How To Attract Sellers For My Ecommerce Marketplace Website?
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In this competitive economy, the difficulties faced by ecommerce marketplace website startups are more convoluted than that of offline businesses. Multivendor ecommerce platforms are the most prominent trend of the eCommerce industry. An ecommerce marketplace is a platform service, whereas a business owner you need to obtain clients from both supply and demand sides.
The first thing for you to do in the initial stages of creating your e-commerce marketplace websites is to focus on developing your supply base, by inspiring vendors to list their items on your ecommerce marketplace.
If you want to run your e-commerce marketplace websites smoothly, then there must be adequate providers offering the products and services to clients. It is fundamental for you to strategize how to obtain vendors with the end goal to guarantee that they are the correct ones that you are searching for.
In any case, how would you get more merchants or even the initial couple of sellers on the off chance that you have recently propelled your online marketplace? We are here to give you some helpful tips on that. But, first, let’s get your basics clear!
Also Read: How to create an online marketplace?
What is an e-commerce marketplace website?
Starting it from scratch, we thought of answering and putting up questions from an e-commerce beginner’s perspective. We believe it’s very essential to be well-versed with the entire concept of an e-commerce marketplace website before starting one. That way you can easily grow and manage your online marketplace.
So, an e-commerce marketplace website is a website where different brands and multiple vendors sell their products on one single platform. The owner or the admin of the e-commerce marketplace deals with attracting vendors to the platform as well as the management and transactions of the e-commerce marketplace website. On the other side, the third-party vendors are responsible for the manufacturing and shipping of the products which they are representing. In a nutshell, an online marketplace streamlines the entire process of buying and selling products via one single platform, where the admin manages the platform, different vendors sell their products directly to the customers and the audience gets to choose from a wide range of products.
So, if you’re someone who’s thinking to step into the e-commerce world, then creating an e-commerce marketplace is the right choice for you.
How To Attract The Vendors To Your Ecommerce Marketplace Website?
Owning a multivendor ecommerce marketplace platform means more merchants and eventually more earnings for everyone. If you have more items on your marketplace – then more individuals visit and more sales will happen.
Here is a stat from Statista that shows, in 2017, retail e-commerce sales worldwide amounted to 2.3 trillion US dollars and e-retail revenues are projected to grow to 4.88 trillion US dollars by 2021.
1. Reach Vendors on the existing platforms
Where do you begin from while searching for vendors for your ecommerce platform? One path is to take advantage of the existing platforms where your target sellers are active. You can do this by online or offline methods. For example, Facebook groups or online forums, where individuals having similar interests assemble. These online platforms encourage discussions that enable potential providers to promote their items.
How at that point do you persuade these providers to list their products and services on your multivendor marketplace? You should be prepared to demonstrate that you can offer them an option that is superior to the currently available market choices. After grabbing the contacts of sellers, create a comparison analysis of your ecommerce marketplace with competitor’s marketplace, and distinguish your ecommerce marketplace as a better alternative.
How to set-up an e-commerce website/online marketplace?
In case you’re wondering what it takes to set up an online store for your business, you’ve landed on the right place. From creating a powerful and dynamic business plan to making your website live, we have figured it out for you in simple steps. Curious? You must be. Click the button below to create your own e-commerce store now!
2. Do Marketing of your e-commerce marketplace website smartly
Marketing is the most efficient and effective technique that can be used to promote a multivendor marketplace. A good marketing strategy helps in attracting vendors to your multivendor marketplace. Here are some of the ways to promote your ecommerce marketplace platform:
- Utilize the Advertising Platform Efficiently:
You can attract vendors with the help of social networking. It is a handy way to reach out to vendors. Sharing informative and promotional posts on social networks can bring great results for your business. You can also reach out to local vendors who are not available on social networks by visiting them personally. There are a lot of vendors who may not know about social media but can add a lot of value to your ecommerce marketplace.
- Proper targeting of ads:
Running a google search and display ads campaign is also another great way to promote your marketplace. Create your ads for the vendors to register on your online marketplace as a seller. Your ad campaigns should reflect your intentions, otherwise, the provided information can be misinterpreted.
