories, footwear, home decor, etc.
Which factors earned them Rs 69 crores revenue in 2022?
- Posting fashion related content on Facebook, Twitter and Instagram.
- Mobile apps to enhance mobile shopping experience using the best marketplace builder.
- Sending personalized emails to announce sales, new arrivals, cart abandonment, discounts etc.
- Scrapbook feature on website- It allows customers to create and share the looks with their friends through social media buttons as well as on their website. Customers can earn if someone shops their entire look.
- Creation of LimeRoad community on website for customer engagement and loyalty.
- Social media integration to motivate social sharing
StoreHippo simplifies the process of setting up an ecommerce marketplace through its unique and easy to use features. Let’s uncover its features, along with its esteem benefits.
- Seller Self-Registration: Sellers, who want to sell on your website, can easily register themselves by filling out a registration form. Store owners can create forms for each vendor using pre-built forms.
- Product management: All your registered vendors can add, edit, and update their products through their accounts.
- Vendor Management by Admin: As an ecommerce store owner, you can monitor your vendors' activities i.e. their inventories, commissions, performance, orders, etc. You have all the right to reject or approve their product uploads.
- Inventory Management: You can track the availability of products from specific vendors by setting up rules for labelling products as out of stock or in stock.
- Logistics Solutions: Get low-cost shipping solutions to track your deliveries in real time and deliver to 20,000+ PIN codes.
- Unified Notifications: StoreHippo allows you to send 4 types of notifications to your vendors as well as customers. For example- push, email, SMS, and web notifications.
- Mobile Ready sites: Our best marketplace builder lets you build mobile-ready sites that load quickly, improve customer experience and facilitate faster checkouts.
- Marketing Tools: To elevate your store visibility on digital platforms, StoreHippo provides SEO support and other marketing integration.
- Payment Gateways: StoreHippo has a library of 60+ payment gateways that are easy to integrate and facilitate quick payments to vendors.
StoreHippo provides you with all of the above-mentioned features and tools used by the top 5 niche multi-vendor sites. If you aspire to become the best online marketplace, then start implementing the above features to your website.
When building a marketplace, studying your competitors, markets and industry leaders is fruitful. Taking ideas, and analysing their strategies can be fruitful in achieving the desired ROI for your multi vendor marketplace.
StoreHippo is the best marketplace builder that helps you create a beautiful online marketplace with ready made themes and 300+ built-in features. StoreHippo marketplace solutions are built on cutting-edge technology that makes it easy for brands to establish their online marketplace. The plug-and-play StoreHippo marketplace solutions can be used across all industry verticals.
Grab your potential customers by selling multiple niche products through the best marketplace builder - StoreHippo. Try a 14 day free trial to create your own multi vendor marketplace.
Yes, StoreHippo multi vendor marketplace platform comes with built-in marketplace solutions that can build niche marketplace websites. With 300+ built-in features, easy scalability and flexibility to customize the platform inside out, StoreHippo supports building niche vertical marketplaces.
StoreHippo offers the best multi vendor solutions for brands of every scale and size. It helps enterprises create their future-ready marketplaces using the cutting edge platform built on MACH architecture. StoreHippo’s next-generation ecommerce solutions have been powering a wide range of B2B+ B2C ecommerce marketplaces across the globe.
Yes, StoreHippo comes with a powerful in-built discount engine to help you offer multi-level discounts on your multi vendor marketplace. You can seamlessly optimize your marketing strategy with a variety of discounts and promotions like discounts based on brands, order value, product category etc.
Yes, you can implement differential pricing on your multi vendor marketplace with the inbuilt price override feature from StoreHippo. You can plan better profit margins by offering custom prices to your different audience segments based on factors like their order volume, order frequency etc.
With StoreHippo’s easy drag-and-drop features, you can effortlessly create multiple dynamic professional-looking niche stores. You can completely customize and overhaul the look and feel of your website within minutes without knowing any coding.
Yes, you can integrate the delivery partner of your choice on the multi vendor marketplace and streamline your delivery process. StoreHippo comes with inbuilt delivery management solutions to integrate your own fleet of delivery boys and manage them using the in-built delivery boy management software.
The customers on multi vendor marketplaces built by StoreHippo can order multiple products from multiple vendors in a single order. The order automatically gets divided into multiple orders and is then assigned to its respective vendors. The adaptive payment solutions from StoreHippo divides the order payment among multiple vendors and the admins.
Yes, you can seamlessly onboard and manage multiple brands as vendors on your marketplace with the best marketplace builder, StoreHippo. It offers a comprehensive admin dashboard reflecting the very fine details of the business like vendor-specific sales, revenue, best selling products, vendor performance etc. to help you manage all your vendors in a single click.
Yes, StoreHippo offers seamless order management solutions that automate and simplify end-to-end order management with its advanced inbuilt tools. You can get complete order details on your admin dashboard. You can view order details, add new orders manually and perform a variety of other operations seamlessly.
PWA are Progressive Web Apps that look, feel and work like mobile apps even on entry-level devices. With inbuilt PWA solutions from StoreHippo, you can offer a native mobile app-like experience to your customers and get better engagement and conversions by leveraging m-commerce.