Understanding Multi-Vendor marketplaces and CedCommerce’ Multi-Vendor Marketplace Solutions
Running short of time? Get PDF of the blog in your mail.
What is a Multi-Vendor marketplace?
A multi-vendor marketplace refers to an online marketplace business were more than a single buyer and seller initiate or conduct transactions. It acts as a digital middleman that connects both buyers and sellers at a common platform, making it convenient for them to find each other, scale their business, and manage it efficiently.
In this business model, not only the store/marketplace owners and buyers but other sellers are also involved. Store owners and sellers, both can be in the area of selling products. Here the store owner is the administrator of the marketplace, but the sellers can also manage their respective products. Some examples of such platforms are Amazon, Flipkart, Airbnb, and eBay.
Features of Multi-Vendor marketplace over an e-commerce store:
Are you checking out all the avenues exploring every nook and cranny of the internet in pursuit of getting a software solution ideal for realizing your dream of starting a multi-vendor marketplace? And at the same time conservative to put your hard-earned money on the higher-priced software solution out there.
Then your search ends here at Cedcommerce’ Multi-vendor Marketplace Solutions. Developed to cater to the aspirations and dreams of thousands of Magento sellers, honoring their hard work and respecting their expectations of getting an affordable solution, Cedcommerce’ Multi-vendor Marketplace Solutions include every advanced feature that you need for your marketplace.
The Cedcommerce’ Multi-vendor marketplace solutions include Multi-vendor marketplace extension that converts your single owned Magento website into a full-fledged and vibrant Marketplace and a Multi-Vendor app that converts Cedcommerce multi-vendor marketplace into a native app.
And, both the extension and native app solutions are available for both Magento 1 & 2.
First, let’s talk about the Magento Multi-vendor Marketplace Extension:
Multi-vendor Marketplace Extension for Magento 2 — Transforms your Magento 2 store into a Multi-Vendor Marketplace Shop. The Basic Version Cost is $60 now and has all the basic functionalities required to set up the multi-vendor shop. Whereas, the Platinum version has some most popular and highly used add-ons that extend the functionalities of your multi-vendor marketplace. It costs $299 and provides the complete package consisting of Marketplace Basic extensions along with 9 necessary add-ons at affordable prices. Enhance your store with the new and advanced functionalities and make it more automated and convenient for your vendors to use. In the Upgraded Marketplace Platinum Package, Admin had got the option to select from 2 themes. Also, the new Ced2K18 theme comprises of 6 color options.
Store owners can keep the track of vendors products and their sales. Also, they charge a commission from – fixed, percentage, or variable – from the vendors. And for vendors, all will have a responsive panel to manage their products, sales, shipping methods, and reports. Moreover, store owners can monitor and manage all these activities.
What can you accomplish with Magento 2 Multivendor Marketplace Extension and its Addons?
1. Vendor Business Profile:
Vendors can have a personalized shop. They are allowed to enter the name of the shop, company name, logo, banner, and phone number. Also, they can link their social media profiles Facebook, Twitter on their shop page. All this to enable them to individually brand their shops which leading marketplaces restricts them from
2. Multi-Currency Support & Multi-Language Support:
E-commerce transcends geographical boundaries. Your and your vendor’s customer can be located in any part of the world and may speak different languages. Thus Multi-Currency Support enables you and your vendors to reach out to all these customers and trade, and Multi-Language supports help you cater to them in their native language.
3. Groups & Membership Plans:
Multi-vendor Marketplace facilitates the creation and management of Vendor groups & their access to different features of the marketplace. You can create different Membership plans for your Vendors with distinct privileges depending upon these groups.
4. Built-In Product Types:
You and your vendors will be able to sell all the product types supported by Magento 2 – Simple, Configurable, Bundle, Downloadable, Grouped, and Virtual product types. Also, you and vendors can Upsell, Cross-Sell, and Related Products & Custom Options.
5. Shipping Methods:
The Cedcommerce’ Multi-vendor Marketplace solutions offer various multiple shipping methods. Using these add-ons, vendors can calculate the prices vendors-wise or the site owners.
6. Payment Methods:
Multi-vendor Marketplace has payment add-ons PayPal Adaptive, Braintree, etc. apart from Check/Money Order, Bank Payment, to carry out the transactions between Admin to Vendor or Customer to Vendor.
7. E-Mail Notification:
The communication is the most important pillar in establishing trust with the customers. Therefore, emails are being sent to the Vendors and the admin at the occurrence of each and every important event.
8. Commission and Transaction:
Multi-vendor Marketplace supports Fixed rates, Percentage rates, and Variable commission. You can set commission product wise, category wise, and vendor wise. It also has an interactive GUI to make payments to the Vendors.
9. Vendor Messaging:
Whether greeting with a ‘Thank you’ message or for resolving the misunderstandings between the customers and the vendors at your Magento marketplace, Vendor Messaging Add-on helps conduct conversations that can be managed separately.
