With the rapid growth of ecommerce in the past decade, trends are slowly shifting towards providing a fast-paced shopping experience to buyers. Now, buyers don’t want to spend time surfing through ten websites to find one product. They want consolidated information that helps them with faster decision making and aids in saving time.
The answer to this changing trend is multi-vendor ecommerce stores. They are the answer to ecommerce marketers looking on ways to improve their store and push it to the next level. Let’s find out about multi-vendor ecommerce websites and how you can incorporate them into your business strategy.
As the name suggests, a multi-vendor website or store is a platform for third-party vendors to sell in one place. In simple terms, it is a big shop that contains various small shops that are run by individual sellers.
To make it more relatable, think of it as a mall (owned by you) that delivers to people’s homes. As the concept is clear, your mall contains many small shops. The responsibility of running each shop lies with the individual shop owner whereas the more significant burden of storing the products, delivering them to people’s homes, and collecting payments lies with you.
Now, imagine this mall in an online ecommerce setup. Your mall becomes a marketplace, the small shops are the seller’s stores, and you are responsible for the order processing, shipping, and payments (if there are any due). This is what a multi-vendor ecommerce website/online marketplace looks like.
Freedom from Inventory Management
With a multi-vendor store, the responsibility of inventory management, storing, warehousing, picking, and packing is no longer your responsibility. It needs to be taken care of by the sellers who sell in your store. This exclusion comes as a relief because it helps you save time, space, and additional cost.
It’s a no brainer, that setting up an online marketplace requires lesser investment because your resources are only directed towards maintaining an online platform and providing shipping. The remaining expenses of marketing, packaging, and inventory management are no longer your headache.
A Vast Variety of Products
When you open your store to sellers, they list a range of products on your store. It can lead up to a large number of categories that contain products catering to a vast audience. Therefore, you end up selling various products instead of one or two. This gives you the advantage of holding a large variety for your customers.
Since you will no longer need to write product descriptions, forecast sales, pick products, or package them, your efforts would be significantly reduced. You could invest time in providing your sellers with a state-of-the-art marketplace that lets them reach out to a broad audience.
As you save up on various areas, you even earn a considerable amount from the seller fees. You will not let any seller sell on your shop for free. Therefore, you can have the benefit of deciding the margins you would like to set for your store.
There is a good chance that sellers who are utilizing your store also sell on other platforms. This guarantees you increased traffic on your website as people would be visiting your website from different sources.
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