We bet you are looking for ways to maximize your profits and ace your multi vendor ecommerce game!
Well, the first step is to be adept at adjusting to the changing ecommerce trends.
Can you do that?
Wondering if that is possible at all.
Let us pop it to you - yes, it’s feasible.
It is seemingly viable for an online marketplace to adhere to evolving trends by leveraging quick strategies.
Before we hop on the latest trends for your multi vendor marketplace, let us first look at the multi vendor ecommerce buying habits:
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- $6.3 tn is the expected global ecommerce sales by 2024
- 67% of global ecommerce sales are done on marketplace
- 48% of buyers go straight to a multi vendor marketplace
- 60% of shoppers buy again if offered personalized shopping experiences
- 86% of consumers use at least 2 different channels for a single purchase
- 93% of online shoppers use some coupon or discount code year round
Source: Statista
The digital-age buyers have time-and-again showed that handheld experiences no longer make a difference. What pushes them towards making a purchase is a personalized shopping experience with a focus on factors and elements like fast shipping, quick delivery, the ability to order on the go, etc.
The question here is if you are able to provide a mix of these elements on your online marketplace!
If not, now is the time to equip yourself with the latest ecommerce trends.
Wondering what these trends are?
Let’s have a closer look.
Table of Contents
7 Trends to Ace your Multi Vendor Ecommerce
Immersive Buying Experience
The purchasing decisions are highly categorized by an immersive buying experience today. The customers look for an enhanced shopping experience on all channels with an attractive design.
StoreHippo multi vendor ecommerce platform comes with a rich design theme library to help you choose and play around with your store’s layout. The easy drag-and-drop tool helps even novice users to create beautiful professional-looking designs for the marketplace. You can seamlessly change the banners, sliders, product placements etc without the need for any coding.
Personalized Content
In the hyper-personalization age, 90% of customers are willing to spend more on companies that provide personalized customer experiences. Is your online marketplace attuned to providing your customers with a personalized shopping journey? If not, hurry up!
You can offer extensive personalized content to your customers with StoreHippo ecommerce solutions. StoreHippo helps you create multilingual content for your customers with its multilingual ecommerce solutions. You can seamlessly translate your website content in 100+ languages including RTL languages like Arabic and Hebrew. With the hassle-free automatic translation tool, you can create personalized multilingual marketplaces in just a few clicks with StoreHippo multi vendor ecommerce platform.
Multi Channel Shopping
Interacting and engaging with a brand on multiple platforms is no longer an alien concept. Customers today tend to discover your brand on various diverse platforms like marketplace websites, marketplace apps etc. How well are you equipped to offer an omnichannel shopping experience to your customers?
It’s time to establish omnichannel retail strategies to attract and retain loyal customers on your multi vendor ecommerce platform. Wondering how to go about it? Built on headless architecture, the StoreHippo ecommerce solutions help you add multiple touchpoints using the same API and backend logic. The easy-to-use omnichannel solutions help you improve your conversion rates across all channels. You also get access to better customer insights from different channels so you can leverage data-driven insights to achieve higher ROI.
Personalized Channel-Based Discounts
Did you know that almost 80% of customers are willing to share their personal information in exchange for better and personalized deals? With personalized discounts and offers influencing the purchase decision of your customers, you can ace your multi vendor ecommerce game by offering channel based deals that suit your buyers.
StoreHippo,multi vendor ecommerce platform offers a powerful built-in discount engine and advanced promotion tools to help you offer multi-level discounts to your customers. It helps you create and implement product-level discounts, order-based offers, flash sales, brand-specific promotions etc. You can also have transparent communication with your customers using the unified notifications feature from StoreHippo. You can send auto emails, PUSH and web notifications, or SMS to notify your customers about upcoming sales and discounts.
Quick Hyperlocal Deliveries
Customers fancy quick hyperlocal deliveries today!
41% of the customers will pay more just to get same-day delivery. Yes, as you offer quick deliveries on your multi vendor marketplace, you will become the most loved brand for all your customers. Wondering if it is feasible for your pockets to create a shorter and more seamless supply chain?
