With the rapid rise of eCommerce over the last several years, norms are steadily shifting toward offering buyers an incredibly quick buying experience. Buyers no longer want to spend time scouring ten sites for a specific item.
Businesses seek integrated data that would assist them in taking faster decisions and saving time and effort. A Multi seller Marketplace module is the solution to this shifting climate. They are the solution for eCommerce merchants who want to develop their store and take it to the next level.
What do you mean by an Online Marketplace?
A marketplace is a place where many sellers come together to sell their products. Likewise, an online marketplace is a platform where the admin allows different sellers to sell their items. Further, it is the admin or the creator of the marketplace that sets down some rules by configuring the settings. In fact, he can do all that from the backend of the marketplace module. Thus, the sellers abide by the rules and sell their wares on the platform.
How does the Multi-vendor marketplace module work?
- The working of an eCommerce marketplace is simple and straightforward. Let me put down the steps that will help you understand the working of the module.
- The admin creates the marketplace and allows the sellers to come aboard.
- The sellers send in their registration forms for approval from the admin. Further, the admin approves or disapproves the seller’s requests.
- Once the seller’s request is approved, he gets a personal dashboard. Furthermore, he can complete his profile, lists the products, and does much more. For instance, adds shipping methods, keeps a tab on the orders, and more.
- The communication or orders, product listing happen through emails.
- The admin or the seller handles the delivery of the products to the customers.
- Last, the customers can easily rate and review the sellers. Moreover, can do the same about their shopping experience on the platform.
Why do sellers choose to sell on a marketplace than create one?
- There are a lot of reasons why sellers opt to sell on a marketplace. In fact, some of them are mentioned below.
- The selling process is easier
- When a seller comes to sell on a marketplace, things get easier for him. Further, he can simply register, choose a subscription plan, and start selling.
- They don’t have to create a platform or do the advertising
- The sellers can easily come aboard and start selling their goods. In fact, they don’t have to worry about advertising on the platform. Moreover, they have to simply list the products, provide a description that is worthy, and add images alluring the customers. Therefore, there’s no hassle of creating a marketplace for themselves.
Why should the admin choose to create a platform using the Multi vendor Marketplace Extension?
There are numerous reasons for this aspect as well. Further, they are mentioned below.
The platform offers a variety of choices in products to customers
Where an eCommerce store can only have a set of products from a single seller, the marketplace has several options. Further, the various sellers bring forth a wide variety of products for the customers. Therefore, they can choose from the options they like.
Transfers the ills to the sellers
By the term ‘ills’, I mean the shipping, deliveries, pricing, and others. While on an eCommerce store, this is all the admin’s headache. However, when you allow your sellers to sell, this is all the sellers do. In fact, the admin can give this task to the sellers to handle. Thus, saves himself all the problems.
When a marketer invests in the Multi vendor Marketplace Extension, he opens up various income sources. The marketplace plugin features three revenue models.
- Product listing fee
- Membership/Subscription fee; and
The very first is where the seller pays money to the admin for listing products on the platform. In fact, the admin can charge specific charges for bestselling products/categories. Going further, the second is the subscription plans. Here, the admin can create several membership plans for the sellers. Moreover, the seller can choose the one that is suitable for him. Furthermore, once the plan expires, the seller has to renew it or can choose to stop selling on the platform. Last, the admin can charge a commission for every order that the seller gets. Additionally, he can fix it for all the sellers or choose to charge percentage-wise from specific sellers.
What are the key features of the Multi seller Marketplace module?
- Administrators can simply track and manage their sellers.
- The admin may levy sellers a commission. It might be at the classification or vendor level.
- Administrators can create a separate registration section for vendors. As a result, vendors may quickly register on the marketplace.
- From their back interface, the admin may track the entire transactions of the sellers.
- The items added by the vendors might be approved or rejected by the administrator.
- Admin can also approve or reject the category proposals sent by vendors.
What are the Seller Features of the Marketplace Plugin?
- An interactive seller dashboard is available to sellers.
- Vendors can simply track their income.
- Traders can connect their social media profiles to their marketplace profiles.
- Sellers may add coupons to their business to provide their consumers with attractive deals.
- Sellers can propose that a category is expandable to include additional items.
Benefits of the Marketplace Extension?
The plugin allows the administrator to monitor and adjust seller account requests. In addition, he can monitor the seller profiles from the store’s backend. The admin panel conveniently displays a list of vendors offering items on the marketplace.
The shop owner can establish a global or individual commission for the vendors using the module. The Multi seller Marketplace module makes category-level commissions available to store administrators.
The module allows the administrator to track basic seller transactions and revenues from the Marketplace module’s backend.
The Marketplace Module has a simple registration procedure. The request for seller registration is routed to the admin for approval. They can also list the things on the marketplace.
Customers can present their reviews and ratings via the Marketplace Plugin’s front end. From the admin panel, the feedback admin can accept or reject the seller reviews.
Products added by sellers can be accepted or rejected by the admin using the Marketplace Addon’s admin panel.
The payout claims are trackable using the Multi vendor Marketplace Module’s Transaction payout request section.