How to Turn Your Store into a Multi-Vendor Marketplace
The Internet has changed the world for the better, but people often have growing expectations of it. Consumers tend to prefer multi-vendor marketplaces over independent online stores for the same reason that people prefer malls to individual retail outlets. It gives consumers many options to choose from, allowing them to find just what they need at the right price. Multi-vendor marketplaces are becoming the norm and you can build one yourself too!
What Is A Multi-Vendor Marketplace
A multi-vendor marketplace is a platform that connects various vendors with customers. It allows vendors to list products and create an online catalog of their products from which customers can choose what they’d like to buy.
It’s natural for consumers to prefer shopping from such marketplaces over online stores because of things like the variety of options to choose from, the trust factor, and even the brand value of the marketplace. Marketplace owners do not typically handle any inventory but are concerned only with facilitating transactions, logistics, and marketing of the platform.
Here’s The Beginner’s Guide to Build a Multi-Vendor Marketplace. Download for free.
Why Should You Convert Your Online Store Into a Multi-Vendor Marketplace?
There are thousands of independent online stores out there, but these sites don’t receive nearly as much traffic as multi-vendor marketplace platforms. According to a worldwide survey, vendors and consumers alike recognize the convenience and value of these online marketplaces.
Setting up and running an online store can be an expensive affair, but multi-vendor marketplaces make it easier to do business and make better use of limited capital. With customers preferring online modes of shopping now more than ever before, switching your online store to a marketplace is the way to go.
Here’s how you can benefit from turning your independent online store into a multi-vendor online marketplace:
Why should you turn your online store into a multi-vendor marketplace platform?
There are many benefits of turning your online business into a multi-vendor marketplace. We’ve broken it down for you here:
#1 Lower operating costs
As a marketplace operator, you can lower your operating costs dramatically. Running an online store would require you to invest in storage, inventory management systems, backend tech, and maintenance of your site. Over time, this can add up to a significant amount of money that affects the net profit of your business and as a consequence, it reduces the ability to scale up due to these operating costs eating into your profits.
#2 No inventory management required
Inventory management is quite an ordeal for online store owners. As an aggregator, you would no longer have to manage your inventory as the third-party vendors using your platform will do that themselves.
#3 Growth and scale
Businesses that operate through independent channels have limited scope to expand as they’re usually concentrated on one particular niche. However, the scope to expand your business into other verticals is much greater with marketplaces.
#4 Focus on what matters most
Running an independent online store requires business owners to juggle everything from marketing to logistics. Marketplaces take care of that, allowing vendors to focus on what’s important to help deliver the best possible goods and services to customers at the best possible price.
#5 Better Resource Allocation
Marketplace operators are concerned with facilitating orders, marketing, and logistics while vendors just have to make sure they’re able to update inventory and dispatch products on time. This division of tasks allows for better allocation of resources and better efficiency overall, helping your business be as profitable as possible.
#6 High Volume Web Traffic
Marketplaces draw in far more traffic than independent online stores, thereby helping vendors of all sizes to scale up and meet the demand.
Every business aims to improve customer satisfaction and marketplaces help you do just that. With a more organized order fulfillment process, you will be able to deliver the best products and services in shorter timeframes and keep your customers happy!
Set Up Your Multi-Vendor Marketplace Easily with Yelo!
As established, multi-vendor marketplace platforms are great alternatives to running independent online stores. But how do you go about building one yourself? We’ve got you covered.
With Yelo, you can build your multi-vendor marketplace and get it up and running in just a day.
Yelo lets you build customized marketplaces with beautiful themes and a host of features to help you run your business efficiently and scale it to new heights.
Here’s a quick rundown of what Yelo has to offer prospective marketplace operators:
- Sell anything: Yelo can help you create stunning marketplaces tailor-made to suit your business. Selling goods, services, or even rentals? Yelo is your answer.
- Optimized for mobile and desktop: The majority of web traffic today comes from mobile devices, which is why we made sure to optimize our platform for iOS and Android as well as desktop.
- Merchant apps: Yelo has a host of different merchant apps that vendors on your platform can use to seamlessly manage their inventory and fulfill orders.
- Unlimited transactions: With Yelo, there is no cap on the number of transactions you can make regardless of which plan you choose.
- Ratings and reviews: Yelo allows customers to rate and review their purchases, this allows vendors to better their quality of services and always stay at the top of their game.
- Location-based marketplaces: You can choose to make your marketplace available to only those within a geo-fence. This is great for hyper-local businesses such as grocery and food delivery services.
- Easy fulfillment: Fulfilling orders on Yelo only takes a single click, making order management easy even in case of high order volumes.
- Real-time tracking: With Yelo’s comprehensive dashboard, you can track the status of your orders in real-time and also optimize delivery routes and allocate resources more efficiently.
- Data and Analytics: Data is the new gold. Yelo provides you with a wealth of analytics that can help simplify making crucial business decisions.
- Electronic Proof of Delivery: Yelo allows delivery personnel to generate electronic proof of delivery and document their deliveries with ease instantly.
- 100+ Payment Gateways: Yelo gives you the flexibility to choose from over 100 of the most popular payment gateways such as Razorpay, PayPal, PayTM, and many others.
These are just some of the many features that make Yelo the most powerful online marketplace builder in the market. Here’s a list of all the features that make Yelo unique and the best choice for anyone looking to build an online marketplace.
Rising operating costs, limited marketing budgets, and the hassle of inventory management make running an independent online store a poor choice in 2021. Switch to running an online marketplace with Yelo and watch your business scale new milestones! You can manage everything from the layout of your marketplace to fulfilling orders right from the comprehensive dashboard that Yelo is built around.
Yelo was built from the ground up keeping in mind the needs of marketplace operators, vendors as well as customers to provide for a great experience throughout the user-friendly interface!
Get your marketplace up and running without any setup fees in just a day with no need for any coding with Yelo! Try it for free for 14 days by simply signing up here!