The PrestaShop Marketplace module is designed to provide a platform to various sellers who want more customers and revenue from their business which is quite difficult when sellers choose to sell only through a physical store. Isn’t it facile that you can earn money simply by managing a marketplace! Several revenue models are popular in the business industries but a few are adopted by the marketplace industry such as the commission model, subscription model, and product listing.
The revenue models are a major advantage of creating your marketplace with the PrestaShop Marketplace extension. There are a ton of benefits a marketplace offers to the sellers and buyers but the admin benefits are no less. Marketplaces are a source of passive income for those who are running it and an opportunity for small businesses to sell their products globally. Buyers can grab great deals and find everything under one roof without switching the pages.
The PrestaShop Multivendor marketplace Module developed by Knowband is incorporated with two of the revenue models:
1. The Marketplace Commission Model
2. The Marketplace Membership Plan
Both of these revenue models are the most accepted ones in the marketplace industry.
1. The Commission Model:
The commission revenue model for a marketplace is the lucrative one because the seller has to give commissions on each and every product sales. For an instance, imagine you have created a grocery marketplace that is flourishing these days and has a huge demand in the future. If a grocery marketplace has 100 sellers then the admin will anyway earn a handsome amount as commission every day.
How does Commission work for PrestaShop Marketplace Module?
The PrestaShop marketplace supports the commission revenue model and it has various functionalities for the admin. The owner can set the commission globally, individually, or on the categories.
· Default commission:
The PrestaShop Multi-vendor Marketplace Extension helps the sellers to fix and adjust the commission being paid globally. It allows the admin to set the default fee percentage that will be paid from the sellers from the total sales made by them. The global commission model will be applicable to every seller if other commissions are not harmonized.
· Category Wise Commission:
Admin can easily set the commission according to the product category. Store owners can add new categories and set the default commission for them. This allows charging different commission rates for different categories of products.
· Add seller commission:
With the aid of the Prestashop Marketplace module, the store owner can charge a different commission from individual sellers. This can be done through the seller profile of the unique seller.
· Track the commission:
It is laborious to manage the commission of multiple sellers but the PrestaShop Multi-vendor Marketplace extension makes it unchallenging. The marketplace owner can track all the earnings of sellers and commissions earned on every order from the listing tab of commission.
2. The Subscription/Membership Model:
Membership plans and the subscription plans come second in the revenue model listing as these are lucrative too hence are a good model for earning income from the sellers and the buyers. Digital media service providers like Netflix, Amazon Prime, etc. earn money through subscription plans but marketplaces rely on membership plans.
The marketplace membership plans have many advantages as the seller gets extra benefits if opt for a better one. Marketplaces offer memberships based on product listing and validity period.
PrestaShop Marketplace Module MembershipPlan:
The Marketplace module for the PrestaShop store is integrated with the membership plan feature. Store owners can add as many plans as they want to offer. Based on the number of items and time limits, the subscription-based marketplace allows the admin to build subscription plans. To upload the product to the marketplace, sellers need to buy these membership plans.
There are two ways the Membership plan for PrestaShop Marketplace works:
· Based on the product listing
The store owner can create a plan for the seller with a product adding limit. The seller will be allowed to upload several products but the products that will be displayed on the marketplace to the customers will be according to the plan they have subscribed to.
· For Limited period
Every plan created will have validity. The seller will have to renew the plan or adopt a new plan to continue selling on the marketplace if the existing plan expires.
· Email Templates to notify
The PrestaShop Marketplace Module has many email templates for different occasions and an email will be sent to the seller for informing about the plan expiry. The store owner can make necessary changes in the template and send the notification email manually. The membership plan of the PrestaShop Marketplace has a lot more to explore.
So, the above-mentioned revenue models offered by PrestaShop makes the Multi-Vendor Marketplace module a must-have. It has a commission management system and allows the store owner to add several membership plans. The PrestaShop Marketplace extension is amalgamated with several functionalities that can help you manage the marketplace with ease.