A multi vendor marketplace is a platform where multiple vendors come under one roof to offer a range of products or services to customers. Today, we can find almost everything in third-party marketplaces, and now it’s not just limited to books, electronics, or food. People are selling various goods, services and even providing consultations using multi vendor service marketplaces.
A survey found that 21% of e-commerce companies are already listed on a multi-vendor marketplace.
But before we deliberate on how to build the best multi-vendor marketplace? Let’s take a look at why we should have one. Here is what we will cover in this article:
- What is a multi-vendor marketplace?
- Features of multi-vendor marketplaces
- How to build the best multi-vendor marketplace?
What Is a Multi-vendor Marketplace?
A multi-vendor marketplace is an e-commerce platform that empowers multiple vendors to sell their products from one storefront. The multi-vendor store gives shoppers a vast catalogue to choose from and provides sellers with a bigger base of ready-to-buy customers.
How to Build a Multi-vendor Marketplace?
If you ask this question to a layman, they may laugh and say it will require lots of coding.
But with modern no-code platforms, you can create your own multi-vendor marketplace without any knowledge of coding!
Yelo is a platform where you can easily create a multi vendor service marketplace with no coding knowledge and get started with your marketplace in just a day with no setup fees.
Multi-vendor Marketplace Features
What are some of the most crucial multi-vendor marketplace features you require for running the best multi-vendor marketplace?There could be hundreds of features in the best multi-vendor marketplace. Most of the features fall into the following groups: Browsing or Listings, Ordering Features,Store Management, Fulfillment, Delivery, Payments, Checkout, Analytics, and Marketing.
Browsing and Listings
- Beautiful Designs:
Design is one of the first multi-vendor marketplace features that a person notices. Having a good design is crucial now. Many companies have improved the standards of designs, and if you don’t have a good design, you can lose the opportunity to create a stunning first impression.
Yelo provides one of the finest collections of marketplace themes. The themes are not only beautiful but also responsive. You can get fully customisable themes to enrich the user experience.
- Rating and Reviews:
User reviews can increase conversion chances by 63%. Integrating a review system on your marketplace can work like magic. Yelo helps you in adding a rate and review system to your marketplace so that the customers can judge the quality of the goods or service.
- Featured Vendors:
If your marketplace has lots of vendors, then getting on the top for visibility on the marketplace pages can be extremely difficult. Not every vendor has the ability and the need to fight the competition. This persuades some vendors to opt for the featured listing.
Getting featured on the lists means the vendor will have to pay to the marketplace so they can be on the list showcased on the homepage or some other page of the marketplace.
If you wish to feature vendors on your multi vendor marketplace, then Yelo lets you customize the listings by promoting the featured vendors at the top. Yelo has made it even simpler than before. Just set the time frame and select the vendors to be featured, and you are done!
- Advanced Search and Filters:
A lot of products or services can make your customers confused. Advanced search features let them search by keywords, dates, or even categories. Descriptive filters and sort options in terms of price, name, or rating make the buying process a lot easier by eliminating irrelevant information.
- Offer Catalogue:
There were 2.5 billion online shoppers in 2020. With such huge traffic, creating the most optimum buying experience should be your topmost priority. Catalogues have various benefits, but they are mainly used to avoid confusion for your potential customers. Multi-vendor make the marketplace much more accessible and engaging.
Sharing a catalogue is one of the best options to increase engagement and retention. It improves the accuracy of the purchasing process. With Yelo, you can offer them beautiful catalogues with no limits.
If you can’t stay available 24*7, then don’t worry, you don’t have to be available all the time. Everyone loves the freedom of choice.
With Yelo, you can choose your opening and closing time and can even take pre-orders. Store management is one of those multi-vendor marketplace features that every multi-vendor marketplace builder requires.
There are no limitations on the number of products or services that you can add. But unlimited products or services can make it insanely difficult to manage the inventories, doesn’t it? No, Yelo makes inventory management a child’s play and lets you manage inventories in minutes.
Fulfilment and Delivery
When people buy something that they really want or something that they like, they want a regular status update on their package. Infact, 97% of customers want real-time tracking for their orders.
With Yelo’s real time tracking, your customers can track the deliveries in real-time. This enhances customer experience, thus resulting in more orders and fewer cancellation rates.
Yes, handling logistics can be hectic, but you don’t have to fear that. Here, you can automate all of your logistics. You can assign tasks, schedule, dispatch, and manage your orders.
Your customers should have a wide range of options to pay and to accept payments. A multi-vendor marketplace provider should have as many options as possible. Yelo provides integrations with 100+ payment gateways.
The other thing that’s most important with online shopping is cash on delivery. It’s one of the most popular payment methods in India. And you should offer cash on deliveries to your customers to reach as many customers as possible.
This will not only increase the trust but can drastically improve sales. They also allow you to set delivery charges, save card information, automate taxes and even customise checkout pages.
Businesses could barely survive without analytics, but if you create a multi-vendor marketplace with Yelo, you can create interesting reports and interactive dashboards in minutes.
If numbers make little sense to you, take the help of the visually appealing charts you get in your multi-vendor marketplace analytics section.
With the help of analytics, you can track your traffic, referrals, audience insights, sales, and a lot more.
Yes, you don’t even have to worry about the marketing of your multi vendor marketplace. A solution like Yelo does it all for you. Your multi-vendor marketplace is created with the best SEO practices, which allow you to easily control meta tags, visible sitemaps, or robot.txt files.
Not only that, you can even offer gift cards, discounts, social logins, or even loyalty points to your customers with just a few clicks.
You Are One Step Away
Starting your own multi-vendor marketplace could be a cumbersome task, but with solutions like Yelo, you can make your dream come true.
Now you are just one step away from fulfilling that dream. With all such stunning features and no setup costs, you can get started in a day!
Yelo is empowering businesses all around the globe; grab your chance and build your multi vendor marketplace today!
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