Online Marketplaces are becoming a leading source of revenue income for many multinational brands and services. Rather than Multinational brands, many small-scale startups are also promoting the eCommerce as a way to prove themselves quite dominative and advanced among the other competitors. An e-commerce marketplace is a place or a website where one can find different brands of products coming from multiple vendors, shops or person showcased on the same platform.
Promotions and advertisements are something that really makes this business a success. The marketplace owner is responsible for attracting customers and the processed transactions, while the third party vendors deal with the manufacturing and shipping.
A proper business analysis should be done. This is important for understanding the concept and demand for your product. Also, this knowledge allows you to find the main subjects to work with. The major subjects when you are going to start an eCommerce business are the buyer and seller.
With increasing the need of eCommerce industry, every business is looking to have an online store where they can sell their range of products and services. One can get a lot of benefits by opting for eCommerce as it delivers a comprehensive range of benefits to retailers and merchants.
Now a days as the increase in demand of online services, more and more businesses are moving to e-store from brick and mortar stores. In the US, more than 60% of people are purchasing goods online from the comfort of their home and this figure is increasing constantly. By considering this percentage, we can say that e-commerce is expanding tremendously because of its complete range of benefits that any industry vertical can enjoy.
While considering all these factors, Let’s check some merits of e-commerce businesses.
- Convenience & Easiness:
Currently, for most of the people, e-Commerce becomes one of the preferred ways of shopping as they enjoy their online because of its easiness and convenience. This is because they are allowed to buy products or services from their home at any time of day or night. The major advantage we find about it is buying options that are quick, convenient and user-friendly with the ability to transfer funds online. Because of its convenience, consumers can save their lots of time as well as money by searching their products easily and making purchasing online.
- Low Operational Costs:
Creating an e-Commerce website requires very little capital outlay compared to purchasing business premises. The difficulty with ‘physical’ business premises is that there is a need for high visibility and the location will always be a key issue. The design and development of an e-Commerce website can be a comparatively moderate investment relative to a businesses turnover. A further cost saving avenue for e-Commerce websites is the ability to save money on personnel as checkout, payments, delivery, and all over operational processes can be fully automated.
- Minimal Barriers To Entry:
Any new or existing business has the ability to create and run a successful e-Commerce website. The technology is in place for any business to embrace the Internet and enjoy the many benefits which e-Commerce offers. As discussed, the costs of running such a business are minimal and the initial investment is moderately low. Many of the barriers which are associated with having a physical business location are removed and a business only has to concentrate its efforts on creating a service which addresses the needs of its customers.
- Offer Product Datasheets:
Consumers can also get description and details from an online product catalog. For your customers, it is very much important to get information about the product no matter whether the time of day and day of the week. Through information, your customers and prospects are making decision to purchase your products or not.
- Keep Eye on Consumers’ Buying Habit:
The best thing is e-commerce retailers can easily keep a constant eye on consumers’ buying habits and interests to tailors their offer suit to consumers’ requirements. By satisfying their needs constantly, you can improve your ongoing relationship with them and build long-lasting relationships.
For effective business transactions, e-commerce is an efficient and competence method. Setting-up cost is extremely low as compare to expanding your business with more brick and mortar locations. Very few licenses and permits are required to start-up an online business than physical store. You can save your lots of money by using fewer employees to perform operations like billing customers, managing inventory and more.
An eCommerce marketplace has various benefits with respect to the buyer side and the seller side other than the regular business benefits.
- The marketplace allows the business operators to charge a price on the products that the vendors sell and hence increasing their profit rates.
- It helps in implementing better chances for suppliers and buyers to establish new trading relationships.
- e-marketplace provide a clear and transparent process of purchase as the factors like the price, quantity, the stock is all known to the customers in the same platform itself.
- Barriers due to time constraints are eliminated as the process is applicable all around the clock.
Benefits for Buyers
- The buyer gets to choose from a variety of products within a single platform where they can find the most reasonable price on comparisons and find the best quality products available.
- Availability of trusted vendors helps the buyers to have a long trading partnership.
- Real-time updated information on the price and availability makes it easier for the customers to get the best deal.
Benefits for Sellers
- Smaller stores or vendors who are not sure about establishing their own eCommerce website or want to reduce their marketing costs can align themselves with these larger businesses and gain visibility through their fulfillment options.
