If you are selling for a long time and want to take your business to new heights then Convert Your Online Store into a Marketplace. Upgrading the store into an online marketplace could be a good idea. According to research, more than 50% of customers prefer buying products from a Marketplace rather than an online store. Marketplaces like Etsy, eBay, Flipkart, Amazon offer a variety of products and have more credibility than the online stores.
Customers feel more secure while purchasing from a Marketplace in comparison to an online store. In this article, we will be discussing why converting your online store into a Marketplace is a profitable option.
Top Reasons to Start Your Own Multi Vendor Marketplace:
1. Offers a Variety of Products:
Nowadays, customers don’t go to particular online stores, they like to purchase all the products from a single platform. With the Marketplace, you can allow your sellers to add and offer a different kinds of products so that customers can have a variety of products to purchase from.
The customers will come to your marketplace for a unique experience and will remain loyal to you if your service is the best.
2. Fast and Smooth Operations:
After creating a Multi-Vendor Marketplace of your own, you can invite different sellers to get registered to sell their products on your Multi-Seller Marketplace. Adding new inventory, managing products, updating the details are all done by individual sellers. This results in fast and smooth operations as the work is divided into multiple vendors.
You don’t need to worry about adding new products or do anything like that, you just need to keep an eye on the sellers and their activities and manage them.
3. Less Expensive:
Managing a Multi-Vendor Marketplace is less expensive than managing an online store. You don’t require to have a team for maintaining the inventory side of your business, you just need to have a support team which can handle the query and complaints of your customers and can offer them a better support service.
4. No Inventory Required:
To start an online store, you need to have products and inventory but to create a Multi-Seller Marketplace, you don’t need to have the inventory of your own. You don’t need to have a warehouse to keep that inventory and hire people to manage the inventory. After converting your store into a marketplace, the responsibility of managing the inventory is of the different vendors.
5. More Control with Lesser Responsibilities:
Being the admin of your Marketplace, you have the authority to choose, allow, restrict, or remove any vendor. Once you have multiple vendors, the responsibility of getting orders depends on the vendors themselves. This frees the admin of the marketplace from various responsibilities and he can take care of other activities.
How to Convert Your Online Store into a Marketplace?
With Knowband’s OpenCart Multi-vendor Marketplace extension, converting your online store into a Marketplace is so much easier. You can easily manage the sellers, track their transactions, earnings, activities, manage commissions, reviews, ratings, and payouts, etc. You can know more about this extension from the given links:
In addition to the OpenCart Multi-Seller Marketplace extension, Knowband offers a marketplace solution for PrestaShop and Magneto 2 platforms. The PrestaShop Marketplace addon by Knowband is also available at the official addon store. The PrestaShop Multi-Vendor Marketplace Plugin has 1500+ downloads there.