The unpredictable changes in the ecommerce market and the ever-evolving buying habits of the customers are reshaping the ecommerce landscape.
With sales expected to cross $ 8.7 trillion on multi vendor marketplaces by 2025, enterprise brands have enormous opportunities to grow.
However, staying ahead of the competition and achieving unrestrained success for your marketplace website can be challenging.
Wonder how to take the road ahead with the constant pressure to evolve?
How to drive the growth of your enterprise business?
Fret not, we bring to you top battle-tested ecommerce strategies to race ahead in the ecommerce landscape.
Before we dive deep, let us first have a look at the multi vendor marketplace growth trends for 2024:
- $176 billion is the expected reach of retail ecommerce media by 2028
- 95% of all purchases are estimated to be done through ecommerce by 2040
- 21% of e-commerce businesses have pivoted to a multi vendor marketplace
- 48% of buyers go straight to a multi vendor marketplace when buying online
Source: KPMG
To keep your marketplace website ahead of the competitors in 2024, it is prudent to align your brand for success by understanding and meeting your customer expectations at every touchpoint. Setting yourself apart in the competitive ecommerce landscape is all about being agile and flexible to respond to the changing ecommerce environment.
7 Ways to Place Your Marketplace Website Ahead of Your Competitors
How to guarantee unrestricted growth of your ecommerce business? Going online and carving a niche for your ecommerce brand does not suffice given the current market scenario. You need a series of time-tested ecommerce strategies to place your marketplace website ahead of your competitors.
Here is a list of the top 7 ways to keep your multi vendor marketplace ahead of your competitors:
Design to attract and convert
94% of the first impressions are registered based on your marketplace website’s design. You can not just put up a bland website and expect your customers to enjoy the shopping experience, right? You need a website design that uplifts your brand and keeps your customers hooked to your marketplace. To convert potential customers on your marketplace, you can also update and change the design and layout of your website at regular intervals. With the festive seasons approaching, you can jazz up your marketplace with festive colors or add elements that resonate with the seasonal buying frenzy.
StoreHippo is the best multi vendor platform that comes with a rich design themes library. It helps you play around with the store design and create professional-looking websites in just a few clicks. The drag-and-drop functionality from StoreHippo helps even novice sellers make changes in the website design in minutes without coding. StoreHippo comes with 100+ device-optimized themes for you to choose from and create the website design based on the market needs and dynamics. The developer-friendly interface from StoreHippo comes with heavy-duty programming support. You can edit the HTML directly on your marketplace website to make your existing widgets behave as per your requirements or add new widgets as and when required.
Take the omnichannel route
The sure-shot way to make an impact in the minds of your customers is to interact with them on multiple channels. Customers tend to discover a brand on one channel, explore the products on another, and make a final purchase on yet another channel. You can target customers on your marketplace via multiple channels like ads, social media pages, visiting offline stores, mobile apps, marketplace websites etc.
Since 80% of the orders take place on mobile devices, having a strong mcommerce channel can make a huge difference to your sales. Mobile apps are no longer just a filler, it has become a primary sales channel for brands across industries. With mobile shopping channels, it becomes convenient for your customers to shop from anywhere and anytime.
StoreHippo is built on mobile-first technology that comes with a built-in mobile apps builder to help you build mobile apps. You can build Android and iOS mobile apps directly from your admin dashboard at zero additional costs and without any coding with the best multi vendor platform StoreHippo. When you build an online store with StoreHippo, you also build PWA stores that look, feel, and work like mobile apps even on entry-level devices. StoreHippo also offers a variety of mobile apps for admins, vendors, delivery boys etc.to help them run their business on the go.
The omnichannel ecommerce solutions from StoreHippo are designed to meet the multi-channel selling needs of your enterprise brand. You can also offer a personalized customer experience on all the channels loved by your customers. With StoreHippo, you can add new customer touchpoints on your marketplace website quickly using the same backend logic and APIs. StoreHippo helps you centrally control all your sales channels while also improving the overall operational efficiency.
Implement hyper-personalization
With more than 90% of the customers willing to spend more just for a personalized user experience, it is the hyper-personalization age today. You need a strong personalization ecommerce strategy on your multi vendor marketplace to convert potential sales and retain loyal customers. Wonder what makes a personalized shopping experience? You can offer custom language for your customers, personalize the pricing, payment methods, shipping solutions etc. for a personalized approach for your enterprise business.
