An online business demands for consistency and the best marketing strategies. To start the company on the right note, a Multi-vendor eCommerce Marketplace is the best solution with excellent growth opportunities in considerable investment. If you are committed to your business plans and strategies then no one can stop you from achieving the success you deserve.
Amazon, Etsy, and Alibaba are perhaps the first few names that come to mind when you think of online marketplaces. Nowadays, a significant number of eCommerce wannabes are opting for the online multi-seller marketplace model. No business operates without risk so, why not take the one which has tremendous growth opportunity? The advantages of starting a multi-vendor marketplace are far more than the challenges and risks.
Why you should start a Multi-seller Marketplace- Fringe Benefits?
1. More sellers, more products hence more customers
Usually, a multi-vendor eCommerce marketplace hosts a wide range of vendors who sell various types of goods. Customers, therefore, have the option of shopping under one roof for various kinds of products.
This draws a greater number of buyers than the eCommerce website that offers only one form of the product. At the same time, vendors are drawn to the e-marketplace model of multi-vendors as it gives them a simple online setup and a large pool of customers to sell.
What PrestaShop Multi-Vendor marketplace offers?
With an aid of the PrestaShop Marketplace module, any customer can register as a seller and after admin, approval is allowed to add products for selling. A marketplace model is a financially rewarding choice for an eCommerce company to consider because of all these reasons.
2. Effortless inventory management
It is possible that an eCommerce start-up would not be able to bear the costs of maintaining a total sealable goods warehouse. However, in a multi-vendor marketplace, each vendor is accountable for maintaining his or her inventory.
It, therefore, eliminates the eCommerce marketplace admin of a large financial burden, which is fundamental in the initial phases, and therefore they can concentrate on developing the website and scaling up their company with obsessive focus and skills.
How PrestaShop Multi-Vendor marketplace module helps?
The PrestaShop Marketplace has an easy inventory management system. Any seller can add or remove products from the front end seller dashboard. The seller can upload the product list in bulk to save extra time. It automatically maintains the stock and shows the statistics graphically.
3. Seller Transactions and commission management
Marketplaces will deliver substantial revenue much faster because of the broad range of products and a large number of buyers than the ones specialized in only one niche. On every sale made by any seller, the store owner earns a commission, the percentage which they are free to set.
The higher the number of vendors, the greater the sales volume, and thus, the higher the marketplace’s commission profits.
How PrestaShop Marketplace owner can charge the commissions?
There are several ways a PrestaShop Marketplace owner can set the commission. The commission can be set globally which means every seller will be charged the same percentage on every product sell. Another way is to set the commission for individual sellers and the last way is category wise commission settings.
4. Quality maintenance is a challenge
Numerous retailers offer products of varying degrees of quality, and the sheer number of sellers makes it difficult for the owner of the marketplace to conduct a quality check on each item. If too many vendors sell questionable products, it might drag down the credibility of the marketplace in the customer’s eyes.
However, by getting a customer rating system for each seller and eliminating the sellers whose ratings fall below a standard limit, the problem can be resolved to some great extent.
How PrestaShop Marketplace Module helps you overcome this?
Any customer visiting the PrestaShop Marketplace can drop a product rating and review which can help the seller to maintain the product quality and improve it if required. Also, the customer can review the seller which can be monitored by the PrestaShop store owner. Hence, PrestaShop Marketplace Module can solve this major issue at a significant level.
If an owner doesn’t want any seller to sell on the marketplace then he can deactivate the seller profile which will automatically remove the products listed on the marketplace by that particular seller.
There will be many other challenges coming on the way and people often write to us for the solutions. We have compiled the questions and answered them all in a previous blog post for the PrestaShop Marketplace module.
With great risk comes great opportunity and this is how businesses work. We can already see that the marketplace is an effective and common business model for start-ups that are trying to appeal to a global market. Launching a marketplace isn’t that difficult when you have a module like PrestaShop Multi-Vendor Marketplace. But in addition to this, it requires thorough market research, expert guidance, finding out the target audience, and some good marketing strategies beforehand. Good luck with the new start!
For a complete understanding of PrestaShop Marketplace Plugin visit the PrestaShop Marketplace website and watch the video tutorial for configuration or click here to read the user guide.
The Multi-Vendor Marketplace module is also available for Magento, Magento 2, and OpenCart Platforms.