Marketing platforms like Amazon, eBay or Etsy must have driven you on to create your own marketplace website and give it a start. To build your marketplace business you have to keep in mind the two types of site users, namely buyer and seller with their particular requirements. For the buyers or the recipient of services features that are essential are simple registration, search plus filtering, properly designed navigation, and access to seller information. On their part, sellers prefer features that help them organize their personal and public details, and help to create the latest product and service offerings.
Managing Your Marketplace Processes
A marketplace works like an intermediary between purchasers and sellers. It offers a marketing for vendors to showcase their goods and services. Additionally, marketplace also possess handy tools for business interaction. They facilitate sellers to sort out offers, interact with clients and carry out financial transactions within the platform. A marketplace show offers from several vendors so as to let you order various services at once.
Your multi vendor marketplace needs a lot of functionalities to keep its system in place. Features like search and filters with price levels and location makes it easy for buyers to search for products or services on your marketplace website.
A productive multi-vendor marketplace requires minimum features like simple registration or listing for vendors whereby third-party needs to easily register and launch their own product listings. If the listing of products for vendors becomes difficult then they will move elsewhere. Moreover, they also require their separate profile page to display these listings.
Chats In Real-time
While selecting a product or service, there are questions that arise in the minds of buyers that need to be addressed by sellers. It is necessary to allow the customers to receive the answers to their questions instantly and the perfect way is immediate messaging.
Integration Of Payment Mechanisms
The main task of a marketplace site is to guarantee foolproof security for both its buyers and sellers with regard to payments. This makes it significant to implement a credible and transparent payment process like Stripe or PayPal.
In addition to safe transactions, every marketplace should extend advanced payment features. Build tools that calculate commissions automatically, and let your clients measure the turnover of the users smoothly.
Reviews and Ratings
After the completion of a transaction, buyers should get the scope to leave their opinion and feedback about the product, and rate the seller. Verified consumers can be able to review products through a front-end form. Vendors too can instantly watch their every review from the dashboard.
Proper Multi-vendor Marketplace Platform
Picking the proper eCommerce process for their projects is necessary for entrepreneurs as multi vendor platforms are present in various shapes and operational capacities. One thing to note is that a huge amount of accounting activities are involved in a multi-vendor marketplace as there are payouts and commissions related to every particular vendor.
If proper tools and processes are not embedded into the platform, conducting these steps can become more prone to mistake and tediousness. Moreover, the dashboard of the platform should offer every option required to manage their products by the vendor,, inspect wishlists, view customer reviews, newsletter subscriptions, and much more.
On your part, you can try out the demo of every vendor to check out whether their platform assures a hassle-free access for vendors and caters to your final business objective – garnering revenue from vendor plans that are commission based. Marketplace solutions also present a flexible commission process. It lets you levy a separate commission from every vendor based on their products. You can even set the commission structure that can apply similarly to all vendors.
More Advanced Marketplace Features
If you are desiring to develop a marketplace site studded with advanced features you can incorporate innovative features that are buyer-specific like Advanced search and sorting, Comparison of price, Gift certificates, social sharing, Wishlist, Push notifications. Likewise, sellers also require to integrate advanced features like buyer’s behavior statistics, UI/UX design, Quality Analysis, product and order management as well as frontend and backend development.
Plugins For Multi Vendor Marketplaces
There are a host of plugins that makes setting up your eCommerce store an organized operation. With their improved search functionality letting customers search by keyword and later sort by category, price, name and relevance, vendor registration via a simple front-end form, a detailed profile page for vendors, setting up commissions for your complete store, custom commissions for individual these plugins help to create a fully-functional multi-vendor marketplace.
If you are interested in turning your store into a multi-vendor marketplace, then WC Vendors Pro can be an ideal choice for your. This plugin is properly designed and developed, besides being much ahead in terms of features, convenience of use, support, pricing and product upgradation with frequent updates.
Tool That Builds A Powerful MarketPlace Platform – WC Vendors Pro
The WC Vendor Pro version is teemed with features that makes it a top-notch plugin for WooCommerce. It also assists in revenue generation from your multi-vendor marketplace.Some of its premium features include:
- Pro Dashboard that makes your vendor sales report a cherry pie
- Completely featured front-end product add or edit
- Supportive of every product type: Simple, Grouped, Downloadable, including Variable products that are incorporated into the front end dashboard
- Setting vendor specific commission rates
- Pro Shipping Module so as to let vendors add per product shipping rates along with a country table rate arrangement
- eBay pattern of feedback system for rating vendors
- Shipment tracking for vendors to enter tracking numbers
- Vendor-Only coupons to be created by vendors for making their own coupons exclusively for their products. Admins are not allowed to create coupons for the marketplace this time.
- Multiple types of Commission like percentage, fixed fee, percentage+fee and even fixed fee
You obtain a great advantage from WC Vendors Pro by tapping into its large number of extensions and support extended for WooCommerce.
You need to keep track of the latest marketplace innovation to take your ecommerce operations to the next level. Marketplace sites should contain features that throws a better light on the product, create users profile, reviews and ratings from registered marketplace users, clear commission structures, special software, and the perfect platforms for multi-vendor eCommerce marketplaces as they are central to the yardstick of an excellent marketplace store.