An Online Marketplace has multiple benefits over an online store. With a Marketplace, you can offer multiple products to your customers and can target and acquire a huge number of customers. If your want to grow your business then converting your online store into a Marketplace can be a great idea where you don’t even have to maintain your own inventory. You can invite sellers on your marketplace and earn a commission from their selling.
A Marketplace not only benefits the owner but also the sellers and the customers. If you just have started selling then selling on a marketplace like Etsy, eBay, Walmart is far better than selling on your online store. On a marketplace, you get a huge number of customers and you can start earning from the first day. As customers love purchasing from a marketplace, you don’t need to worry about promoting your products and your brand. For customers, a marketplace is the best place from where they can satisfy their all needs from a single place.
In this article, we will be discussing all the benefits of converting your online store into a Marketplace and the perfect solution to do it.
Top Advantages of Starting an Online Marketplace:
1. Easy Inventory Management by Sellers:
Knowband offers a Multi-vendor Marketplace addon by which the admin can easily create his own marketplace within simple steps. The extension offers a seller dashboard to all the sellers and vendors from where they can check their total earnings, total sold products, total paid and pending payouts, etc. The sellers can also update their profiles, check customer reviews, and can create payout requests from the dashboard easily.
2. Offers a Variety of Products:
The biggest advantage of a marketplace over an online store is that it offers an ‘N’ number of products to the customers. The buyers can find all kinds of products in a single place which is pretty awesome. Nowadays, the customers don’t like to buy different products from different stores, they just want all the products in a single place and Amazon and Flipkart are perfect examples.
3. Earn Commission:
On the marketplace, you don’t need to keep inventory or manage it in a warehouse, you can let the sellers manage the inventory and earn your part in the form of commission. As most of the job is done by the sellers, you can easily earn your commission on the Marketplace by just being the owner of the marketplace. Yet you have many responsibilities to manage the smooth functioning of the marketplace and restrict negative elements and activities on the marketplace.
4. Easy Order Management:
Knowband’s Multi-Seller Marketplace extension allows both the vendors and the admin to manage the received orders easily and conveniently. The sellers and the admin can check all the received orders from the customers and can change their status from the back-end.
5. Run Deals and Offers:
The Marketplace extension allows the sellers to create attractive coupon codes from the seller dashboard and let them run exciting deals and offers on the marketplace.