StoreHippo is built on a decoupled headless architecture that helps you offer a personalized shopping journey and drive better sales on your marketplace. You can seamlessly tweak the platform inside out and implement multi-level personalizations on your marketplace website. With StoreHippo, you can customize your shipping solutions and digital payments, offer localization with multilingual content, and personalize the pricing of your products based on the audience, location, and other market dynamics.
Leverage composable commerce to experiment and innovate
With the changing ecommerce landscape, AI has become the driving force of efficient performance at multiple levels in enterprise businesses. Almost 50% of the organizations have already adopted composable commerce to race ahead of their competitors. With composable commerce, you can create a modular, flexible tech infrastructure that helps you customize and adapt to the ever-changing ecommerce trends. The composable commerce approach is based on choosing the best-of-breed commerce components and combining or 'composing' them together to build tailor-made solutions for specific business needs. To experiment and innovate with the best AI and other tools, you need a composable commerce solution for your multi vendor marketplace.
With StoreHippo ecommerce solutions, enterprise brands can seamlessly add or edit features and functionality and create personalized customer experiences using its headless solutions. StoreHippo’s MACH architecture also connects all disparate systems and applications and helps brands integrate with best-in-breed marketing, accounting, ERP, CRM, logistics and payment providers, analytics tools etc. StoreHippo’s composable commerce gives enterprises greater flexibility, agility, and creative control to align their marketplace website for the future of ecommerce.
Offer a frictionless payment process
Payments have become the most important aspect of online shopping today. Customers tend to shop more comfortably when you offer a frictionless payment process on your multi vendor marketplace. Wonder how to maintain a smooth checkout process on your marketplace? You can integrate with multiple payment options and offer your customers a wide variety of options to choose from. As you build an online store, make sure to offer a seamless checkout process that makes your customers want to return to your website.
StoreHippo ecommerce solutions come with 60+ pre-integrated domestic and international payment gateways to choose from. You can integrate with more than one payment gateway on your multi vendor marketplace to offer a frictionless payment process to your customers. With StoreHippo, you can offer a wide choice of payment options to your customers like COD, net banking, cards, store credits etc. You can also enable payment gateways based on the location of the buyers and offer multi currency payments for your global customers.
Enable quick deliveries
Did you know 61% of the customers are willing to pay more to get same-day delivery? The modern-age customers are inclined to receive their orders on the same day. The time-tested strategy to keep your marketplace website ahead of your customers is - offering quick seamless deliveries. As you create a streamlined supply chain for your customers, you can also boost their satisfaction by offering real-time tracking of the parcel.
StoreHippo ecommerce solutions come with 30+ built-in shipping solutions to help you choose the best shipping partner among a host of delivery solutions. You can streamline a smooth supply chain, offer quick deliveries of your orders, and optimize shipping costs by integrating with multiple shipping solutions. You can also onboard, manage and track your own fleet of delivery boys to offer fast and error-free deliveries. StoreHippo comes with inbuilt delivery boy management software to help you manage your delivery boys and implement faster deliveries on your multi vendor marketplace.
Offer multi-channel customer service
“Good customer service can boost sales growth” - say 64% of the businesses. Don’t you agree as well? When you give attention to your customers and listen to their grievances, you make them feel valued and enhance their satisfaction. With good customer service, you retain loyal customers for a lifetime. However, you need to be present on multiple channels and stay consistent in your connection with the customers.
StoreHippo, the best multi vendor platform offers seamless integrations with social media platforms to connect with your customers on multiple touchpoints. StoreHippo also helps you connect with the best live chat software and chatbots. You can also integrate with the best CRM software to cater to various customer queries like delivery tracking, cancellations and refunds etc. You can send out notifications and messages to your customers that help you stay in touch with them.
Conclusion
The future of ecommerce is not a linear graph. To stay on top of the ecommerce trends and keep your marketplace ahead of the competitors, you need the best multi vendor platform that helps adapt to market disruptions. As you plan to carve a niche for your enterprise brand in the ecommerce market, you need a robust ecommerce platform that comes with futuristic ecommerce solutions.
StoreHippo is built on MACH architecture and comes with 300+ built-in features and tools to help you create a tailored marketplace website for your customers. With StoreHippo’s future-ready cutting-edge technology, you can implement desired features and flows on your multi-vendor marketplace and stay ahead of the curve.
Are you ready to build a future-ready multi vendor marketplace with StoreHippo? Explore the wide range of enterprise-grade features by starting your 14-day free trial now.
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