It is, with StoreHippo. It comes with over 30+ pre-integrated logistics providers to streamline and automate your delivery process. You can pick and choose from the best-fitting solution for your enterprise business and create a quick supply chain for your customers. You can also import orders from different channels and align them all for quick timely deliveries. You can easily set up rules to implement taxes, shipping charges, delivery timings, etc. based on customer location IP detection.
Ease of Payment
While creating an online marketplace, the most important aspect to take care of is a seamless payment process. Customers do not appreciate complex or long checkouts. As you offer a frictionless payment process to your customers, you can ensure repeat purchases and win the multi vendor ecommerce battle.
StoreHippo multi vendor ecommerce platform offer 60+ domestic and international payment gateways to help you create a seamless checkout process for your customers. You can offer multiple payment options like debit and credit cards, digital payments, net banking, etc. With StoreHippo, you can also offer loyalty rewards, cash back, store credits from refunds, etc that your customers can use while shopping.
Multi Channel Support
Is your multi vendor marketplace giving due attention to your customers? Are you there for your customers post-sales? If not, now is the time to change your approach.
64% of businesses notice growth in their sales when they offer good customer service. It is however quite a task to be able to connect with all your customers on all the channels. Wondering how to offer multi channel support to your customers?
Well, with StoreHippo. Yes, it offers seamless integrations with multiple channels for you to connect with your customers at multiple touchpoints. You can connect with the best live chat software and chatbots on your online marketplace. You can seamlessly install various chat apps in your admin panel. You can also integrate with the best CRM software to cater to a variety of customer queries like delivery tracking, cancellations, refunds etc.
Conclusion
Customer buying habits and online shopping expectations are changing tremendously. With continuous changes in buying patterns, it can be an uphill task to ace multi vendor ecommerce. Online marketplaces need modern ecommerce solutions to meet the expectations of buyers, manage the business in an effortless way, and plan strategies to hack growth.
To ace the marketplace model and plan unprecedented growth for your brand you need a future-ready multi vendor ecommerce platform that fulfills your brand’s current demands and aligns well with your future goals.
StoreHippo multi vendor marketplace solutions offer future-ready technology and MACH architecture to build agile and scalable multi vendor solutions. With native marketplace solutions and 300+ built-in features, you can seamlessly build a unique marketplace website to ace your multi vendor ecommerce game. Explore the enterprise-grade features by starting your 14-day free trial now.
FAQ
1. How much time will it take to create an online marketplace?
To create a multi vendor ecommerce marketplace from scratch, enterprise brands ideally need 12 to 24 months on average and extra resources compared to brands that choose a turnkey ecommerce solution. Building a marketplace using a marketplace website builder typically takes 4-8 weeks.
StoreHippo is a SaaS-based multi vendor ecommerce platform that helps you create an online marketplace in a fraction of the time compared to building a marketplace from scratch. If you have customizations and tailoring in your mind, it will take a few extra weeks to tweak the platform. StoreHippo, however, supports a variety of business models like B2C, D2C, B2B, B2B2C, or any hybrid business models. You can pivot to another business model seamlessly or create hybrid business models as your business requires.
2. What will be extra costs applied in building mobile solutions for my multi vendor marketplace?
When you choose StoreHippo multi vendor ecommerce platform to build your marketplace, you can create multiple Android and iOS mobile apps at zero additional costs. Wonder how? Well, the StoreHippo ecommerce solution is built on a mobile-first technology and comes with a built-in mobile apps builder. Enterprise brands can create mobile solutions right from their admin dashboard without the need for coding. StoreHippo, the best multi vendor platform also helps build PWA websites that look, feel, and work like mobile apps even on entry-level devices and in areas with poor internet connectivity. StoreHippo online marketplace builder also offers multiple mobile solutions for different users like admin, delivery boy, and vendors to help them handle their business on the go.
3. Is it possible to implement different fee structures for vendors from different categories selling on my multi vendor marketplace?
Yes, it is possible to implement different fee structures for vendors from different categories on your multi vendor marketplace. With StoreHippo, you can manage vendor-specific offers, discounts, taxes, fees, shipping, etc based on different factors. You can create special offers and discounts for your premium vendors or relax other charges like shipping to promote them on your marketplace. You can also set up different discounts specific to best-selling products or vendors. StoreHippo multi vendor ecommerce platform also helps you implement a percentage or fixed commission for different vendors.
