The COVID-19 pandemic has shaken the world. Nothing more is affected by COVID-19 than the world economy. No matter what we should agree that this pandemic has brought many behavioral changes that will live even in the post-pandemic world. It has created an opportunity for vendors to online to cater, ditching the geographical boundaries to the rising demands of the customers.
Without the pandemic, it might have taken years for the Indian marketers to live in The world of online business. But there is a fact that one needs to know the current demands and trends of the market for a successful e-commerce venture. According to a survey, most of the online buyers tend to trust a marketplace like Amazon more than anything. A marketplace like Amazon is one place for everything as they can get whatever they want from a single platform. Developing a marketplace with the help of NopCommerce e-commerce development company can boost your ROI in no time. You might be wondering What is the marketplace? Why NopCommerce development services, right? We will clear all your doubts by the end of this blog, but if we miss any, feel free to reach us.
What is a multi-vendor marketplace?
A multi-vendor marketplace allows the merchants to develop a website where diverse businesses or people sell their products, sharing the same online place. In other words, it is a website selling thousands of products from multiple and independent vendors that appear in a single store catalog. This marketplace allows vendors to upload their merchandise to the marketplace and let the store admin decide which vendors will be able to sell what kind of products through their e-store. When any buyers place an order for any products it will notify the respective vendors about the order. The store admin should just take care of the shipment process on behalf of the retailer. They can even charge the delivery charges if needed. The bottom line is a multi-vendor marketplace let you sell everything you want ditching the geographical boundaries, without requiring product stock/inventory management and even any efforts of shipment processes. You can collaborate with drop shipping vendors who take care of this logistics.
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Types of online marketplaces
E-marketplaces fall into three primary groups:
Vertical marketplaces
This marketplace allows vendors that trade in the same niche. Examples include platforms like UnAcademy, MagicBricks, Swiggy, etc.
Horizontal marketplaces
This marketplace sells goods in several categories that are associated with a particular common characteristic. For example, Paperfry only sells products to people who are interested in buying or renting furniture.
Global Marketplaces
These marketplaces sell every product to everyone. They have numerous range of product categories and vendors. Among the examples are Flipkart, e-bay, Paytm, etc.
How do online marketplaces make money?
The major concern for any marketplace owner is how it can be beneficial to them right? As we all know money matters the most so, these are the most cost common ways for e-marketplaces to make money:
- Merchant subscriptions/memberships
- Commission on order placement
- referral fees/lead generation revenue
- Premium Listings
- Affiliate programs
- Advertising
- Premium packages (with extra paid services)
We should note that leading marketplaces often have a universal array of services besides their marketplaces. For example, Amazon also provides services like AWS, Amazon Go, Amazon Prime, and many more.
Why NopCommerce web development services?
NopCommerce web development provides prominent features for multi-vendor marketplaces and hence the features of NopCommerce mark the marketplace as the most preferred shopping destinations for the customers.
Features of nopCommerce Multi-vendor marketplace
NopCommerce provides various built-in multi-vendor marketplace functionalities that simplify the business process for all individuals involved.
Vendor Registration Page
NopCommerce has a built-in vendor registration section where they can register as a vendor.
Vendor administration Panel
After successful vendor registration, the store admin will update the vendor profile with all the necessary details. Later, the admin will provide the vendor account to the vendor to manage the products.
Vendor Dashboard
Every vendor will have their own dashboard that can give a summary of the vendor’s products, orders, and the shipment, return, etc. Individuals can access the dashboard with specific credentials only.
Managing Products
This feature allows vendors to add, edit and delete the product information, import and export the details of the products, view the product reviews, Inventory management report, and many more.
Managing Reports
This feature facilitates the vendors to generate, update and export the sales reports and production reports. it allows them to review the order details, shipments, best-selling products, and not sold products, out of the stock products and more.
Notify vendor Notification
NopCommerce web development services have a feature that sends notifications to the registered e-mail address of the vendor about the order placement of the product.
Payments Integration-
NopCommerce allows third-party integration. It allows vendors to integrate the most convenient payment mode. This multi-vendor marketplace feature allows one to pay manually which transfers the money to the vendors after deducting their commissions for the store owner.
The above listed are the basic features of NopCommerce web development multi-vendor functionality. These features provide each vendor with their own admin panel to manage the products, orders, product reviews, payment process, sales and inventory reports and more. Nopcommerce e-commerce store development company can provide a great deal of customization to intuitive multi-vendor interface using their development expertise.
Why one Should choose the NopCommerce PHP framework?
Authorization of the store
NopCommerce multi-vendor store functionality resembles the traditional rental store as it provides complete control of actions to manage the products and store to the owners. The admin has the authority to monitor the vendors’ activity and decision power to add or remove the vendor as and when needed. They can also modify or update the design and functionality as per customer experience.
Vendors operation management
Every vendor can have their own distinct account and dashboard to manage the products, order, sales and inventory report generation, third party payment method integration, shipment details and more.
Admin operation management
NopCommerce features authorizations to admin to permit vendors from the access control list. This allows admin to authorize the permissions of vendor account as to who will manage the vendor account and what they can manage.
Order Fulfilment
Multi-vendor features have no restriction on the buying pattern of the customer. It provides full liberty to the customer to buy multiple products from multiple vendors as and when needed. It also provides a discount on purchase to save on taxes and shipping charges. The customization of multi-vendor functionality allows users to subscribe to their favorite vendor’s newsletters, turn-on the notification, shortlist the products, and many more. The bottom line one can build a successful business model and a loyal customer base as per the buyer’s perspective with the help of NopCommerce web development services.
Wrap-up
NopCommerce development company India can ease the load of developing and managing an e-commerce store. Customization of the multi-vendor store can put you ahead in the ranking braking the impenetrable wall of competition. Experts like NCode technologies can help you out with all your requirements to build a multi-vendor nopCommerce website for you.