Top Multi Vendor Marketplace Extensions for Magento 2
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A number of internet users prefer to spend on e-commerce websites as they are secure to use. That is why U.S. online users spent $861.12 trillion in 2020. This spending was an increase of 44% from 15.1% in 2019. Thus, creating a multi-vendor marketplace for Magento 2 holds a wide scope of growth since billions of internet users prefer purchasing from them as their first choice.
Guide to create an online marketplace.
This blog guides you through-
- Create your online marketplace
- Magento 2 multi vendor marketplace open-source platform
- Marketplace open-source extensions for Magento 2
- Marketplace Basic Extension
- Marketplace Platinum Package
- Advanced Marketplace Extensions
Create your online marketplace
A lot of merchants switch to the multi-vendor marketplace models from an online store when they see any scope of transformation. One such marketplace is Amazon. It was an online book store once and today it is known as the most dominant marketplace in the e-commerce industry.
You can also convert your online store running on Magento 2 into a multi-vendor marketplace through compatible extensions. When you create your Magento 2 multi-vendor marketplace, you simplify the purchasing process for your buyers. You enable them to track their orders, signaling that you care for them, they are relaxed that their product is on the way.
While the buyers enjoy your marketplace services, explore your product catalog, vendors make sales as they upload products on time. That’s because you have a perfect inventory management system that alarms them to reload their stock.
The fast increasing product offers & site traffic give marketers and merchandisers the ability to capture more customers and revenue.
To create your multi-vendor marketplace, pair your online store with marketplace extensions. These extensions should comply with your e-commerce platform. Which e-commerce platform suits you the best and which extension would comply with your needs? Let’s discuss below.
Magento 2 multi vendor marketplace open-source platform
There are already many ecommerce multi-vendor open-source platforms available in the market like Magento 2, Shopify, WooCommerce, etc which can be either open-source or SAAS-based. Now, what e-commerce platform you should choose depends on how much control you want over your store.
If you want to control absolutely everything in your ecommerce marketplace, you should go with an e-commerce multi-vendor open-source platform. And Magento 2 is one of the most popular eCommerce multi vendor open source platforms.
It’s most spoken about because it helps to make your platform highly flexible and infinitely scalable, which is one of the reasons why Magento 2 is often considered by many to be the premier ecommerce platform.
- Flexibility– Magento 2 gives you the flexibility to customize your online store. With its open-source feature, Magento gives you the liability to extend your platform to make it unique.
- Choose your hosting services– Magento gives you the freedom to choose your favorite hosting services such as AWS, Cloudways, and Nexcess.
- Magento mobile- The free community edition and enterprise edition has an HTML5 platform to make your store mobile-friendly. The Magento M-commerce platform lets you access your store anywhere and anytime.
- Faster loading pages- Magento 2 creates the fastest ecommerce websites.
- SEO-friendly website- Magento’s content management system is optimized well for search engines. It contains features such as URLs, sitemaps, product title, layered navigation, keywords, meta tags, and meta description.
- Integrates third-party extensions- Magento open-source e-commerce platform adjusts third-party extensions to its platform well. It allows the extension providers to make as many modifications as they want. You can integrate extensions of Google Analytics, Paypal, eBay, Mail Chimps to aid in data analysis.
HallHubar, a German online retail store for apparel, runs on the Magento 2 platform. It has a -1% bounce rate. Other than HallHubar, even Samsung, Ford, Olympus, Aldo, and other such e-commerce businesses have Magento 2 as their base. It’s a must-say that Magento 2 has unique qualities that such top entities prefer to use.
You need to install an extension to convert your online store into a multivendor marketplace for Magento 2
Create an online store just by configuring your database and installing Magento on a server. But your online store is not a marketplace yet. To transform your online store into a multivendor marketplace for Magento 2 you’ll need to install an extension that would provide such functionality.
For Magento 2 ecommerce multi vendor open-source platform software, there are various marketplace extensions available at Cedcommerce. CedCommerce Magento 2 multivendor marketplace extensions ace the list of extension providers because of the multitude of features it delivers and that too at zero cost.
Marketplace open-source extensions for Magento 2
Magento 2 multi vendor marketplace extensions cover all the essential features that are enough to create an Amazon-like marketplace.
1. Marketplace Basic Extension.
Marketplace Basic Extension is the multi-vendor module for Magento 2 that lets you add unlimited vendors at a highly affordable cost. Your online store having this marketplace extension gives the following advantages to you, your vendors, and buyers in the following ways-
- Separate dashboards for vendors.
Each vendor gets their dashboards as they sign up on the Magento 2 multi vendor marketplace. This dashboard makes their business management easy. They monitor business activities such as the pending amount left to be received through their dashboards and see the number of sales they made and orders they received from distinct geographical areas.
- You permit vendors to list products on their vendor shops.
Each vendor has a separate shop page that links to the frontend through their shop URLs. On their shop page, you allow them to upload three types of products-simple, virtual and downloadable. They add product details and images through their shop at your discretion.
