Should small businesses use multi-vendor marketplace?

Websites such as Etsy, Amazon, eBay, and those that specialize in certain products or services make millions of dollars per month. People find it handy to buy high-quality things in a safe environment and have them delivered quickly to their door. A multi-vendor marketplace is an e-commerce platform that offers a greater variety of options than a single-vendor online store.

multi-vendor marketplace

How can a multi-vendor marketplace benefit small businesses?

For one primary reason, a multi-vendor marketplace is more powerful than a tiny web store: a marketplace offers a wide range of products from hundreds of merchants. Marketplaces serve as intermediaries between sellers and buyers. It’s a win-win situation for the customer, as it saves them time and improves their whole purchasing experience.

Vendors can earn from a marketplace as well. To begin selling, they do not need to create their e-commerce website. Furthermore, store owners have additional options to attract people to their business website by posting products on the pages of a powerful marketplace. 

Charging a fee for each purchase made on your website is the major source of money for the website owner. It’s no wonder that multi-vendor stores are gaining popularity among small business owners and their clients, given the rapid advancement of eCommerce industry technology.

Create your marketplace with Prestashop Marketplace Module

KnowBand PrestaShop Marketplace addon help PrestaShop store owners can construct their marketplace to offer their products to various merchants.

Benefits offered by Prestashop Marketplace Module to merchants

1. Track Seller Transaction

The PrestaShop Marketplace Add-on allows administrators to monitor the entire transaction process. From the backend of the PrestaShop multi-vendor marketplace Extension, the admin may keep track of overall seller transactions and earnings. Using the PrestaShop Marketplace Addon, the admin may also see the transactions and earnings of the vendors.

2. Commission Handling

With the PrestaShop Marketplace Module, the shop admin can establish a global commission for the vendors. With the help of PrestaShop Multivendor Marketplace, the shop manager can alter the commission for specific vendors if necessary. The PrestaShop Marketplace module also offers category-level commission capabilities. This allows the administrator to charge a varied amount of commission on different PrestaShop Marketplace product categories.

multi-vendor marketplace

3. Offers payout management

The sellers might request a payout for the remaining balance. These compensation requests may be found in the PrestaShop Marketplace module’s Transaction payout request tab. Admins may approve Payout requests with a single button click, making it simple for them to manage the PrestaShop Marketplace.

multi-vendor marketplace

Admins can also enable automatic seller payout, which makes the payout request process more automated. For this setup, the admin can either utilize cron URLs or the “Process Paypal Payout Status” cron directly. Admin can also set a specific amount that will be put on hold for the sellers at all times.

4. Design templates accordingly

In the PrestaShop Marketplace Module, there are over 30 pre-existing email templates for managing the complete PrestaShop Marketplace communication between sellers and admin, as well as sellers and consumers. The email templates’ text can be viewed and modified by the administrator.

5. Compatible With Mobile App

Customers can access the PrestaShop Marketplace with the Mobile App Builder for PrestaShop Multi-vendor Marketplace Plug-in. Further, the PrestaShop Marketplace area makes it simple to view marketplace stores and their listed merchants. From the seller area and the product page of the Mobile App, you may read and write seller reviews. Customers’ valuable reviews are simply accessible to sellers. The seller area provides easy access to the vendor list as well as their listed products. The Marketplace Mobile App allows customers to easily select products from a variety of sellers.

multi-vendor marketplace

Final thoughts

Prestashop Marketplace addon by Knowband is a complete package of benefits as it helps owners to build their marketplace permitting different as well as various sellers to sell their items. Hence, small business owners must 100% choose a multi-vendor platform for business. 

In case you face any trouble, you may drop a mail at Knowband team will get back to you and resolve your issues. 

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