Utilize social media groups, forums, and communities:
Joining groups, communities, and forum discussions of merchants across different social media channels and websites will help you to connect directly with them. This will enable you to associate directly with them. Sharing information regularly on these platforms keep the vendors updated about the latest information.
According to Wolfgang Digital, 43% of all ecommerce traffic comes from organic Google Searches.
3. Search vendors for your e-commerce marketplace website and connect with them directly
So far what we have discussed is how to attract merchants through social media, ads, or from different platforms. Let’s see a couple of outbound promoting approaches to specifically associate with merchants for your online store.
But first, you have to realize wherefrom to discover merchants’ data. Below are some of the points that will help you:
Online Business Listings: Find top business listings like Google Maps, Apple Maps Yellow Pages, Manta, Yelp, and etc. for the vendor of your chosen specialty.
Merchant Associations: You can search for local vendor associations and try to get information about the vendors of your chosen specialty.
Trade fairs: You can also attend the local trade fairs. From trade fairs, you can find out vendors who are related to your business. Tell them directly about your business and get contact information so you can reach them in the future.
When you have adequate dealer information, now is the time to start contacting the vendors through online and offline modes of communications, Skype, social media and etc.
4. Use the Email marketing technique
Composing an email layout, attempt to hit the main points on why sellers must register on your ecommerce marketplace. Try not to waste your letter space on the presentation of yourself and your possible arrangements for developing the second Amazon. Share the link of the “About Us” page or compose it at last. The last thing you need to focus on is personalizing your emails. Emails with personalized message content received a 5% lift in open rates compared to emails with no personalization, according to a study by Statista.
5. Write blogs to attract vendors
A blog is likewise a decent method to draw in individuals to offer on your ecommerce marketplace website. Show them the reviews and success stories of your current vendors, business bits of knowledge, and other helpful data for merchants to keep near your business. On search engines like Google, blogs rank fastly if optimized well. In a short span of time, you will discover a link to your blog on Google indexed lists. In any case, it’s ideal for persistent development. According to Hubspot, 55% of marketers say blog content creation is their top inbound marketing strategy.
6. Clearly mention the commission structure
The commission and payment structure is another enormous worry for the sellers. Regardless of whether you’re charging the commission according to the product category, the item, or the quantity everything ought to be clarified.
You have to install the modules at your eCommerce website that consequently separate the expense and ROI. It ought to be relegated to the payment page itself. Any deferral in this may leave the sellers in doubt. For payment, the general pursued methodology is at the end of every week. This keeps the books clean and liquidity is kept up at the merchants’ end.
7. Provide eCommerce logistics and Customer support
Promoting and approaching customer traffic is one of the fundamental reasons single sellers and private ventures will be attracted to your eCommerce website. Creating a huge amount of customer traffic is only half the problem. The following issue is getting items to your marketplace, giving 24/7 support, and setting up a fool-proof returns systems.
In the event that your eCommerce marketplace includes shipping physical merchandise, at that point you may need to think of answers for warehousing, packaging, and afterward finding transportation accomplices and order fulfillment companies who can take on end to end delivery logistics of products.
Discovering sellers, helping them go web-based, creating traffic, conveying an item, and overseeing client desires, these are all link in your ecommerce business chain. Your vendors will come to you for delivery logistics as much as with respect to your advertising hacks. So get this right.
As you can see below the image eCommerce Logistics Market is expected to reach $535,895 million by 2022, supported by a CAGR of 21.2%.
8. Discover what sellers are expecting and frame an ideal offer
There are a couple of basic points of interest that draw in sellers to attempt a multi-merchant online business:
- A chance to grasp new markets and adding up a wide customer audience;
- Capacity to utilize an ecommerce marketplace advance features and framework;
- Another sales channel and extra advancement;
- The opportunity to evaluate online sales and begin their business.
In any case, it’s helpful to build up a comprehension of the interesting needs and attributes of your focused on merchant gathering, to shape a one of a kind offer that will persuade them to join your multi-seller platform.
Subsequently, it’s smarter to execute research that is grasping precisely your group of onlookers.
Also Read: Festive season 2020 preparation
How to promote your multi-vendor e-commerce platform?
