How Are Multi-vendor E-commerce Platforms Beneficial? : Features To Consider During Development
The advent of on-demand apps has made people’s life convenient. With a few taps on their smartphones, people are getting doorstep services. Almost every industry has turned to doorstep services. Affordability of services has made these apps a major hit in the market. Nowadays, people have the option of availing services from a diversified range available. A multi-vendor E-commerce platform is providing people with a variety of services in a single place. Integrating multiple vendors in a single app can be greatly beneficial and profitable. In this blog, let’s take a look at the rise of this multi-vendor shopping platform and features that make up a multi-vendor script.
The rise of multi-vendor shopping market:
Multi-vendor shopping apps are ruling the industry nowadays. Let’s take a look at the facts that signify the same,
- The E-commerce market in the US alone is expected to generate $740 million by 2023.
- Popular E-commerce apps, Amazon and eBay, are capturing 60% of the market.
- Almost 31% of first-time shoppers prefer online marketplaces.
- According to a survey, people are accessing online marketplaces for reduced prices on commodities.
- Global E-commerce sales are expected to return $4.88 trillion by 2021.
- Almost 50% of global retail sales occur through marketplaces.
- Amazon is the most popular E-commerce platform, with 8.3 million total sellers worldwide.
All these facts signify that the multi-vendor E-commerce platforms will continue to flourish for years to come.
Features of a Multi-vendor shopping cart software:
Features are greatly important to sustain the app in the market. A multi-vendor shopping cart software must contain certain essential features. Let’s discuss them here,
- Access to multiple vendors: Users should have access to multiple vendors in a single place. Users can filter out vendors based on the products for sale, experience, ratings, etc.
- Product approval by admin: This is a major admin panel feature. Users reliability towards the app can be increased only if the products sold in the app are reviewed before selling. This eliminates fake products from the marketplace. With this feature, vendors cannot sell products in the market directly.
- Payment options: Users can pay via different payment options, including credit, debit cards, digital wallets, etc.
- Advanced filter options: Users can filter out various products in the platform based on their categories, ratings, etc. These advanced filter options can help users identify the best product instantly.
- Vendor’s ratings and review: Users can review the product sold by the vendors on a scale of 1-5. They can provide feedback regarding the same.
- Vendor shipping management: Vendors can contact the shipping service provider regarding the shipment. They are provided with a real-time tracking facility to track goods.
- In-app navigation: This is a must-have feature in an on-demand app. Users can get to know the exact status of their orders instantly. Aided by GPS technology, this real-time tracking facility ensures the safety of goods as well.
- Multi-lingual support: Your platform must have a multi-lingual support system. A diversified range of people will access these platforms, and so a multi-lingual support system can be greatly beneficial.
- Gift options: In certain situations, users need to deliver products as gifts to their loved ones. With this in-app feature, users are provided with various gifting options like gift wraps, personalized messages, etc.
Benefits of these multi-vendor E-commerce platforms:
Multi-vendor E-commerce platforms provide huge benefits to vendors, customers, and business owners. Let’s discuss them here,
Benefits of customers:
- Customers have the option to buy products based on their budget.
- Customers have access to multiple products and vendors in a single place.
- Customers can compare a variety of products based on their ratings, reviews, etc., before buying a product.
- Customers can avail discounts, offers on various products provided by vendors.
Benefits of Vendors:
- Vendors needn’t develop an app of their own. They are greatly benefited from a marketplace to display their products.
- Vendors needn’t worry about the shipping of products. A separate shipment provider will be assigned to pick up orders.
- With this marketplace app, vendors can keep an eye on competitors more easily. They can adapt to the latest market trends to stay competitive in the marketplace.
- Vendors can manage their inventory more effectively with this platform.
Benefits of business owners:
- Business owners receive paid commissions for every payment made by users.
- Business owners can join hands with third-party businesses for advertising purposes. This way, they can add to their revenue generation.
- By integrating multiple vendors in the app, business owners can charge flexible commissions based on the vendor subscription, popularity, etc.
The Multi-vendor E-commerce app market proves to be a vastly expanding market. With advancements in technology, the demand for these multi-vendor platforms will continue to rise. You can approach various app development companies for a multi-vendor marketplace script. Proper planning and utilization of resources can zeal your position in the market and boost your ROI substantially.