10. Responsive Vendor Panel:
As the customers are becoming smart with their smartphones, the Responsive Vendor Panel theme enables Vendors to manage their accounts, products, and sales from PCs, laptops, tablets, and mobile phones with a proper display and 100% functionality.
11. Vendor SEO Suite:
Mere existence on the web is obsolete therefore each product has its own Meta tags and description. The site owner can put the Vendor Panel as a sub-domain and rewrite all the Vendor related URLs. So it’s SEO friendly as well.
12. SMS Notification:
Apart from Vendor messaging, some other activities like Checkout, Placing Order, etc. require the step to be communicated with the customers, therefore, it keeps them updated with the current activities.
13. Advance Reports:
Vendors can see Out of Stock, Sold Products, Sales Report, Product Views, and Payment Report from the vendor panel. And admin, too, can view the reports related to Multi-Vendor Marketplace that includes Sales, Products, and Returns Report.
To regulate the canceling and late delivery of the products, admin can control the late delivery and cancellation of orders through charging the fine from vendors as per the Service Level Agreement between the Marketplace Owners and their Vendors with respect to cancellation/completion of orders from vendors.
15. Advance Shipping & Order Facility:
Vendors can assign tracking numbers to their orders accompanied by weight-wise commission calculation for every product depending upon the weight range. Auto-shipment & auto-invoice generation features are also available.
16. RTL Compatibility:
The languages that follow Right to Left formats like Persian, Hebrew, and Arabic can also be integrated with the marketplace.
17. Order Management:
Multi-vendor Marketplace facilitates the vendors to manage their orders, generate Invoices, Shipment, and Credit Memo (in the case of a refund) from the Vendor Panel.
The Multi-vendor Marketplace is developed with a holistic approach to offering solutions to the problem faced by entrepreneurs. Also, as the majority now shop using their phones, it was necessary to offer native mobile app solutions for buyers as well. Therefore, the Multivendor app solution is also offered to entrepreneurs.
Advance Marketplace Extension
It is a custom made Magento 2 marketplace solution to aid you to create a B2C marketplace platform with an array of best and most used features in the industry. It comprises built-in extensions, Magento 2 Multi-Vendor addons, Shipping methods, and Payment modules to develop a website on the likes of Amazon and eBay.
Now, It’s the time to talk about Multivendor App:
We split the CedCommerce Multivendor Marketplace app into two different apps.:
- Multivendor Marketplace BUYER APP
- Multivendor Marketplace VENDOR APP
1. Multivendor Marketplace Buyer App:
Multivendor Marketplace Buyer one is the fully customer-centric app where the customer can come across and place the order for vendor’s products. All the vendors’ products for sale will be available for purchase in this app. Customers will also be able to view the vendor shops and their profiles.
- Buyers dedicated app: Marketplace focused users are the buyers, They can choose their desired products and make them add to cart then place the order for those products.
- Sellers Products publications: Sellers can post their products to the marketplace using their mobile devices via the Multivendor Marketplace App. Admin will review the products and product will make it live on Marketplace.
- Choose your Seller and Dedicated shop page: Here in Buyer app customers will get the functionality to select the appropriate seller. By choosing the seller customer can reach the seller shop page as well as customers filter the products of sellers as per requirement.
- The flexibility of Shopping: With an app comes to the flexibility of buying irrespective of place, just search and choose the product that customers want to buy.
- Review and Ratings for Seller: Customers can review the products and can rate the sellers. The Review will decide the performance of any marketplace shop.
- Most Payment Method Support: Multivendor Marketplace app supports almost every payment method. There is no restriction of payment method support that can be integrated with the Buyer App.
2. Marketplace Vendor App:
The second app is for Vendors. Vendors are the most important entity of the Marketplace. Vendors can come to Marketplace and got themselves register. After the verification of their account, they are eligible to list products on the Marketplace.
- The seller can register through the app: Vendors/Sellers can register themselves by signing up or through Social login account signup. possible.
- Add Products for Sale: All the product types supported by Magento can be sold on this app as well. The Vendor can easily add their products through the app. Product approval/disapproval notification is sent to the vendor instantly.
- Manage & Process orders: As soon as the order is placed for the vendor products, an instant notification is sent to the corresponding vendor and then the vendor can easily process the order.
- Manage Transactions: Marketplace Admin can release the payments for the vendor’s completed orders. These payments can be handled easily by transactions.
- Set Shipping and Payment Methods: The vendor can set his shipping and payment methods by using his app. On the basis of the Shipping, method rates will show.
Therefore, Cedcommerce Multi-Vendor Marketplace Solutions comes as the real affordable solution for all the entrepreneurs dreaming of expanding their business. And with these solutions in place, it is a matter of hours to expand their outreach.
Why just sell your products on eCommerce stores? Leap beyond a web-store and build your own eCommerce marketplace and add multiple sellers and develop a versatile product range. Why earn only from your product? Earn on sales from every vendor. Watch this video.
Thanks for your interest!