What is a Multi Vendor Ecommerce Marketplace?
A multi vendor ecommerce marketplace is an ecommerce set up where various sellers come together to sell their products and services under one brand name. For example, a variety of sellers sell diverse products on Amazon. The customers despite buying products from different sellers perceive the experience of buying on the multi vendor marketplace website as doing business with one brand, i.e; Amazon.
Online marketplaces have become the most successful and sought after business model for enterprises as it gives them the freedom to focus on business growth and frees them from the worries of inventory, shipments etc. Also, the multi vendor ecommerce marketplace model can be easily combined with other business models like hyperlocal ecommerce, multi store set up etc. to create disruptive business models that accelerate growth.
What are the features needed to make a multi vendor ecommerce marketplace popular?
While a turnkey multi vendor marketplace software makes it easy for brands to launch their marketplace website, making the brand popular needs some strategic planning. To implement strategic marketing enterprise brands need the best multi vendor marketplace platform, advanced features, future-ready technology and scalable and customizable solutions at their disposal.
On top of all the above, a modern multi vendor ecommerce marketplace should have the following to win customer trust and become popular:
Omnichannel solutions to create multiple customer touchpoints and meet customers on their preferred channels
Variety of products at competitive pricing to engage customers
Marketplace app to help customers place orders anytime, anywhere
Personalised landing pages for targeted marketing to boost conversions
Multiple marketing tools to implement diverse strategic promotions
Personalized deals and discounts to improve engagement and conversions
Multiple payment options to ensure frictionless checkouts
Fast and streamlined shipping to win customer trust and loyalty
To achieve all of the above brands need the best multi vendor marketplace platform like StoreHippo. Built on next-gen MACH architecture, StoreHippo offers fully hosted and managed marketplace solutions. With 300+ enterprise-grade features, omnichannel solutions, inbuilt marketing, built-in marketplace apps builder, 30+ integrated shipping partners and 60+ pre-integrated payment gateways StoreHippo makes it possible for enterprise brands to build a multi vendor marketplace website that connects with its customers across multiple touchpoints and offers them a memorable buying journey.
What are the different marketing techniques that help in getting more orders on a multi vendor ecommerce marketplace?
Even when an online marketplace is popular it needs strategic marketing and promotions to boost sales. To set a multi-layered marketing plan for your multi seller website you would need a multi vendor software that comes with inbuilt marketing tools to implement various marketing plans.
Here are different types of discounts and promotions brands can implement on their multi vendor ecommerce marketplace:
Multi-level discounts on product categories, order amount, vendor-based, store-based etc.
Flash sales to create a sense of urgency with limited-time deals
Cross-sell and upsell to boost ticket size on similar or related product categories
Real-time push notifications to gently nudge customers towards checkout with personalized deals
Products bundling to offer a group of products( mix and match bundles, gift bundles, seasonal bundles etc) that are likely to interest buyers and boost order size
BOGO offers where customers can be persuaded to buy higher value products and offered lower/same value prodcuts for free
Abandoned cart follow up to convert all the incomplete checkouts via drip mails and relevant offers
Free shipping to encourage customers to buy frequently and in varied order sizes
StoreHippo multi vendor ecommerce marketplace builder comes with a host of inbuilt marketing tools that allow marketplace brands to implement a variety of promotional deals, discounts and offers. The powerful discount engine enables the admins to add discounts and coupons to be used at product level, cart level, order amount level etc. With unified notifications, customers can be followed up in real-time using push notifications on the marketplace app or via SMS and emails. The inbuilt abandoned cart module makes it easy for marketplace brands to follow up and convert their buyers.
Why choose StoreHippo Multi Vendor Ecommerce Marketplace solutions?
StoreHippo marketplace builder has been building a variety of B2B, B2C, B2B2C and custom multi vendor marketplace websites for its merchant clients. StoreHippo, the well rounded ecommerce enabler offers a plug and play multi vendor marketplace software. Enterprise brands can build marketplaces of every size and scale with StoreHippo.
StoreHippo’s mobile-first platform enables enterprises to build their multi vendor marketplace website along with marketplace app in a fraction of time as compared to building a multi-seller store from scratch. The one-stop solution takes care of not only the IT aspects but also gives tools and pre-integrated solutions to handle marketing, payments and fulfilment. With its 120+ integrations StoreHippo makes it easy for marketplace players to add their preferred payment and shipping solutions for a streamlined ordering and supply chain.
With built-in solutions for B2B, D2C, hyperlocal ecommerce, multilingual marketplaces, multi store network and more, StoreHippo offers the best multi vendor solutions for brands planning to build their custom marketplace combining two or more business models.
Geared up to get started with your multi vendor ecommerce marketplace? Take a look at our Multi-Vendor Use Cases toget inspirations for your dream project. Check our multi vendor features, and book your free demo right away.