To expand as one of the popular and successful marketplace business brands globally, you just have to take the first step of moving online. As you know today huge market players like Jeff Bezos and Sachin Bansal, the great CEO or founders of Amazon and Flipkart have earned more than US $177 billion worth dollars profit running such a powerbank of E-commerce and delivering the exact product to customers right on time. If Amazon or Flipkart can start a business without owning a single brand yet earn huge income, why can’t you and I do such a startup. What exactly does marketplace or multi vendor Ecommerce mean after all? When two or more shop vendors join in a place and sell products to customers, it’s called an open market. Well, when it comes to online it is termed as a marketplace or multi-vendor marketplace platform.   

To own such business ventures and start your retail business have become a reality rather than just a dream. We at Go1 Market, world’s growing multi-vendor marketplace software provider, offers you the revenue sharing model where you can simply create, add and manage vendors, customers, drivers or delivery partners, add unlimited products to the website adjusting the commission rate that the owner or you wish to share. 

Apart from such a huge or tons of profits for marketplaces like Amazon, Flipkart, Etsy, or eBay, they do have the hypothesis that “allow anyone to sell or buy products online on the site”. 

Well, just not go deeper into business strategies that resonate their success as we will brief them in our upcoming blogs that make your startup business to easily move online and let you party lo profit. So, before you plan to start or launch your own digital or product marketplace, checkout some of the amazing features that your store will have to get you on the road to success. 

THE BASIC STEPS TO START AN ECOMMERCE MARKETPLACE

First and foremost, before starting an online retail business, just keep in mind that it’s not just you who is building a website to sell products, competitors do exist that keep you backfall in business and that’s where you need to hit the ground running with the right plan in the market today. 

• Select a platform (Go1 Market) for your marketplace website or app.

• Choose and register the domain name (which will be assisted by us). 

• Creating a well-designed Ecommerce marketplace platform.

• Web Hosting - We host your online store on our own server or provide SaaS based hosting facility based on products, storage, user account, etc.

• Integrate your marketplace with API solutions (payment, logistics, social media, marketing).

• Setup your marketplace to move online.

TYPES OF MULTI-VENDOR BUSINESS MODELS YOU GOT TO CHOOSE

Do you know hitherto these online market dramas even exist, consumers just got to select and shop with one particular retailer and fulfill the needs based on that. Today as tech savvy has conquered the World and consumed the interest of mankind resulting in shopping online. The rise of the marketplace and Ecommerce have made customers shop A-Z gadgets under one roof and that’s exciting, isn’t it? From eatables, kitchen utensils, furniture, electronics, digital products are sold by multiple retailers in the single market based on commission. Targeting the audience and their shopping behavior, we have listed different kinds of multi-vendor marketplace business models. 

• Business-to-Business (B2B) Marketplace

• Business-to-Customer (B2C) Marketplace

• Product Marketplace

• Service Marketplace

• Subscription-Based Marketplace

• Crowd-funding or Project Marketplace

• Digital Product Marketplace

KEY ELEMENTS OF MULTI-VENDOR MARKETPLACE SOFTWARE

Never underestimate the importance of marketplace software features or components that will ensure and make the total roll-out in business revenue on basis of look, securism, trust, speed, etc. Here are some of the essential points or features found from buyer, seller and delivery partner, super admin or owner beneficial view to consider. 

For Customers or Buyers:

• Product search filter and display

• Simple checkout system

• Social Media Sharing options

• E-wallet option

• Offers & Discount coupons

• Wishlist to save product

• Products Reviews

• Shop by brand

• Shop by seller

• Add multi-billing addresses

• Add Multi-Delivery Addresses

• Track orders

• Purchase history

• Reordering from History

• Secure payment gateways

• Request for refund & exchange

• Edit personal profile

For Sellers or Vendors:

• Seller Onboarding

• Product management (Product info, images, videos)

• Product Attributes, Variants, Specifications

• List featured product

• Order processing flow

• Communication tools

• Product Shipping Fee 

• Tax Rate Manage

• Dashboard to view all orders

• Manage Orders Status

• Manage Return or Exchange requests

• Seller Payout Payment Details

• Analytic Reports & Insights

• Fund credit summary

• Profit withdrawal process

Features For Owner or Super Admin:

• Metric Dashboard

• Manage Customers

• Manage Sellers

• Approve & Manage products

• Manage Discounts & Offers

• Gift Cards

• Coupons & Promo Code

• Refer & Earn option

• Review & Ratings of Products

• Manage Location-Based Selling

• Payment Wallet

• Manage (enable or disable) multiple payment gateways

• Manage (enable or disable) multiple shipping gateways

• Promote products as featured or best selling

• Commission setup

• Tax template setup

• Newsletters

• Email Campaigns

• Social media management

• Communication with seller

• Business settings

• Manage country, state, district selling

Conclusion

Are you in the hurry to choose a readymade multi-vendor platform for your business? Never quicken your decision as ready-made software solutions won’t give success rates for a long period. To run a long-lasting successful marketplace, we recommend you choose our custom marketplace solution which is built from scratch and undergoes various testing, development and design processes that satisfy your requirement with best hosting, integrations, and component resource support. 

It is made clear that choosing Go1 Market for your new startup online business plan is proven to grow in success as we have more than 17 years of experience in web and development. Want to own a retail marketplace like Amazon? Call us for a quick FREE demo!