4 factor fueling the need of having of an online marketplace
With the rapidly changing dynamics of eCommerce, the professionals need to upgrade their business model as per the trend. Not just the eCommerce experts, but even the customers are favoring multi seller website setup, that is, the online marketplaces.
Multi-vendor marketplace refers to the online shopping site where the third-party vendors can list their products and sell them with great ease. The overall transaction and store management is the responsibility of the admin. The inventory, orders and shipment is managed by the sellers. The store owners are only concerned about the management and payment whenever it’s due.
Despite the growing popularity of the marketplaces, the complexity involved in the same still intimidates the e-merchants. However, there are plugins available to reduce the task of the CMS-based site owners. For instance, Magento multi vendor marketplace extension can convert the site into a fully-functional marketplace without any difficulty. The store admin need not indulge into coding, the Magento marketplace extension can easily upgrade the Magento site at a few button clicks. Moreover, the site management becomes a cinch with Magento multi vendor marketplace module.
Are you still over the fence about the same? Here are some of the reasons that will specify the need of having an online marketplace.
Boost your inventory
By enabling the multi seller functionality, the store owners can effortlessly showcase a wider range of products without actually maintaining an inventory. The admin can invite the vendors to list their products on your site. Thus, you can offer a larger product range to the store visitors.
Reduced manual involvement
The work pressure of the store admin is reduced as the order processing and shipment is the responsibility of the sellers. The admin has to manage the seller’s profile, track products and orders as well as due payment which can be done from the back-end of the Magento marketplace plugin if you own a Magento store.
Boost in the business prospect within a specified budget
Since the admin can sell a larger range of products without expanding their inventory, the marketplace model ensures an increase in the business reach without increasing the budget.
Easier transaction management
The admin need not get involved in the buy-and-sell model. The orders received is automatically notified to the respective seller. And the sellers can take care of the same from their end. This reduces the effort of the store owners.
So, if your are looking to stay abreast of the eCommerce trends, then, upgrading your site into a marketplace is a must-have. As mentioned above, Magento multi vendor marketplace extension is one of the easiest solutions to upgrade your Magento site. Similar, plugin is available for Prestashop, that is, Prestashop marketplace addon.