What is an omnichannel multi vendor marketplace
An omnichannel multi vendor marketplace is an ecommerce marketplace setup where the enterprise business connects with its customers across multiple channels (offline + online). Brands take this route to engage their customers better and offer a seamless buying experience across multiple channels. The omnichannel ecommerce method of selling is more aligned with the modern buying trends where the brands can connect a wide network of customers across channels.
Let us consider a fashion marketplace brand, with an omnichannel approach to selling. The customers of this particular enterprise brand can explore different types of fashion products on the go using various channels like say mobile apps, online stores, etc. before visiting their physical stores. Before making a final decision, brands can explore different channels, read reviews on social pages of the brand, add products to the mobile app wishlist, and examine various product options on the PWA site for the brand.
Why should enterprise brands build omnichannel multi vendor marketplace
Today 70% of consumers use at least 3 different channels to interact with an enterprise brand before making a purchase decision. This makes it imperative for every business to build an omnichannel marketplace website to connect better with their customers.
Here is a list of benefits of omnichannel ecommerce for an enterprise business:
- Boost conversions by targeting customers across multiple channels
- Explore new innovative frontends to engage with the customers like via wearables and Alexa
- Boost ROI with personalized omnichannel marketing strategies
- Increase customer loyalty with consistent ease of buying across multiple channels
- Reduce costs by improving operational efficiencies and automating processes
- Centrally control different channels to get a streamlined view of business
- Utilize inventory in an efficient way by demand-planning via the highest-selling channels
- Plan marketing on highest selling channel with data-driven customer insights
Omnichannel multi vendor marketplaces can retain their customers and boost their order volume by integrating all their sales channels. To stay ahead of the competition and to be able to take control of the digital ecommerce changes, going omnichannel is a strategic business move. However, the challenge is to find a comprehensive omnichannel solution that is built on headless architecture and enables the brands to quickly build new channels.
Types of omnichannel multi vendor marketplace an enterprise business can build
Enterprise businesses can build various types of omnichannel multi vendor marketplaces to interact with customers on multiple channels. To give customers a seamless shopping experience across all channels, enterprise brands are required to interconnect all online shopping channels using advanced technologies.
Here are the most popular omnichannel marketplace website types that an enterprise brand can build:
Niche or vertical omnichannel multi vendor marketplace
When the enterprise brands looking to cater to a particular industry and have a defined set of audience, they can build niche omnichannel ecommerce marketplaces. Example: Nykaa is a niche online marketplace that has online stores, mobile apps etc for skincare, cosmetics and other beauty and wellness products.
Horizontal omnichannel multi vendor marketplace
Enterprise brands can build a horizontal marketplace when they are planning on selling a variety of products and services to reach a broad spectrum of audiences. Customers can easily find a variety of products on a single platform and the ecommerce brand can penetrate the market deeply with its omnichannel ecommerce solutions. Example: Amazon is a horizontal marketplace giant that has covered all the major industries and connects with its buyers on multiple digital sales channels.
Service-aggregator omnichannel multi vendor marketplace
When the enterprise brand brings together multiple service providers on a single platform to carry out their business and provides services to either single customers or to companies as their customers, they can build service-agrregator marketplaces. These brands provide a wide range of services like home maintenance services, personal care, food delivery etc. Example: Urban Company is an omnichannel ecommerce platform that offers a host of services like cleaning, plumbing etc to the customers or companies as their customers.
Rental omnichannel marketplace
A rental online marketplace can be built when the vendors come together to rent and NOT to sell certain items like furniture and clothes. The marketplace model has been widespread these days. Example: Rentomojo is a rental marketplace that lends out a wide range of products like electronics and furniture. Building an omnichannel buyer journey helps rental marketplaces engage and convert customers better.
Hybrid omnichannel ecommerce marketplace
A hybrid marketplace targets both B2B and B2C markets from a single platform. Enterprise businesses take this route as it boosts the probability of profits as the customer base is much wider. Example: Amazon is also a hybrid marketplace that also deals with wholesale buyers and enables bulk purchases through multiple digital frontends like mobile apps, website etc..
Hyperlocal omnichannel marketplaces
When an enterprise business wants to carry their business in a limited geographical area and offer quick deliveries to their customers. The companies often deal with items like grocery, food, flowers, medicines in such a business model. Example: Ferns and Petals is an omnichannel marketplace website that offers quick hyperlocal delivery of flowers, gifts, handmade chocolates etc to localized audiences through its website and apps.
Brands can create a variety of omnichannel solutions for their businesses and build engaging marketplaces with the StoreHippo omnichannel ecommerce solutions. StoreHippo comes with 300+ built-in features and offers complete flexibility to customize and personalize the platform inside out.
Why choose StoreHippo for building an omnichannel multi vendor marketplace
Enterprise brands can seamlessly build their omnichannel multi vendor marketplace with StoreHippo. It comes with 300+ API endpoint and 300+ inbuilt enterprise-grade ecommerce features. With its inherent capabilities of the headless content management system, automation, AI, etc, StoreHippo is just the right choice to embark on an omnichannel ecommerce journey.
StoreHippo comes with a plug-and-play solution and its pure headless architecture enables enterprise brands to quickly and seamlessly add multiple customer touch points using the same backend logic and APIs. Brands can easily collect data from various channels with the inbuilt tools from StoreHippo and offer a personalized buying experience on their omnichannel marketplace website.
StoreHippo also offers seamless integrations and automated tools like social media, live chat, push notifications (which can also be personalized) etc to engage better with the audience. With a wide range of inbuilt marketing tools from StoreHippo, brands can promote their omnichannel business.
Are you ready to build your own omnichannel multi vendor marketplace? Explore the omnichannel ecommerce solutions from StoreHippo by starting your 14-day free trial.