Convert Your B2C store to Marketplace Store
How excited were you when you first built your online store? Are you happy with the benefits an online store brought to your business? Don’t you plan to achieve more with your B2C store? Looking for any tried and tested masterplan to upscale your business conversions and profits?
Which ecommerce store owners do you see in the list of top entrepreneurs of the world? What is the most common business strategy of the top ecommerce owners? Let me tell you the secret behind the astounding success in the field of ecommerce: Multi-vendor Marketplace. Top online marketplaces such as Amazon, Alibaba, Flipkart, Snapdeal etc have reinvented the way people take online shopping into consideration.
What is a Marketplace Store? How is it Different from a B2C Store?
A multi-vendor marketplace is an online marketplace where multiple vendors can sign up and sell their products at one place. The multi seller feature of the marketplace offers the facility to extend the online store. An online B2C store facilitates only a single admin/seller to sell the products, giving fewer options to the customers to choose from. But a marketplace offers customers with the advanced facility to have multiple choices and certain benefits like fast delivery, competitive pricing, multiple offers etc.
Let us consider major points on how converting to Marketplace can affect your business:
Vast Variety of Products
A multi-vendor marketplace lets you add numerous vendors who can have their own inventory. This functionality makes your store very similar to the physical market with multiple vendors all at one place. So, the increased number of products comes with increased traffic and enhanced conversion rates.
When you have an online store, managing the operations is a headache only for admin. An effective management of a marketplace helps in offering faster delivery options to the customers. Operations like management of inventory, handling logistics, updating the product catalogue is something under the responsibility of each vendor. Hence, the entire headache is divided and makes the operations smooth.
Now that you don’t need to manage the inventory, catalogue updates, you may not require experts for the same. All you need to do is focus entirely on sales and customer support teams who will also help in scaling the market and keep customers satisfied. This method is quite cost-effective and also offers higher efficiency.
Inventory Not Compulsory
Managing inventory is the most intimidating task for the store owners of a B2C store, whereas in a marketplace, everyone but the owner requires to manage the inventory and it is a great relief for the store owners. Warehouse and human resources related responsibilities are now the headache of vendors, making it seamless for owners to manage the marketplace.
With a single vendor online store, the seller has so many responsibilities. But with marketplace, the admin has complete control on choosing, allowing, restricting the vendors. But, after that, all the other responsibilities are on the head of vendors. Each vendor has to take care of their own store so the overall marketplace comes with enhanced customer experience and functionality.
Well, what are the major benefits for sellers and customers?
All the industry verticals can be benefited from this amazing concept of a multi-seller marketplace.
Okay, Convinced that marketplace is a great idea to improve my business and enhance the functionality of my store. But where can I get the best marketplace developed?
Well, when it comes to Magento marketplace, there are a large number of magento partners offering marketplace development services. Let me list out some of the top Magento marketplace developers to help you better: