5 benefits of building your multivendor ecommerce app

Wondering why you should invest in a marketplace app? 

Not sure if it is the right way forward to boost your revenue?

Well, we can cite as many reasons as you can hear. 

Let’s start with your customers.

Shopping on mobile channels via the multivendor ecommerce app is the new black today.

Well, the customer journeys are no longer linear. They look for a seamless shopping experience on multiple devices, making it imperative to offer omnichannel commerce to your customers.

With more and more online buyers gravitating towards mobile shopping, enterprise brands are opting for mobile apps in their ecommerce strategy. 

Let us look at a few figures suggesting the growth trends of ecommerce marketplace apps:

• $3.56 trillion was the ecommerce app revenue in 2021, a 22% increase on the previous year
• $510 billion is the expected m-commerce market size by the end of 2023
• 31% of consumers prefer to do their shopping on marketplace app to in-store shopping
• 88% of consumers have at least one marketplace app on their phone
• 91% greater Y-o-Y customer retention rates for buyers that shop omnichannel

Source: Business of Apps 

The figures suggest that the winning formula to creating your own niche in the ecommerce market is creating effective multi vendor ecommerce apps. Take the bait and offer your customers the best-in-class shopping experience. 

Why do customers prefer shopping on a marketplace app?

Customers love to stay connected with their smartphones, be it for shopping or binge watching. When you create a stunner customer experience with an omnichannel commerce approach, you become their favourite in no time. 

A marketplace platform app provides the following benefits:

1. Variety of vendors with a diverse product catalog to choose from on customer’s mobile
2. Better comparison options as many vendors sell same or similar products
3. Accessibility and ease of use
4. Fast shopping experience 

With a marketplace app, you not only make your brand more accessible but also make your products more shareable. You can boost your customer engagement with these apps from anywhere and anytime. 

53% of the people are likely to make impulsive purchases while surfing online stores. You can convert these impulse buyers into loyal customers with your marketplace app. Using the app, you can also look into your customers’ concerns and complaints with minimal lag time. 

Benefits of building your marketplace app

Enterprise brands can boost their brand awareness and engagement with mobile friendly websites. You can ensure conversions and returning customers with marketplaces apps, let us look at top 5 benefits of building your multivendor ecommerce app:

Acts as an additional sales channel 

You would always want your customers to have an enhanced shopping experience on your marketplace, right? The modern-age customers prefer to have an omnichannel commerce experience and interact with the brand across multiple channels, mobile being one of their most loved channels.

When you create mobile apps or offer ease of shopping through PWA stores combined with special discounts, you create a frictionless omnichannel journey for your customers. Mobile apps act as an additional sales channel helping you grow your conversions. 

StoreHippo helps you build marketplace apps, mobile-ready online stores, PWAs etc in just a few simple clicks. Using the 300+ API endpoints, you can create a highly personalized user experience for your buyers. It means you can reach the right audience, at the right time, on the right channel.

Wider reach among customer 

With mobile apps and mobile marketplaces becoming customers’ go to shopping channel, m-commerce sales are projected to grow manifold. Almost 79% of smartphone users have made a purchase online using their mobile devices. 

When you target your customers on multivendor ecommerce apps, you are able to reach a wider audience base. Since most people are using their mobile devices for shopping, with  apps and PWA stores you can leverage this opportunity to bring in more customers to your marketplace website. 

Insights into customer behaviour

Capturing customer behaviour helps you increase business productivity. Wondering how to do so? 

The simple answer is mobile commerce: you can create a winning strategy where it allows you to collect user behaviour and your customers’ purchasing habits. With such insights at your disposal, you can send personalized recommendations and deals to your customers for faster conversions. 

With the customer insights that you derive from marketplace apps, you can mold and evaluate your business' success strategy to strengthen your weak points. Analytics help you capture: 

• Number of users
• Users' demographics like gender, age, geographical location, device type, etc.
• Keywords that draw the most traffic
• Traffic source 
• Customer segmentation

StoreHippo comes with inbuilt performance and analytical tools to help you get better customer insights and plan data-driven marketing strategies. You can also compare to find the best-performing strategies that maximize your marketing ROI using StoreHippo’s built-in reporting engine as well as integrated marketing tools like Google Analytics etc.   

Improves marketing ROI

With a multi vendor ecommerce app, you add the sales channel most loved by your buyer. Just by the act of building your marketplace app, you get the power to sell more. What’s more, it is easier to engage your buyers on mobile apps as on average we check our mobile once every 4 minutes. And yes, 57% of online shoppers prefer mobile apps for shopping.

Isn’t this a great channel to improve your marketing ROI? It certainly is! Studies suggest that mobile phones were responsible for the redemption of nearly 80% of the coupons in 2022. 

Yes, as you offer more and more discount codes and coupons to your customers, with an ease of shopping online on marketplace app, you boost your conversions. Using the data and insights from such ecommerce apps, you can create demand, relevance, reputation etc for your brand. 

StoreHippo comes with a powerful built-in discount engine and promotion tools that helps you build strategies to get higher conversions. You can offer multi-level discounts and create personalized coupon codes for an enhanced marketing strategy. With real-time personalized email and push notifications, you can recover abandoned carts and nudge your buyers towards checkout.

Faster purchases, bigger orders

Well, it is not a surprising fact that mobile commerce nudges customers to buy more frequently and place large orders. Yes, almost six in ten women worldwide said they mainly bought clothes or shoes online by impulse. On a broader scale, impulse buying accounts for between 40% and 80% of purchases done via mobile channel.  

Well, selling on multivendor ecommerce apps is not an add-on but a necessity for businesses. Selling on apps helps you tap into more customers and increase your order volume. As more and more customers engage with the brands on their mobile devices, avail their redeemable coupons, respond to personalized notifications etc, the more the brand’s word of mouth promotion grows. And thus, goes up the sales value. 

However, for quick purchases, it is important to offer a fast and frictionless payment method on your marketplace app.  StoreHippo offers a full spectrum of digital payment solutions with 60+ pre-integrated domestic and international payment gateways. You can also maintain digital wallets on your ecommerce store with comprehensive wallet management from StoreHippo. 

Conclusion

M-commerce is the future. With mobile shopping becoming the new channel to boost your profitability, getting a multivendor ecommerce app is just the right choice for your enterprise business. With a mobile app or PWA store, you can largely benefit from the growing trend.

StoreHippo ecommerce platform is built on the mobile-first principle that offers a variety of mobile-ready solutions. When you build stores with StoreHippo, you create PWA stores that work, look, and feel like mobile apps. The inbuilt mobile apps builder helps build mobile apps directly from your dashboard without any coding. Also, StoreHippo offers a variety of apps for admins, vendors, delivery boys etc. StoreHippo makes it possible for brands to offer an omnichannel commerce shopping experience to their customers.

Are you ready to build a marketplace app with StoreHippo? Explore the m-commerce solutions and start your 14-day free trial now.