The e-commerce industry has brought about a significant change in consumer shopping behavior and lifestyle habits. Statistical reports show that cross-border e-commerce sales are likely to hit 3.53 trillion dollars by 2022.
E-commerce platforms have made our lives easier. But interestingly, e-commerce websites are not just for customers. Even businesses and individual vendors can profit considerably from e-commerce platforms by making their online presence known in front of the whole world. The e-commerce platforms have opened up opportunities for businesses to fortify their online reputation or build one from scratch.
What is a multi-vendor e-commerce website?
Look at the series of multi-vendor top ecommerce sites such as Amazon, Alibaba, and eBay, among others. We all know about the massive success they have achieved in just a few years.
These sites are quintessentially multi-vendor eCommerce platforms; they collaboratively work with third-party vendors to help you get a particular product of your choice. They work as an online marketplace where third-party vendors can sell their products.
Key features of the most successful ecommerce website designing
If you think of it, the benefits of e-commerce marketplaces apply to both customers and vendors. The customers get a chance to choose which vendor they want to buy their products from, while the online multi-vendor setting is a cost-effective way for vendors to market and sell their products.
Now, to maximize the benefits of this setup, it is crucial to make the websites user-friendly from all perspectives. As such, specific features MUST be included to make an eCommerce website successful.
Let us find out what those key features are that make a successful multi-vendor ecommerce website.
- Control: Hassle-free control on things such as managing, handling, and keeping a track of all the business activities are a few things vendors should be able to exercise while operating in a multi-vendor eCommerce platform. Moreover, a vendor should be able to mark the price, decide the delivery time, the mode of payment, and other features that will ensure the smooth functioning of the business. A vendor must be able to manage the inventory, should be able to decide the shipping process, product replacement methods, discounts, and more, and control the splitting of orders and payments that take place automatically.
- Security: Operating on the internet means sticking to top-notch security at any cost. Customers will hesitate to buy products if the eCommerce store can’t guarantee security. The instants of online fraud and cybercrime are on the rise. A multi-vendor platform must offer payment safety and security to ensure success. For this, user information should be used judiciously, HTTPS is mandatory, and the store must also comply with the standards set by PCI DSS.
- Powerful Reporting System: Sales information, trends, graphs, and back-end data will help the vendors get a vivid idea of how well they are performing. So that they can work on the weaknesses and make those better. The robust reporting system will tell volumes about the top-rated products that also happen to be the bestsellers. Furthermore, the reporting system must also show the top search trends, last four orders, and more. The system should be able to show details about abandoned carts or incomplete sales to the sellers.
- Multiple payment gateways, language options, and automated tasking: Customers value a site when they get several payment mode options. Some customers like to place prepaid orders while the skeptical ones want to opt for COD. The website must have an option for everyone with varied requirements. Having multiple payment gateways is a good way of increasing sales.
People from several countries or states are looking at a multi-vendor website. If the vendors offer them the option to choose the language they feel most comfortable with or prefer, chances are the customer retention rate will increase. Plus, the customers will love the shopping experience.
In fact, adding automated features can help customers sort products, calculate shipping costs, and more that are otherwise difficult to handle manually.
Success on a multi-vendor platform is easy to achieve. All you have to do is stick to delivering results that your customers expect. Hence, include the features mentioned to make your multi-vendor website stand out and slay the competition out there!