The marketplace extension lets you put a limit to the downloads of downloadable products. You specify the format of the file such as JPG, JPEG, PDF to limit the downloads. You also have the authority to allow which product vendors can display on your marketplace’s frontend.
- Your Magento 2 multi-vendor marketplace carries a smooth checkout process.
Buyers enjoy using your Magento 2 multi-vendor marketplace open-source platform. They do not face troubles during the purchase process as the marketplace offers them everything they need. They altogether add products from different vendors to their cart. Your multi vendor marketplace for Magento 2 offers them payment modes such as credit or debit cards, COD, or bank transfers.
- You split payments with your vendors.
Once the transaction completes, your ecommerce multi vendor open-source platform earns money by splitting the amount with your vendors. You either apply a commission on them or fix a rate on their orders.
Download Marketplace Basic Extension either from Cedcommerce’s website or Magento Marketplace and refer to its installing guide for instructions.
After its successful installation, a new Marketplace option appears in your admin panel menu from where you access all the vendors registered on your store along with their products, orders, and configurations.
A dedicated vendor login tab appears on your multi vendor marketplace for Magento 2 from where sellers can sign in and register their shops.
Clicking the “I am a Vendor” tab, will be redirected to a new page where sellers either login or sign up.
When signed up, the seller’s account status will initially show pending by default. Now you have full authority to approve, disapprove, or delete a vendor and his products and even enable/disable his shop from the Magento 2 multi vendor marketplace.
Only the vendors who have accounts verified by you can log in as a vendor and access their dedicated vendor panel.
Now anyone can easily create a fully functioning ecommerce multi vendor open source platform at a very low cost.
In this marketplace basic package, your vendors cannot process their orders like creating an invoice, generating shipment, and handling refunds. They can’t create all types of products allowed in Magento, nor can they create custom product attributes like t-shirt color and size.
To use these advanced features, integrate further Magento 2 multivendor marketplace extensions and add-ons to your store designed specifically to meet your needs. It’s worthy to note that Cedcommerce also customizes extensions on their client’s requests.
You can see how it customized extensions for Openflick from this success story- How Openflick is an example of a successful event marketplace?
Want to build a more classy online multi vendor marketplace? Head on to the Magento 2 Marketplace Platinum Package. This package comes with nine additional add-ons which are essential for any multi-vendor marketplace for Magento 2.
Get Marketplace Platinum Package for Magento 2
2. Marketplace Platinum Package.
The Marketplace Platinum Package has all the features of the Marketplace Basic Package along with nine add-ons crucial for every multivendor marketplace for Magento 2. It is an advanced version of the basic one.
The platinum package will add the following functionalities to your multi-vendor marketplace.
Features for you:
- Set commission based on product type, category, and vendor group.
- Assign your own products to sellers.
- Assign multiple shipping methods to your sellers.
- Buyers rate and review vendors according to their service.
Features for vendors:
- Vendors carry out the whole process of orders. They create invoices and ship their products.
- Create all six default types of products available in Magento including configurable, bundled and grouped products.
- Create custom product attributes.
- Login from their social media account.
- Choose from multiple shipping methods.
- Can use UPS shipping method.
Marketplace platinum package gives you control of your marketplace in a more sophisticated way. The basic vendor, buyer admin features are there, but it makes your marketplace more fun to use in following ways-
- CRM tools– Do better marketing campaigns with CRM tools such as Hubspot.
- ERP solutions– Maintain the information of users through ERP solutions such as Odoo and Quickbooks.
- Web-based Point of Sale solution- Merge your offline store with Magento 2 multivendor marketplace using the web-based POS solution.
- Native app development– Develop mobile apps for your marketplace because they bring endless traffic.
- Headless PWA solution– Other than your native apps, get the PWA solution from this marketplace platinum package. They give you another source of leads along with native apps.
3. Advanced Marketplace Extensions.
The Advance Marketplace Extension is a customized extension for Magento 2 multivendor marketplacethat develops websites like Amazon and Ebay. Following are some features that can enable your marketplace:
- Elastic based search, layered navigation up-sell and cross-sell products to improve search results on your marketplace.
- Incentive referral and manageable customer wallet.
- Responsive Vendor Panel with RTL support.
- Multiple shipping and payment integration.
- Besides charging commission and shipping fees, you can levy other multiple fees.
- Vendors communicate with either you or your buyers through vendor messaging addon available only in this package.
- You assign your created products to vendors to sell them through them.
Moreover, browse through an array of extensions and add-ons for Magento 2 multi vendor marketplace open source platforms from the CedCommerce website and choose the one that best suits your business requirements.
Get Advanced Marketplace Extension
Online Multivendor Marketplaces change the retail landscape because they put users at the very core of the whole shopping experience. Following are the reasons how a multivendor marketplace for Magento 2 enhances customer experience:
- Selection- Access to a variety of products for comparison in one place.
- Competitive Pricing- Weaker products get weeded out, and prices are low too.
- Stable Inventory- Out-of-stock situations are rare as inventory is sourced by multiple sellers.