What Is A Multi Vendor Marketplace?
A multi vendor marketplace is an ecommerce store where multiple vendors register themselves to display and sell their products or services. There could be multiple sellers/vendors selling the same product or services on an online marketplace website. These products sold by different sellers can have the same or different pricing thus giving a variety of choices to the customers.
Usually, the sellers pay a percentage-based or fixed commission to the multi vendor marketplace owner on each order sold through their portal. The sellers manage the inventory of products. The multi vendor ecommerce website owner offers the IT infrastructure, logistics support( vendors can independently handle shipping in some cases) and customer support. All the policies, guidelines, payments, online transactions etc. are handled by the owners/admin of the multi vendor marketplace.
The online marketplace model has gained huge popularity in recent years with the success of Amazon, Alibaba, eBay, Flipkart etc.
Types Of Multi Vendor Marketplace
While every online marketplace website works on the same principle, i.e, multiple vendors selling something on a common platform, there are different types of online marketplaces based on their business models and product/service categories.
Popular Multi Vendor Marketplace Business Models
B2B Marketplace sells goods and services to other businesses. Examples: IndiaMART, Udaan etc.
B2C Marketplace sells goods or services directly to the end customers. Examples: Amazon, Flipkart etc.
P2P Marketplace connects people who want to sell products and services as well as buy similar or different products and services. Examples: Etsy, OLX etc.
Products And Services Based Multi Vendor Marketplace Categories
- Horizontal Marketplaces like Amazon, Alibaba etc. that sell a variety of products
- Niche or Vertical Marketplace like FirstCry, Nykaa etc. that deal in a specific niche category of products
- Service Aggregator Marketplace like Zomato, Urban Company etc. that bring together the services of various providers on a single online marketplace website
- Rental Marketplace like Uber, Rentomojo etc. that offer products or services on rent
- Hybrid Marketplace like Amazon that sells a variety of products and streaming services through its OTT platform Amazon Prime
- Hyperlocal Marketplace like Yelp, Urban Clap etc. that make products or services quickly available within a small location like a city or an area within a city
- Custom Marketplaces that are built on innovative, disruptive business models
Businesses big and small can choose from any of the above models and categories to get started with their own multi vendor marketplace. All they need to get started on a strong footing is a comprehensive online marketplace solution like StoreHippo that can build any model or category of multi vendor ecommerce portal. StoreHippo multi vendor ecommerce platform has well-rounded features, tools and modules to take care of end-to-end operations
Advantages Of A Turnkey Multi Vendor Marketplace Solution
To build a multi vendor ecommerce website one can either opt for building it from scratch or use a turnkey multi-vendor marketplace software. While both these methods have their own merits, going with a customizable online marketplace solution saves a lot of time and budget.
All you need to consider while choosing a ready-to-use marketplace script is that it should be customizable to suit your unique business needs and easily scalable to a growing number of vendors, products, markets etc.
When chosen after careful consideration and due analysis, a multi-vendor marketplace software has a definite advantage over custom-built marketplace solutions. Some of these advantages are:
Fast launch as compared to the long time needed for coding a custom software from scratch
Cost-effective solution as you spend a fraction of money needed for hiring an IT team for development and maintenance
Advanced technology solutions as the online marketplace solution providers have to remain competitive in the market
Very little or no technical knowledge needed to build, tweak and design your multi vendor ecommerce website
Well-tested solution with real use-cases in actual market dynamics
User-friendly online marketplace solution designed for users with different levels of computer and IT knowledge
Easy to experiment with different business models using pre-existing modules/frameworks
Seamless integrations with the best software to build innovative multi vendor marketplace solutions
Auto upgrades save you from the hassle of maintaining and updating your marketplace script
Post-sales support that covers you if there are any technical issues
StoreHippo’s multi vendor marketplace solution has all the above benefits and has powered a variety of online marketplaces. We have built B2B+ B2C marketplaces for businesses across the globe. StoreHippo’s user-friendly marketplace platform has helped businesses build a niche for their brand.
Must-Have Features In A Multi Vendor Marketplace Builder
Choosing the right multi-vendor marketplace software for your business forms the base of a successful business. You should not only be looking at features but, should also consider if you are getting a well-rounded solution to manage your business easily.
Here is a list of must-have features in your online marketplace solution:
Simplified vendor registration, management and payout to manage your vendor network easily
Mobile ready solution and mobile apps to leverage m-commerce for better sales
High-performance multi vendor ecommerce website that has peak load tolerance capabilities
Inbuilt Marketing and SEO tools to help in promotions and business growth
Seamless integrations that enable businesses to build unique solutions by integrating with the software of their choice
Multiple payment gateways and other payment options to ensure frictionless checkouts
Integrated logistics solution to help the vendors with fast and error-free deliveries
Global solutions to help business operate well in local as well as global markets
StoreHippo multi vendor marketplace solution offers all these features and tools to set up a successful multi-seller ecommerce portal. It offers a simple yet feature-rich vendor management module that makes it easy to manage and supervise vendor activities. Built on mobile-first principle, StoreHippo creates PWA marketplaces and also builds marketplace apps at no additional cost. A host of inbuilt marketing tools of the SEO-friendly platform make it easy to plan marketing strategies and promotions.
With 300+ inbuilt features and tools along with 120+ integrations, 60+ payment gateways and a number of integrated shipping partners StoreHippo makes it easy for businesses to build their marketplace brand.
Why StoreHippo Is the Best Multi Vendor Marketplace Builder?
StoreHippo online marketplace solution offers a scalable and customizable solution to build a variety of ecommerce marketplaces. Its headless architecture makes it easy for brands to offer customized buying journeys for various audience segments. With 300+ API endpoints, it becomes very easy for multi vendor marketplace brands to build out-of-box business models to disrupt the market.
Along with other tools, StoreHippo online marketplace solution also has a powerful tax-engine that takes care of tax compliances, offers GST support and allows to add multi-tier taxes for international orders. You can also integrate with custom software for ERP, CRM, accounting, payment gateways, logistics etc. to build unique ecommerce marketplace solutions for your brand. The inherently scalable StoreHippo online marketplace solution can power B2B and B2C multi vendor portals of any size and scale.
All set to build your own multi vendor marketplace? Check out our Multi-Vendor Use Cases to know more about real use cases powered by StoreHippo multi-vendor marketplace software. Explore our features by starting your 14-day free trial now.