4. Will I need third-party apps and software to run my online marketplace seamlessly?
With some marketplaces, you might have to integrate with third-party apps and software. But when you build your online marketplace with StoreHippo, you do not need additional plugins or third-party paid apps and extensions to manage your enterprise business operations like orders, deliveries, etc. StoreHippo is a fully hosted and managed ecommerce solution that comes with plug-and-play solutions to help you run your marketplace seamlessly.
You can, however, integrate with multiple tools and software of your choice with StoreHippo’s headless API structure. StoreHippo helps you integrate with multiple third-party apps and softwares like CRM, ERP, analytics, accounting, etc. You can also integrate with different live chat and chatbots to offer a smooth customer support channel on your marketplace.
5. Do multi vendor marketplace solutions help experiment with targeted marketing?
Yes, multi vendor marketplace solutions like StoreHippo help you experiment with targeted marketing by segmenting your buyers based on different criteria like location, age group, buying preferences, etc. StoreHippo helps you create multiple personalized stores for different factors like products, audience, locations, customer needs, etc. You can create different designs for each store with StoreHippo’s rich design theme library. With the host of marketing tools from StoreHippo, you can seamlessly implement different marketing strategies and target the segmented audience on multiple stores.
6. If I want to expand my online marketplace globally, how do I deal with shipping and payments across borders?
When you choose StoreHippo ecommerce solutions, you can deal with shipping and payments across borders seamlessly. StoreHippo comes with built-in global solutions to help you take your business to the international markets at ease. With 30+ pre-integrated logistics solutions from StoreHippo multi vendor ecommerce platform, you can create a seamless supply chain for your global customers. You can also integrate with multiple global shipping partners or onboard multiple global vendors to streamline quick deliveries.
To create a frictionless payment process on your online marketplace, you can integrate with StoreHippo’s 60+ domestic and international payment gateways. With StoreHippo’s support for multi-currency, your customers can choose to pay in the currency of their choice. You can also enable IP-based auto switch or set different currencies for different locations.
7. Will my vendors receive support and training on how to use the online marketplace platform?
Different marketplaces have different policies. When you choose StoreHippo multi vendor ecommerce platform, you get access to a rich help center with detailed answers for everything related to the StoreHippo platform. StoreHippo also offers a comprehensive vendor dashboard that helps even novice users and sellers to easily sell on the platform. With a separate vendor dashboard for each seller, it becomes easy to manage and perform day-to-day business activities. Sellers can overview their order summary, sales report, etc in just a few clicks.
8. Will it be possible to create a customized online marketplace website for different regions?
Yes, it is possible to create a customized online marketplace website for multiple regions with StoreHippo. Built on a decoupled headless architecture, StoreHippo offers various tools and features to help you create a customized marketplace for different regions. You can customize the shipping solutions, and digital payments, or personalize the pricing on different sub-stores, etc with the StoreHippo multi vendor ecommerce platform. With the multilingual feature from StoreHippo, you can translate your website in more than 100+ languages and engage with your audience in their native language.
9. What security features shall I look for in my online marketplace solutions?
When you are choosing a turnkey ecommerce platform, look for features like a free SSL certificate for robust multi-level security like StoreHippo. You can seamlessly secure your online marketplace with StoreHippo’s PCI DSS compliant ecommerce platform, offer payment safety and protect sensitive information like passwords, customer details, etc.
10. Can we use our preferred analytics tools when we build an online marketplace website?
When you build an online marketplace website with StoreHippo, you can seamlessly integrate with multiple third party tools and software like CRM, ERP, analytics, etc. StoreHippo is built on API-based architecture, that makes integrations an easy task for you. StoreHippo comes with a gamut of analytics tools and solutions. You can also integrate your preferred analytics tools with StoreHippo. You can analyze your customer behavior and make data-driven strategies for your enterprise marketplace with StoreHippo multi vendor ecommerce platform. With rich customer insights, you can implement data-driven marketing strategies.
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