What is Multi-vendor Marketplace and its benefits to the eCommerce Merchants?

As the eCommerce industry is ruling the modern business era for the last few years, the number of merchants has grown significantly also. Every near and dear offline business is registering their online shops to get a wider customer audience. Because of the same the market is facing tough competition as you can find a hundred merchants selling the same inventory as you might be on a better price for customers.

As modern problems require modern solutions, the eCommerce industry is using a unique multi-vendor Marketplace module. Multi-vendor Marketplaces are open-source platforms open for various sellers to register their products and sell them from the same platform.

For example, we can consider a shopping mall which contains a variety of merchants as you will find food shops, grocery shops, wine shops, and much more.

The Multi-vendor Marketplace module is being used by various eCommerce store owners. The multi-seller Marketplace module offers some amazing benefits to both the sellers and store owners. Let’s have a quick overview of a few of them.

Commission flow to the Store owners:

The most amazing advantage of a multi-vendor shop is that it offers a handsome profit amount as commission to the store owners. The Merchants can set up a fixed commission amount for every third-party seller that wants to register on his store as a seller. Moreover, the store owners can enjoy peace of mind, as the products will be sold from sellers and all they have to do is get the commission amount.

Furthermore, the multi-vendor store owners can easily increase the commission amount even after the registration of the seller as per the sellers’ performance.

Provide a variety to your customers:

The other handsome benefit of a multi-vendor Marketplace is that it allows the eCommerce merchants to present a variety of products to the customers. For example, the multi-vendor Marketplace module offers the merchants to not only show their products on their eCommerce shop but also the products registered by the third-party sellers will also be available for the customers. By this, the customer can hover over to find his best choices and thus how the multi-vendor Marketplace store encourages the customers to complete orders from your store.

Cross-selling:

Multi-vendor Marketplaces normally have a greater number of cross sales in comparison to general eCommerce Shops. The reason behind this can be understood by the following example: As a customer visits your store to get branded jeans from the store there will also be other options available in your store that may surely soothe the customers’ eye and encourage them to cross-buy. That’s how the Multi-vendor Marketplaces store gains more revenue in comparison to the normal eCommerce shops.

Difference between a normal eCommerce shop and a Multi-vendor eCommerce shop?

All the Multi-vendor Marketplaces are eCommerce shops but not all eCommerce shops are Multi-vendor Marketplaces. We can consider the Multi-vendor Marketplace shops as the hybrid version of eCommerce shops because the Multi-vendor shops are owned by only one admin but the products which are available on the shops are usually listed by multiple third-party sellers.

How to turn your eCommerce shops into Multi-vendor Marketplace?

Now the eCommerce Merchants using the platforms PrestaShop, OpenCart, and Magento 2 can also convert their eCommerce shops into Multi-vendor Marketplaces. Knowband Multi-vendor marketplace plugins offer all the amazing features right at the eCommerce Merchants’ fingertips.

The eCommerce Merchants having their shops based on the above platform can enjoy the most amazing benefits of Knowband Marketplace plugins. Moreover, our plugins come with a single-time payment and lifetime validity.

Click here to know more about the Multi-vendor Marketplace plugins.