Starting a Marketplace is a great idea to grow your business, offer a variety of products, and earn huge revenue. If you are thinking to create a Marketplace and confused with what features you should add into the Marketplace and what to skip then you are not the only one. You may have been searching for a good addon to convert your online store into a Marketplace. And also, what features are the essential ones by which you can control your Marketplace and assure smooth functioning and transactions with all of your sellers.
In this write-up, we will be discussing the must-have features to add to a newly created Marketplace and some ways with which you can make your Marketplace successful in the eCommerce market.
Things to Consider While Creating an Online Marketplace:
1. Choose Best-Suited Monetization Model:
The first thing you need to decide is “How you are going to make money from your Marketplace?” There are various forms of monetization by which you can make money on your Marketplace including Commission, Subscription, and Charges on Product Listing.
You can either charge commission on purchases done on your Online Marketplace, charge monthly or yearly subscription amount or charge an amount on every listed product from the sellers.
2. Essential Admin Panel Features:
Being the admin of the marketplace, you need to have complete control over the Marketplace you run. You should be able to check the overall activities and transactions of your sellers, censor and remove offensive and negative acts on the marketplace, adjust major marketplace settings, keep track of sellers’ earnings.
3. Efficient Seller Dashboard:
On an Online Marketplace, various sellers come to register themselves and sell their products. After they get approved as sellers, they should have a proper Dashboard from where they can easily list their products, update their profiles, and do other activities, The interface of the seller dashboard should be as simple as possible for the vendors so that they can manage all the day-to-day activities easily and quickly.
4. Inventory Management with Ease:
Inventory management is one of the most essential things for an efficient marketplace. The seller dashboard should allow the sellers to easily list their products and manage them. The process should not be complicated and should be done easily and quickly. The Marketplace will be deemed successful if it displays the right products to the right customers at the right time.
5. Easy Payments and Payouts:
When it comes to payment, online customers must have enough payment methods to pay through. If they are not having their preferred methods then there are high chances that the customers will choose not to place their orders. You can also implement the Cash on Delivery method on your Online Marketplace.
Apart from that, the vendors should be able to see their earnings and the pending amount, and the commission paid by them.
6. Mobile Responsive Design:
As most of the online buyers place their orders through their mobile devices, the interface of the online marketplace should be mobile-friendly so that the customers should be able to purchase through their mobile or tablet devices comfortably.
You can convert your eCommerce store into a fully efficient Online Marketplace with the help of Knowband’s PrestaShop Multi vendor Marketplace addon. With the addon, you can let your sellers sell their products on your Marketplace easily and conveniently. You can manage the sellers, inventory, and their transactions and earnings with ease from the back-end of the module.
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