5 Key Aspects to Know Before Developing Multivendor Marketplace in 2021

Whether you wish to establish an e-commerce like Amazon and eBay that serves all types of industries and customers or you wish to develop a personalized e-commerce marketplace that serves customers and vendors of one industry or business vertical, your platform must be unique and relevant enough for your target audience. The reason for this is the growing popularity of the multivendor marketplace business model and thus, increased market competition.

While the majority of enterprises and businesses have already hopped on the bandwagon of digitalization, with the advent of the unprecedented global pandemic, the need for online presence has become almost inevitable for all those businesses who wish to survive and sustain their business and thus, the right time for creating a multivendor marketplace for all such businesses is right now!

But, as the competition is tough and businesses are looking for a platform that can complement their business with relevant features and extensive customer reach, you must ensure that your multivendor marketplace solution is ideal for your target vendors and their end customers.

When the terms personalized and ideal are attached to a Multivendor marketplace, the technology platform that has managed to stay on top of the minds of both enterprises, as well as marketplace solution providers, is Magento! No matter which industry or demography that you wish to target, the Magento will deliver the best possible ecommerce solution and MobiCommerce will be your best choice for ecommerce mobile app builder! So, if you are looking to make a fortune by creating a relevant and ideal multivendor marketplace, below are the features that your platform must have.

Features of an ideal Multivendor marketplace software solution of 2020:

1. Omnichannel Marketplace:

The best possible marketing strategy is to leave no stone unturned and the best possible strategy to make your multivendor marketplace a success is by leaving no channel untapped! Whether it is an e-commerce website or a native application for both iOS and Android, your multivendor marketplace must be present on all the channels. As the key is to leave no channel untapped, this is where Magento becomes an ideal choice for you!

Apart from website and native applications, when you choose Magento as your multivendor marketplace development platform, you can also create a Progressive Web Application (PWA) which is a lite version of websites that can function as a mobile application. PWA is the latest trend in the market and although the application cannot be listed in App stores, due to its lightweight and cost-effective nature, businesses prefer to have a PWA presence as well!

Also Read: PWA for Online Marketplace: A Right Technology Investment?

With Magento, you can not only make your multivendor marketplace solution available on all these platforms, but you can seamlessly integrate them and create an effective digital ecosystem for your vendors and customers.

2. Domain-Specific Stores:

Personalized solutions are one in demand and when you wish to serve nothing but the best in terms of digital experience, you ought to provide stores to your vendors that can compliments their business and help them make the best from your e-commerce platform. Each industry has its own set of standards and requirements and if you are targeting vendors and customers from that industry, you must provide them with online stores that are domain-specific.

When you are planning the categories of your Magento multivendor marketplace solution, just make sure that you incorporate all the necessary modules that are essential for a vendor and do it with thorough research and extensive competitor analysis. This will make you to keep your e-commerce platform on the top of the minds of your vendors.

3. Customization capability:

While you provide domain-specific modules and stores to your vendors, it is not essential that it will align with the culture and processes of all the vendors that onboard on your platform. Thus, it is essential that your platform empowers vendors to design their own supply chains, channelize their order and invoices, their product description and image options. You can also allow them to choose their desired payment methods and ensure that they get to serve their customers in the best possible way. When you provide such customization capabilities to your vendors, you not only ensure a delightful experience but can also earn by providing exclusive paid customizations.

4. Personalized experiences:

To deal with the problem of shopping cart abandonment, to optimize your sales and to boost your lead conversion ratio of the online multivendor marketplace solution, you must empower your vendors to deliver personalized user experiences to their customers. With the power of automation and personalization capabilities of the Magento e-commerce platform, you can easily introduce various modules and dynamic reports that can help vendors get actual consumer insights and based on them take informed decisions. Also, with the help of data analytics and marketing automation modules of Magento, you can boost sales with cross-selling and up-selling tactics.

5. Faster go-to-market:

While personalized and customized solutions are the need of the hour, so is the need for faster go-to-market. One of the top reasons enterprises adopt multivendor marketplace solution in the first place is because they are ready-to-go platforms where they can establish a digital presence and reach their target audience in the shortest possible time. Thus, whether it is the store setup or the on boarding process, ensure that vendors can easily set up their store on your Magento multivendor marketplace solution and quickly reach their customers with their products and services.

In a nutshell:
The multivendor marketplace business model is competitive but it also holds a lot of opportunities for those who wish to make a fortune out of it. Just ensure that your Magento multivendor marketplace software builder aligns with the industry standards and their customer expectations. Also, as it is one such industry where you would require continuous development and an innovation centre to keep your platform ahead of the competition, collaborate with a Magento multivendor marketplace solution provider in the Middle East that has a proven track record, rare pool of resources and impeccable IT infrastructure that is essential for a long-term partnership.

Dipika Jadwani

Dipika is a skilled marketer who manages marketing communications at MobiCommerce. From content and social media to branding and PR, Dipika overlooks all aspects of digital marketing meticulously at MobiCommerce. She collaborates extensively with the sales and operations teams to bring more business and build a loyal customer base.