The most reliable way to promote your e-commerce platform is by creating and following a power-packed marketing strategy. Besides this, there are effective marketing tools that are especially built for the promotion purposes.
Set up an information-driven picture about merchants
For instance, Etsy’s multi-vendor marketplace review uncovers significant insights concerning its vendor’s:
- 91 percent of the merchants are female;
- 20 percent work at the stage full-time, and 65 percent low maintenance;
- 40 percent of merchants required no subsidizing to begin dealing with Etsy.
With such data within reach, it is conceivable to manufacture a point by point seller representation, to change a proposition, and blueprint the best methodology for future exchanges with sellers.
Such a review can be actualized through surveys or polls, or the information you need can be gotten to through the current studies that are grasping your focus on merchants.
When you have an image on your focused on merchants’ attributes and needs, it’s a great opportunity to set up an offer, and fabricate an obtaining technique.
- Spreading a positive precedent—exhibit your vendor’s prosperity
On the off chance that it’s difficult to speak with merchants face to face, set up a go-to blog, a seller gathering, or a network to indicate potential sellers the achievement of the current ones, to persuade them to join through observing every one of the advantages existing sellers have while taking a shot at your ecommerce marketplace.
Flipkart is demonstrating its sellers’ examples of overcoming adversity alluding to nearby Indian convention of the privately-run company:
This case additionally shows that it is essential to adjust your technique to a targeted seller’s personal characteristics.
In Indian culture, a privately-owned company is normal; accordingly, the virtual marketplace stage isn’t just exhibiting the current dealer’s prosperity, yet it is doing it such that fits the focus on merchants’ qualities.
- Show your device set environment and foundation preferences
An impeccable ecosystem separates the experience on your multi-merchant online business in contrast with other online business stages and can persuade merchants to remain on your webpage.
Offer free trials for sellers to evaluate your multi-seller platform features and advantages before they join, to contrast them with the ones they as of now use.
For eg. LinkedIn offers a one-month free trial to exhibit its environment favorable circumstances to potential clients:
It enables merchants to attempt the best features and is transforming your toolset environment into the most dominant contention to persuade sellers to join your multi-seller e-commerce platform.
How CedCommerce helps you in Creating Your Multivendor Ecommerce Marketplace?
CedCommerce provides you support in Creating Multivendor Marketplace. If you want to make your dream come true we provide readymade Open Source Marketplace Script with non-encryption. You can also easily customize all features and products based on your requirements.
Our Marketplace Platinum Package for Magento 2 converts your store into a multivendor marketplace. This package consists of Marketplace Basic extensions along with 9 necessary add-ons at affordable prices. Here are some key features:
- Manage Orders: It enables the vendors to completely manage their orders, creates invoices, shipments, and so on.
- Advance Product Creation: It enables the creation of Configurable, Bundle, and Grouped products.
- Miscellaneous Commission: It helps to impose extra commission on vendors to generate profit.
- Rate Vendors: It helps to rate the performance and the products of vendors for the benefit of other customers.
- Social Sites Login: It helps to log in to the vendor panel using the accounts on the social sites.
Our Marketplace Basic Solution is now available on Magento Marketplace.
We also provide Advance Marketplace Extension which is a custom-made Magento 2 marketplace solution aid you to create a B2C marketplace platform with an array of best and most used features in the industry. It comprises of Magento 2 Multi-Vendor addons, Shipping methods, and Payment modules to develop a website on the likes of Amazon and eBay. Here are some key features:
- Advance order and transaction management
- Incentive referral and manageable customer wallet
- Responsive Vendor Panel with RTL support
- Search Engine Optimization
- Multiple shipping and payment integration
If it’s your plan to start an eCommerce marketplace we’ve got you covered. Be it curating the right solution for you, customized to fit your specific requirements, or assisting you with your hosting needs don’t look further.
The different procedures talked about in this post aren’t only for a normal item offering online website however apply to a wide range of ecommerce marketplaces where numerous sellers are included, for example, online food delivery stores, online clothing store, online grocery stores, etc.
It is conceivable that because of different plans of action, you may need to approach things a bit in an unexpected way, yet generally, these systems will work out viable. Building a multivendor marketplace requires the right planning and execution of that plan, if done right you can achieve the heights of this business in no time.