- Standardization of the process.
- The platform helps to create additional sales outside the reach of offline stores and hence making profits other than the judged values.
- Enables oversea sales by providing opportunities to trade in the international e-marketplace.
Every online marketplace should themselves prove to be efficient in order to become a better competitor for the others. There are many features they should possess for achieving the same. Let’s have a look at some important features:
- Recommendations and comparisons
Customized and personalized recommendations based on a buyer’s shopping and browsing history makes it more reasonable and helpful which makes them buy.
- Convenient interface
Implementation of a convenient and user-friendly interface, the navigation system, and backup tools for the proper functioning of the system.
- Quality products
It would be more likely to have handmade products, products in short supply, and vintage and unique goods which attract many customers
- Discounts and offers
Far more than any interface or appearance, it’s the price that surges the buyers to go forward with the purchase. The discounts and fare prices always attract customers and help out to make some good deals.
On having an idea about the online marketplaces and the features to be included in it, It seems you can initiate an online store for yourself. Let’s then have a look at the iScripts Multicart which possesses all the explained features.
iScripts MultiCart makes starting your own marketplace enjoyable and hassle-free.
The adorable features included in iScripts Multicart are:
Recommendation engine, an impressive feature available in the latest version of iScripts Multicart. This is an engine plugin that helps e-commerce platform owners to recommend and sell “frequently bought together” products. This feature also helps the customers to choose the best products related to their purchase. Recommendation Engine can also be mentioned as an advanced option that promotes the sales for the vendor side.
Multiple payment gateways:
The users can make their payment through a large number of available payment gateways including Authorize.net, PayPal, Worldpay, YourPay, Stripe Payment and many more. Hence accepting payments becomes an easy solution for the vendors as well as Admins. Split payment between Admin and seller option is also available within the payment section.
Advanced payment methods
Payments are initially on two sets, either directly to the Admin or split payment between Admin and seller. Several payment gateways are implemented including PayPal, Dwolla Payment, Authorize.net, WorldPay, BluePay and so on. Admin can directly set payment options.
Improved user interface:
The flow associated with the user, seller, and admin are interconnected in a way which makes it more comfortable. As the payment settlement done between the user and seller, a commision can be set for the admin for each payment done.
Bulk product and Image Upload:
Product Management seems to be a more significant issue in many circumstances, but still, it can be rectified by methods of bulk product and image upload options in iScripts Multicart. Either the admin or the corresponding seller can upload product details in the form of a CSV file. Every option available during the product upload are also available in the bulk upload procedure.
iScripts Multicart offers electronic gift certificates redeemable at your stores to increase your revenue. This is more helpful for the vendor side as it promotes the sales in a different phase.
Scheduled publishing of products:
The admin can publish products under any particular seller. Preferably the products can be published on an estimated schedule later as per the time dependency. This option helps the admin to have additional control over the sellers about the payment policies. Only the published products get displayed on the home screen. The latter option can be set to any fixed time or date.
Multiple Language and Currency:
When you limit your product’s availability to only one language, you limit your potential customer base to a fraction of our world’s billions of population. If you want your applications to reach a global audience, cost-effective localization of your product is one of the best and most economical ways to reach more customers. There comes the implementation of multiple languages and currencies. Admin can add languages by translating files to the required language. Also, the required currency for the transaction can be selected from the list.
Further, the features associated with Multicart are numerous. It offers the best way to start an eCommerce store with all the available advanced features. Well packed with mobile apps the script proves itself quite worthy to the customers. Other than the mentioned features, iScripts Multicart does come with the following features too.
- Mixed Product delivery (Digital and physical products together).
- Return Merchant Authorization for Customers
- Custom Fields to customize the store
Ready to create your own multi-vendor marketplace? Try it out for yourself right now See the Free Live Demo: iScripts Multicart. Experiment with the demo to get a better feel for the site you could own and market. You control the backend of the site and choose the way it will function for your users.
Have questions about our web software and mobile apps and how it can work with your existing business or online business idea? Call us at (312) 423-6728 with any questions you may have. We’d be happy to explain how our software works, including any additional business, needs you may have. We also offer custom development of web and mobile apps at a reasonable rate.