Online shopping has become much easier with the growth in the eCommerce industry. It has opened another door for retail business owners with multi-vendor eCommerce. Various multi-vendor eCommerce websites, such as Amazon, eBay, etc., are available these days.
The success of these businesses has inspired many entrepreneurs to build their own multi-vendor eCommerce websites. If you are also one of them, you can hire an eCommerce website development company to develop your web pages.
However, you need to understand how such websites work for the best results.
This blog will discuss the features and functionalities of a multi-vendor eCommerce website.
Some important stats about the eCommerce industry
As the e-commerce industry is rising by leaps and bounds around the world, online businesses are setting new records. The following are some amazing statistics related to the eCommerce industry.
- According to Statista, cross-border eCommerce sales are estimated to reach 3.53 trillion US dollars by 2022.
- Gen X and Millennial population is the biggest online shop with a share of 56% of Gen Xers and 97% of Millennials.
- 85% of customers start shopping on one device but finish the purchase on another device.
- eCommerce marketplaces are showing globalism with 57% of online shoppers buying products from an overseas retailer.
- Credit cards are the preferred method of shopping globally.
- Some simple fixes can help you reduce your online store’s lading time by even 50-80%.
- 67% of shoppers want to buy from over-search merchants due to lower prices.
What is a Multi Vendor eCommerce Website?
A Multi-vendor eCommerce Website is a common selling point for multiple vendors. It means this is a huge online marketplace where different vendors can sell their products instead of having eCommerce sites of their own.
By paying a certain amount which is much less than the cost of custom eCommerce website development; these vendors access a vast platform to sell their goods easily and safely. Many small or large-scale businesses are taking advantage of these ready-to-use platforms to sell their goods and it saves them huge costs that are incurred when creating separate online stores.
Multi-Vendor eCommerce Website Features
Let’s discuss the functionalities that, as a business owner, you should know about multi-vendor eCommerce.
Multi-Vendor Control
When you hire a multi-vendor eCommerce website development company, you would want the basic control in your hand. They provide you dashboard control to manage, maintain and keep track of their business activities and products without any hassles. Additionally, you will be able to track delivery time, modes of shipping, price, and many other details.
A multi-vendor eCommerce website offers:
- Automatic payments splitting and orders corresponding to seller’s accounts.
- Control over inventory management.
- Updates control, including product change, COD, discounts, shipping, etc.
Secure Platform
Although every online website needs to be secure, it becomes essential for multi-vendor eCommerce web pages. A multi-vendor eCommerce website has merchant’s and customer’s data that requires the right security measures. Customers won’t choose a website that is vulnerable to security threats.
A reputed eCommerce website development company can provide further assistance in this regard. They will implement the best security features to protect your site from malicious online activities. As a result, you will be able to attract more merchants and customers.
Top multi-vendor eCommerce website features include:
- Using HTTPS
- Avoid storing sensitive user data, such as credit card details
- Ensure PCI DSS compliant store
- Ensure security of user-level information
- Select a secure eCommerce development platform
Robust Reporting
The next essential functionality is offering robust reporting. Vendors will get access to the data related to their business and sales. The data and graphs available in the back-end will enable vendors to understand sales trends better, allowing them to promote their business.
When you hire web developers or a development company for a multi-vendor eCommerce website development, it offers the following details to the merchants.
- Highest sold or top-rated products.
- Forecast data, including top search items, last four orders, and more.
- The instant tracking system of abandoned sales and carts.
5 Key Features In A Multi Vendor eCommerce Website Development
Automated Tasking
Various tasks can be automated, such as shipping cost calculation and product sorting, etc. If such tasks are done manually, it can be problematic for your customer. Therefore, you can seek eCommerce website development services for the right technology integration for automating such tasks. It can help you improve your customer experience.
Here, your website will offer the following features:
- Supplier dashboards that include automatic consolidation when customers place new orders.
- Real-time sales, shipping cost, and tax calculation and providing these details to customers.
Conclusion
These were the significant features and functionalities of a multi-vendor eCommerce website. You can consider other aspects of multi-vendor eCommerce website development for a deeper understanding.
As online shopping reaches new heights, launching a multi-vendor eCommerce website is a wise decision. With this approach, you can allow various merchants to sell on your website and grow their businesses.
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