A multivendor marketplace platform functions in a different way than the regular online store. It has several unique features that have gained more popularity among the target audience. A multivendor marketplace platform will allow multiple vendors to get connected to the platform and allows them to set up a virtual store where they can display and sell their products, increase their customer base, leverage their brands and so on. The working pattern of any multivendor marketplace software is quite complex and it is little to figure it out. Now let us understand how a multi vendor marketplace platform works in reality.

How a multivendor marketplace platform works?

Joining an existing, reputed multivendor marketplace platform is the best option for any startup or beginners. One can expect better reach and can easily increase their revenue in a very short time. Now the working pattern of a multivendor marketplace platform is illustrated below for your better understanding.

• Vendors will join the multivendor marketplace platform by registering themselves.
• Once they get registered they will find a separate dashboard for them where they can manage their listings effectively.
• Buyers visit the multivendor marketplace platform and will search products and will buy them online.
• The admin of the platform will receive the payment for the product sold through the multivendor marketplace software.
• The admin will deduct his commission and will transfer the balance amount to the vendor whose product was sold.

More the product sold, the more profit the vendor earns. So vendors will focus on promoting their products while the admin will focus on promoting his multivendor marketplace platform to a wider range of audience. This is how a multivendor marketplace platform works.

The salient features that supports the multivendor marketplace platform to succeed in the market

The feature and functionality will determine the success of any marketplace platform. Better multivendor marketplace solutions can be gained through its pre-defined features. So architecting and developing a perfect multivendor marketplace platform is not an easy joke. More attention and determination is needed to survive in this industry. Let us check out the must-have features of any multivendor marketplace platform in detail.

Responsive and mobile friendly design

There is a phenomenal growth in mobile usage and it has been reported that two third of online selling happens through mobile phones. The main objective of building a multivendor marketplace platform is providing convenience to users. They should be allowed to access the platform anywhere, anytime. In this case, buyers will always carry smartphones with them and our multivendor marketplace platform should have a perfect mobile-responsive design. If you ignore this valuable feature then you will lose the major part of the audience to your online store.

Instant search and filtering option

People are very impatient and they want their products to be listed instantly when they search for them. This is why people use Amazon for searching their products more than on Google. In fact this is one of key aspects for the success and immense growth of Amazon as the platform supports its buyers to find their product with few clicks. If your dream is to build a multivendor marketplace platform like Amazon then never forget to have this feature in your marketplace software.

Better order management

Many multivendor marketplace platforms fail in this industry as they miss to organize their orders and deliver them on-time to their customers. Buyers expect more comfort and flexibility while placing their orders in your multivendor marketplace platform. Ensure that the entire process of order management is carried out through automation that will eradicate all human errors and will assure perfect and hassle-free delivery to customers.

Marketing and promotion

The essential aspect that one needs to focus is marketing and promoting the multi vendor marketplace software. People need to recognize your brand. Only after gaining credibility, you can expect sales and revenue through your platform. There are several processes that are involved in marketing. You need to have social media logins in your marketplace platform. Allow customers to review the product. Set reminders for abandoned carts. Focus on product up-selling and product feeds. All these need to be monitored and done effectively to attract more visitors to your multivendor marketplace platform.

Shipping and delivery

Maintaining inventory and shipping the orders is a really challenging one. It is not as easy as we think. The order shipping can be carried out in different ways. You can have fulfillment by yourself or fulfillment by your vendors also termed as drop-shipping or fulfillment through third-party fulfillment services. When you select a third-party for delivering your products then make sure they have better ratings and reviews. The delay in delivery will have a major impact on the success of the platform so never ignore the importance of shipping and delivery. Many leading ecommerce giants like Amazon, eBay have never failed to impress their buyers through prompt delivery. Follow their footsteps to get the same achievement through your multivendor marketplace platform.

Reliable payment processing

Buyers reach a multivendor marketplace platform to find products they want and to instantly pay and buy them. This is the major objective of getting into these marketplace platforms. So it is very essential to have all familiar payment gateways securely integrated with the platform and should facilitate the buyer to use them without any hesitation. Be more particular in having the right payment processor for your marketplace platform by using perfect payment API. Also ensure that you have different payment APIs for different payment modes like credit/debit cards, Net banking, PayPal, EMI, Gift vouchers, Cash of delivery and many more. This will let buyers decide instantly to buy the product and will ultimately your multivendor marketplace platform sales and revenue.

Conclusion

Have a clear understanding about the multivendor marketplace platform and you need to do some research before you enter into this business. Not everyone are succeeding in building their own multivendor marketplace platform. Many have failed due to lack of analysis and understanding. Spend some productive time in analyzing the leading ecommerce platforms and get to know their success formula. Make sure you never miss any important aspect in your multivendor marketplace software and work with pure effort and for sure you will succeed in your business.