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Why Enterprise brands should consider the Multi Vendor Marketplace model
The online marketplace model has been a rage among enterprise brands thanks to the amazing success stories of popular marketplaces like Amazon, Alibaba Group etc. Offering a zero inventory model, multi vendor marketplace is the best fit for brands looking to digitize their sales channels by leveraging the strength of their vendor and distributor network. Multi vendor marketplaces are easy to scale up, help in penetrating new domestic and global markets and offer chances to create multiple revenue streams by monetizing vendor positioning, offering services and subscriptions to customers and more.
Top 5 Multi Vendor Marketplaces across the world
Amazon - As of 2022, it is estimated that Amazon makes over $638 million/day in revenue. This is close to $470 billion in revenue every yea
Walmart - The full-year 2022 revenue totalled $572.75 billion, a 2.4% increase from the $559.15 billion of 2021 fiscal
eBay - The annual revenue was $10.42B in 2021, higher by 17.16% as compared to 2020
Etsy - In 2021, Etsy- the craft and vintage items online marketplace saw a 35% revenue growth as compared to 2020 and generated revenue worth $ 2.3 billion
A Multi vendor marketplace is an ecommerce website where the admin onboards multiple vendors to sell similar or different products and services to the customers under one brand name.
How long does it take to launch an online marketplace?
You can launch your online marketplace in a few days with StoreHippo’s cutting-edge turnkey marketplace ecommerce software.
How is a multi vendor marketplace different from a regular online store?
A multi vendor marketplace has a more detailed set of features designed for the ecommerce set-up where multiple sellers sell on the same platform compared to a regular ecommerce store where the business owner is the only seller.
How can I build my own multi vendor marketplace?
To build or create an online marketplace, you can either go for a custom-made set-up or use an existing marketplace builder like StoreHippo. Building a customized marketplace website is usually expensive and time-consuming. Turnkey marketplace builders that are easy to customize help in building tailor-made marketplace websites quickly and easily.
How can I choose the right multi vendor marketplace platform for my business?
To choose the right multi vendor marketplace platform, you need to evaluate your options based on the technology, features, ease of use and flexibility for customizations being offered. Alternatively, you can ask for a demo before taking the final step.
How does a multi vendor marketplace work?
The owner of the multi vendor marketplaces builds the platform, then invites and onboards multiple sellers. Each seller brings in their product catalogues which are then uploaded to the marketplace for the customers to shop from.
Can a customer order products from different vendors in a single order
Yes, the customer can choose to order different products from different sellers in a single order. StoreHippo ecommerce platform creates multiple orders from a single order and assigns them to the respective sellers.
Can I have control over the products that my sellers upload on the platform?
Yes, as an admin, you have the ability to reject or approve all seller registrations as well as the products they upload on your online marketplace.
Does StoreHippo platform support GST based on the sellers’ location?
Yes, with the support of adaptive payment features, StoreHippo automatically calculates the IGST, CSGT, and SGST based on customers’ as well as sellers’ locations. The order invoice is directly generated from the seller to the customers.
Can sellers manage their orders and logistics themselves?
Yes, you can enable multiple logistics providers on the online marketplace and then the sellers can either use any one of them to ship their orders or they can integrate their own delivery partner or local delivery boys to ship the orders.
