Why this is the Right time to Build your Marketplace Website

By | Aug 24, 2020 | 780 views |
  • Why this is the Right time to Build your Marketplace Website

Online marketplaces are hotter than ever before.  

Just like fintech has boomed after the demonetisation in 2016, today is the time for ecommerce 2.0 for online stores. The same boom is expected to happen as every business is taking a digital entry. 

Moreover, with the success of platforms like Amazon, Flipkart has proved it enough that it is just the right time to build your marketplace website now. In the coming time, we are going to see a tremendous spike in the field of online marketplaces and there is no better time to become an online entrepreneur. 

 

Why are marketplace websites booming?

Due to the high penetration of the internet across the world, the ecommerce industry has gained immense popularity. The interesting fact here is that most of the ecommerce sales are captured by marketplace websites as compared to standalone websites.

As per a study conducted by study, over 30% of the first-time shoppers prefer to buy on online marketplaces. There are many reasons for this preference like one-stop solutions, ease of shopping for customers, better product options and prices.(Source)

 When you create a multi-vendor website, you onboard the service providers including manufacturers, distributors, sellers, and brands on your portal. You need not take care of product sourcing and sales, instead the hosted vendors will sell products and services on your site. You own the website, offer a platform to vendors to sell, showcase, and ship their products and services, offer shipping services, and customer services as well.

Hang on...!! Are you curious to know how you earn?

So, the winning part of this model is that you earn a fixed percentage of commission on every sale without any hassles of inventory. It’s a pure win-win game as the vendors benefit by having a readymade platform and customer traffic without any IT and technical management burdens.

 

Challenges in building multi-vendor marketplaces

Well, we won’t tell you that building and managing your own marketplace website is as easy as pie. The static ways of managing an online business do not work anymore. You need to attract buyers as well as sellers on the website. A seller might have different selling options to expand their business whereas a customer might have multiple online buying options.

So, what’s your take on this?

  • Offer high-quality website experience to customers and vendors
  • Don’t get stuck with a rigid portal that requires a lot of manual work. Instead, choose a solution with seamless integrations related to shipping, payment gateways, marketing and sales.  
  • Monitor everything on your marketplace website, even if the products and orders are managed by vendors
  • Be ready with global solutions to reach new markets and establish your brand as a global leader.

Create a marketplace website that helps you manage all the customer and vendor related barriers. A customizable ecommerce platform with tremendous inbuilt solutions is the best choice that can solve most of the troubling challenges.

 

Why is StoreHippo the best platform to create a Multi-Vendor website?

Now, when you have already understood the concept of multi-vendor marketplace and know that you can earn good profit.

The first step is to create a marketplace website to enter into online business. And to create a streamlined business workflow and grow it to reach millions of products and customers, you need the most suitable ecommerce platform.

You can make your website up and running in two ways:

  1. Build your online marketplace from scratch by investing a lot of money and time to customize the store as per set requirements.
  2. Choose a turnkey solution with StoreHippo at just a fraction of cost and time it takes to build a marketplace from scratch.

Let’s understand why building your marketplace website with StoreHippo is the best choice and how it helps to run your online business.

Why is StoreHippo the best platform to create a Multi-Vendor website?

Simple Vendor Registration

Onboard vendors with a simple registration process. The hassle-free registration experience also encourages more and more sellers to get going with your platform.

M-Commerce Ready platform

StoreHippo marketplace solution is built on the mobile-first approach. You can build your mobile apps without any additional costs, be it Android or iOS.

Multiple Payment Gateways

Get a multitude of pre-integrated payment gateways, wallets to facilitate easy checkouts.

Order and Inventory Management

Get hands-on with the easy order management system of StoreHippo. It helps you manage multiple orders and split among different vendors on the marketplace store.

Marketing Tools

Of course, there is no point in developing an amazing marketplace website without having the right marketing tools in place. StoreHippo offers automated marketing tools and a powerful discount engine to send out customized promotions and offers for better sales on your marketplace.  

Secure and Reliable Site

Get a secure online platform with FREE SSL security. You can simply generate SSL certificates right from your dashboard online without any additional cost.

Ledger Rules

Set up your own rules of commissions, vendor payments, and taxes easily with the flexibility of StoreHippo. It helps you automate everything from commission to payment processes and keep you away from hefty calculations.

User-friendly website themes

Create your stunning online store from the rich theme library of StoreHippo to engage and convert your visitors.

Complete control to admin

Get a separate admin panel to every vendor to manage the orders, shipments, and products on their own.

StoreHippo offers more than 300+ inbuilt features to help you enter into the market in no time and save on your hard-earned money to grow your online business. Create a multi-vendor website to get comprehensive vendor management, order and inventory management, payment and shipping integration, and a lot more. Schedule a Demo to explore the platform yourself.

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