Ever wondered how an online bookstore went on to be a $2.5 billion company within a span of 10 years? Ever wondered if you could achieve the same feat with an online marketplace website like Flipkart of your own? Do you ever consider How to build a website like Flipkart, Amazon, Snapdeal and the likes?
If you answered yes read on to find out the features that make Flipkart stand out and witness huge growth. Also get the answer to how you could build a website like Flipkart of your own.
Why create an e-commerce website like Flipkart, Amazon, Snapdeal etc. ?
Before answering the ‘why’ to build a multi vendor marketplace like Flipkart, it becomes inevitable to find out if e-commerce website like this are actually solving a customer problem.
The idea online marketplaces bank upon is simple: Convenience is of utmost importance to the customer.
Considering the increasing popularity of the e-commerce sector and the fact that convenience is indeed a value proposition for the consumer such marketplace website like Flipkart will continue to witness huge growth in the years to come.
Flipkart is an Indian e-commerce company with its headquarters in Bangalore. It began operation by selling books online. Sachin Bansal and Binny Bansal laid the foundation of this giant marketplace, Flipkart in the year 2007. It started off as an inventory based model and then went on to restructure itself as a multi vendor marketplace in 2013. Today it has evolved from being an online bookstore to an ecommerce giant. The revenue comes around to be over $2.5 billion by the year 2016. The website boasts of an Alexa ranking of 139 globally and is the first Indian e-commerce company to reach the $1 billion mark.
E-commerce share of total global retail sales from the year 2015 to 2021.
Flipkart’s valuation in 2016
The retail sales accounted for 8.7% of the total retail sales in the world in the year 2016. This figure is expected to rise up to 15.5% in 2021. Hence, it is evident that a multi vendor marketplace like Flipkart, Amazon, snapdeal etc is a booming venture and has huge scope for many players. New initiatives in the field can shine with their innovative interventions.
Recently in a milestone deal in the ecommerce chapter of India, Walmart acquired Flipkart in a whopping $16bn. This deal is a very clear trust vote for the potential of this sector. It would encourage more people to jump into the promising waters of eCommerce and leverage the benefits it offers.
What features help a website like Flipkart, snapdeal etc. stand out?
Starting an e-commerce website means considering different dynamics of making the experience of buying and selling an efficient one for the customers and vendors. This includes the following:
- Plenty of options to the vendors for adding multiple products and their variants: e-commerce Marketplaces such as Flipkart,snapdeal, amazon etc allow the coming together of multiple sellers on its platform and enables them to showcase their array of products and their corresponding variants.
- Managing orders: Enables the vendors to manage their orders, create invoices, shipments for the same. Effective order management being handled by the sellers itself helps infuse efficiency in the larger goal of customer satisfaction.
- Separate shop page for vendors: E-commerce website like Flipkart, Snapdeal, Amazon offer separate shop pages for different sellers that list the products of that particular vendor only and also includes details provided by the seller at the time of registering on the marketplace.
- Online payment and different payment modes: In order to make the payment system more robust for the customers as well as the sellers on their e-commerce platform online payment is integrated within the multi-vendor marketplace itself. With the inclusion of online payments, the conversion rates also improve.
- Allowing customers to review and rate the vendors: A website like Flipkart, Snapdeal, Amazon is largely built by leveraging customer trust and word of mouth which is the undoubtedly the most trusted way of establishing credibility among the community. Hence, allowing users to review the services seems like the most plausible idea. This would be the most logical step to convince more and more people to use the offered service.
- Easy returns and refunds: Multi vendor marketplace in order to establish credibility and facilitate returns allows for easy refunds to the customers purchasing products from their platform.
- Multiple shipping methods: E-commerce websites are seen to allow the sellers to provide customer support by offering multiple shipping methods.
- Filtered results: The customers are offered the ability to get filtered searches based on various attributes desired by the customer on these e-commerce multi vendor marketplaces.
CedCommerce supports the building of a similar website like Flipkart owing to its Marketplace extensions. For assistance visit:CedCommerce.com
How to Build a multi vendor marketplace website like Flipkart, Amazon, Snapdeal etc. ?
To design a multi vendor marketplace website like Flipkart, Amazon, Snapdeal must have features are online payments, functionality for review and ratings, filtered searches etc. These features could be incorporated to build an efficient website.
The three major action items that an online business owner shall address for building a marketplace are-
- Domain registration
- Design and Development
Building a multi vendor marketplace from the very scratch is a tedious and time-consuming task. Potential players in the field also wonder how much does it cost to build a website like Flipkart, Amazon, Snapdeal etc. . The majority time that should be deployed to building a strong customer user base, for the service being offered goes into dealing with the technical aspects of building the platform.
What is the future of eCommerce?
The past trends and future patterns of eCommerce growth both seem very promising. Ecommerce sales accounted for more than 50% of the total retail sales in the past year. These are apparently the most encouraging figures and the largest growth share in online sales since 2008.
Worldwide ecommerce retail sales are expected to reach new heights by 2021 with an anticipated 265% growth rate.
CedCommerce offers the required technical solutions tailor-made for building one such platform. CedCommerce’s Magento 2 Marketplace extensions and add-ons are readymade affordable solutions for building a website like Flipkart, Amazon, Snapdeal etc.. These extensions come with a bevy of features to aid the development of a rich multi-vendor marketplace. A marketplace equipped with these features is ought to have the best functionality.
For Building your own multi vendor marketplace and to see what our clients have to say about us please visit: CedCommerce
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