The growing trend of online Marketplace can not be ignored anymore. An online multi-seller marketplace is a platform where multiple registered vendors can list and sell their goods to the buyers. Usually, the products/ services listed at the Marketplace are not listed by store owners but by the sellers themselves. Store owners only provide a platform to the sellers and earn through commissions, seller orders etc.
Having an online store is not enough anymore. Along with their online shops, most brands and sellers prefer to use the Marketplace platform to sell their goods to ensure that they don’t miss any opportunity to promote and boost their sale and business. Using the OpenCart Marketplace plugin, stores can easily be upgraded into a Multi-Seller Marketplace.
Some of the major advantages of an OpenCart Marketplaces are as under:
Less setup cost
Sellers don’t need to set up their website for selling their goods. The startup cost for the store owners is negligible in comparison to the profit opportunity available at the Marketplace. Amazon, Etsy, eBay are a few of the well-established online marketplaces.
Additional Channel
For small store owner upgrading the store into multi-seller Marketplace will provide an additional channel to market and sell.
Efficiency
Though the functionality and working of Marketplace is a little complex than the simple eCommerce store the setup cost is same for both the platforms.
Revenue Stream
Store owners can derive huge revenues by implementing different monetization schemes like commissions model, listing fees, subscription fees etc.
Automation
In a Marketplace model, you are not required to do any paperwork like in a physical store. Everything is done automatically within the platform. Transaction, earnings, commission etc. gets automatically calculated and reflected in the respective panels of the Marketplace.
Customer Interest
One of the major appealing benefits of the Multi-seller marketplace is that it brings together multiple suppliers and service providers. Customer prefers a store with a broad range of options than the one with which limits their choice to a single provider. The marketplace is popular among the customers as they offer a convenient way to compare prices and sources than a single vendor store.
Easy Management
In a Marketplace, products and stocks are directly looked after by sellers from their dashboards. Though admins can monitor the seller listed products from the admin panel the seller is directly responsible for the management of inventories in a marketplace.
Analysis
Marketplace owners from their dashboards can easily monitor the sales at the stores. A detailed report to track the sales with accurate metrics is also available in the Marketplace. A complete overview of the statistics will enable the admin to promote the goods and services delivering good results.
Transparency
Marketplace features of seller profile availability, seller review availability, well-establish customer-ticket system, multiple shipping and payment options provides greater transparency in the buying process.
Low cost of marketing
In an online shopping mall seller can share the potential wide customer range of the Multi-seller marketplace with little efforts. All a seller needs to do is register their shop and start serving their variety of items and goods to a wide range of audience without investing either extra time or money.
Build trust and Confidence:
Seller and product reviews submitted and shared at the marketplace builds the trust and confidence among the new buyers.
Multi-seller plugins have great potential and can be a great attraction point to vendors who are looking for ways to promote their sales and business. At Knowband, we offer an OpenCart Marketplace plugin to do the transformation magic for you. In a few simple steps, even without any coding, you can upgrade your online OpenCart store into an online Marketplace.
