How to create a multi vendor marketplace ecommerce website

With digitalization knocking on our doors, ecommerce is one platform which can never take a back seat. Shopping malls are being taken over by these amazing shopping websites like Amazon, Myntra, Ajio, Nykaa, etc. and the list keeps rising every year. Owing to these multi-vendor platforms, we are also witnessing a lot of small businesses coming up. A multi-vendor setup enables various vendors from every nook and cranny of the world to sell their products and services online. The covid pandemic has played a major role in this leap in ecommerce. 

Benefits of a multi-vendor marketplace model

Everything under one roof, no wandering in heat/cold waves, unbelievable discounts and offers, price comparison, and a number of brands, Ecommerce has a lot to offer to both buyers and sellers. Buyers also benefit from increased choices and can be confident in their purchases due to features like ratings, reviews, and profiles. 

In multi-vendor marketplaces, individual sellers are responsible for sourcing products, setting pricing, fulfilling orders, and much more. Sellers can get a hold of a large number of customers at the same time. Sellers can make a wider brand by pulling together sellers with common ideals and target audiences. Sellers also have the power to control their own inventory numbers to ensure that the availability is accurate and instantly updated for visiting customers. They can fix their shipping rates so that they don’t have to pay more or less for parcels depending on their weight.

On the other hand, the multi-vendor marketplace owners are benefited in major ways from this model. The owners earn by taking commissions from the vendors on all their sales which can also contribute to the website maintenance. When new sellers come to the platform, they bring a new set of customers which gives your platform an expanded audience. Also, these vendors promote themselves through various other social media platforms which is an added advantage to the marketplace. You can also shortlist the vendors you would like to work with from a lot of applicants. 

How to get started 

1. Start off with determining your product niche. Decide the kind of services and products you want to offer.
2. Define your target audience. Focus on meeting specific customer needs instead of catering to the whole nation and not being able to satisfy any of them.
3. Choose a business model. Pick the platform you want to work with such as Customer-to-Customer (C2C) or Business-to-Customer ecommerce (B2C) also called Direct to Consumer e-commerce (D2C).
4. Pen down the revenue strategies. There are various monetization models like listing fee, subscription fee, advertising, transaction fee, etc but not all of them will go with your vendors. So be precise about the one you choose.
5. Select software for your website. Selecting the best software for creating your multivendor marketplace can be challenging, using a platform like Yourstore can help you get started with your multivendor marketplace easily and quickly. Yourstore offers all the robust tools that are essential for a successful multi-vendor website and creates a website in a matter of minutes.
6. Advertise your platform. There are various paid and a few unpaid ways of advertising your platform to build an audience for your page.

Create a multi-vendor marketplace with Yourstore

If you want to start your own marketplace then Yourstore is the right place for you to enter the ecommerce marketplace. We empower you to make your ecommerce website a fully-fledged marketplace. Sell your products all over the world by centrally managing orders, collecting payments and dispatching with delivery and pickup options. You can set up your online marketplace in just a few clicks with our automatic no-code ecommerce builder. So why not join the league with us as we provide you with a multi-vendor ecommerce platform to sell your products on your storefront. 

You can list various Independent vendors on your ecommerce platform and they can upload products on their own. These vendors will sell their products through the same storefront and their orders will be managed through their own admin panel. Vendors upload and manage their products, monitor payments and generate reports. Commissions on sales are paid to marketplace owners by independent vendors for marketing and maintenance. Isn’t this just so hassle-free?

You can collect your payments digitally through debit and credit cards, 50+ Netbanking Options, UPI & Mobile Wallets. Along with that, we provide you with shipping integration with top delivery partners to get your orders picked up with ease and shipped. Use our free subdomain forever or integrate your custom or existing domain and boost your brand identity.

We also have Zero-intervention advanced order management. Vendors use your advanced backend panel to handle orders, upload and manage products, generate reports and monitor payouts. Provide vendors with complete details of live, inactive, cancelled and completed orders and allow them to generate and print invoices, shipping labels and tracking linksInventory management and tracking. Keep track of available stock and products and automatically display products as in stock or out of stock by getting a clear overview of vendor-specific inventory.

Get a marketplace designed according to your brand and modified to suit your business needs. Set conditions and limitations for each vendor and define a monthly subscription fee. Configure your automatic seller payout system to split and distribute payments to individual accounts.

How to start your multi-vendor marketplace website

1. Think of a business idea and business model which will suit you the best.
2. Register yourself on Yourstore by clicking the ‘Start Marketplace’ icon and filling in your details or by clicking here.
3. Choose a suitable domain name for your marketplace.
4. Go ahead with giving your business a logo and a color theme for your website.
5. Invite vendors to your website by marketing your business and ask them to start listing their products.

Create a marketplace for any kind of business. Stay ahead of your competition with an easy to manage multi vendor ecommerce platform. Leverage the power of high conversion multi-vendor marketplace templates to increase sales and earn more commissions. While you're here, you could check out some of our other articles that could also benefit you. You can get in touch with us if you need any more information or you can browse our other ecommerce solutions.