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 to 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 into 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.
1. Best Marketplace Builder
Using them, companies can design high converting ecommerce websites. Moreover, as a marketplace owner, you will have entire control over inventories, vendor accounts, commissions, products pages, etc.
2. Effective Digital Marketing Plan
Treat marketing as a fuel to your ecommerce store. Why? Because just as fuel gives life and energy to your vehicle, the marketing gives life to your store. Without marketing, nobody will recognize and visit your online store.
Let's discuss in brief about the top 5 multi vendor marketplaces that are ruling the customer's heart and doubling their annual revenue.
A very popular multi seller online store dealing in skincare, hair care, women 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 $80 million revenue in 2019?
- Vendor based models gained them 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, product reviews to simplify the buying process.
2. First Cry
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 $60.4 million revenue in 2019?
- 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 refund, 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 that they use the best marketplace builder that makes their website user friendly and high converting.
Which factors earned them Rs 140 crores revenue in 2019?
- Money back return policy, discounts, BOGO offers, gift cards
- Simple categorization of product. For e.g. shapewear, nightwear etc.
- Dedicated logistics partner completing order 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
4. Urban Ladder
A multi vendor marketplace started selling furniture and home decor in the year 2012, to embellish Indian homes. Their ecommerce website has across 1000+ products from multiple sellers.
Which factors earned them Rs 350 crores revenue in 2019?
- 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 160 crores revenue in 2018?
- 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
Build a Profitable Multi Vendor Marketplace with StoreHippo
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 a registration form. Store owners can create forms for each vendor using pre-built forms.
- Product management: All your registered vendors can add, edit, update their products through their account.
- Vendor Management by Admin: As ecommerce store owner, you can monitor your vendors activities i.e. their inventories, commissions, performance, orders, etc. You have all 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, web notifications.
- Mobile Ready sites: Our best marketplace builder lets you build mobile ready sites that loads quickly, improves customer experience and facilitates 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 50+ payment gateways that are easy to integrate and facilitate quick payments to vendors.
StoreHippo provides you all above mentioned features and tools used by 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 desired ROI.
And leave the rest of the job to StoreHippo best marketplace builder, where you can create beautiful online marketplace with ready made themes and one click updates.
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.