What is a multivendor marketplace?
A multivendor marketplace is an ecommerce store where multiple sellers register to sell their products or services through the marketplace platform. These sellers might be selling similar or different types of products depending on the business model of the online marketplace. Also, even if many sellers sell the same products the pricing for each seller might be different.
For example, Seller A might sell chairs for $30 each, while sellers B and C might sell chairs for $50 and $25 each. This kind of competition among the sellers on a multivendor marketplace gives better choices to customers and keeps them engaged.
Generally, the vendor pays a fixed or percentage-based commission to the owner(s) of the multivendor marketplace for each product sold through the portal. Typically, the marketplace does not manufacture products and does not maintain its own inventory but it acts as a middleman connecting buyers with sellers. Therefore, the seller manages the inventory of products. And the owner of the multivendor marketplace manages logistics, customer support, and IT infrastructure. Some of the successful multivendor marketplaces are Flipkart, eBay etc.
How to create a multivendor marketplace?
To quickly create a multi-vendor marketplace, brands can go with a turnkey online marketplace builder like StoreHippo. With StoreHippo brands can roll out their multi-seller portal in a few simple steps given below:
Step 1: Brands need to complete the registration process of their company
Step 2: Find an easy and simple domain name that makes customers easily search and find your brand
Step 3: Choose the most suitable StoreHippo subscription plan to get started with your marketplace website
Step 4: Choose and customize a stunning theme from available free theme templates
Step 5: Get a free SSL certificate directly from your admin panel to create a secure online marketplace
Step 6: Mcommerce: Build your Android and iOS apps without any coding using the built-in mobile apps builder
Step 7: Add different payment channels (payment gateways, mobile wallets, COD, debit/credit card, net banking etc.) to your marketplace website
Step 8: Set up vendor onboarding and start onboarding vendors. Allow your vendors to upload and manage their products. Set up payment, commission, tax rules etc. for different vendors etc.
Step 9: Use built-in SEO and marketing tools to start creating a digital presence and buzz around your multivendor marketplace
Step 10: Test your online marketplace website and go live to start getting your first orders
StoreHippo online marketplace builder has MACH architecture at its core which enables brands to build out-of-box marketplace solutions for their brand. With 300+ inbuilt features and 120+ integrations, StoreHippo makes it possible for brands to create tailor-made solutions for their unique requirements. B2B, B2C, D2C or B2B2C brands of any scale and size can build a variety of multivendor marketplace websites using the comprehensive solutions offered by StoreHippo.
StoreHippo offers a fully hosted and managed platform along with after-sales support. The features on the platform are continually upgraded to keep in sync with changing market requirements.
What are the features required to create the best multivendor marketplace?
Thanks to its adaptability to a variety of business use-cases, the online marketplace model is used across enterprise companies of every scale and industry. However, creating the best marketplace website for their business brands should use the following features and tools offered by StoreHippo.
Here we go:
Build personalised customer journeys on your multivendor marketplace with API-based headless commerce architecture
Create multilingual online marketplace to connect with buyers in their preferred language
Give vendors a sense of ownership and flexibility to manage their own orders by offering them a separate admin dashboard
Use the built in design tools and dynamic marketing pages to create a variety of promotional themes
Send personalized discounts and abandoned cart auto-follow up mails to engage and convert buyers
Offer reviews, rating and wishlisting features so customers can make an informed purchase decision
Make checkouts easy by adding a variety of payment options using 60+ integrated payment solutions
Offer seamless deliveries with 30+ integrated delivery partners
StoreHippo’s multivendor marketplace enables brands to create a niche by offering one-stop solution to build, run and grow their marketplace website. Brands can easily create a multi-vendor marketplace, manage their vendors, use adaptive payments to split payments between different sellers, add different discounts for sellers or products. With StoreHippo enterprise brands can also create hybrid business models by combining their multivendor marketplace with any other popular or custom business model.
Why choose StoreHippo multivendor marketplace builder for your brand?
StoreHippo online marketplace builder offers battle-tested solutions for different business models. With enterprise-grade features, StoreHippo is ideal for large brands planning to go to market quickly. Built on the mobile-first principle StoreHippo multivendor marketplace software enables brands to run the business from anywhere, anytime and also sell better by leveraging m-commerce. StoreHippo is integrated with 60+ domestic and international payment gateways to make payments and checkout easier and faster. Also, StoreHippo comes with built-in solutions for multistore, multilingual and multicurrency features which enables brands to reach international markets.
StoreHippo's advanced technology builds high-performance marketplace websites that can scale up to any number of vendors, products and locations without compromising speed and performance. Brands can build a variety of marketplaces like horizontal, vertical, service aggregator, hyperlocal marketplace, B2B marketplace etc. quickly using the online marketplace builder from StoreHippo.
With StoreHippo’s headless architecture brands can easily build their omnichannel journey using the same backend logic and APIs to create new customer touchpoints.
Ready to build your own multivendor marketplace? Explore comprehensive features of StoreHippo online marketplace builder by starting your 14-day free now.