Multi Vendor Marketplace for Magento 2
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Today’s eCommerce retail industry is multi-channel, and it’s the retailers who espouse “sell anywhere to sell more attitude” are the most successful. The online marketplace is basically a website where you can find products coming from multiple vendors, would they be brands, shops or persons, on the same platform.
It’s the marketplace operator’s responsibility to attract more customers and keep track of all transactions, whereas the vendor has to deal with manufacturing and shipping of his products. This way, the marketplace avoids holding stocks, and the manufacturer sells directly his own products.
The fast increasing product offers & site traffic give marketers and merchandisers the ability to capture more customers and revenue.
Since online marketplaces target a different audience and sell different products, hence setting up a marketplace is very different than setting up a regular e-commerce website. For instance, the catalog changes frequently, and you may never see the same product again on a marketplace.
With great discounts, more access to a large user-base, greater trust, ease of signing up and search-ability, more and more sellers are flocking to marketplaces.
Data on Retail Ecommerce Marketplace Sales:
The graph doesn’t just show steady growth but also projects a great increase in retail e-commerce sales in the country in the next few years. Moreover, one requires special software tools designed specifically to execute and accomplish complex operations of a typical online marketplace.
There are already so many eCommerce marketplace platforms available in the market like Magento, Shopify, WooCommerce, etc which can be either open source or licensed, Saas or Pass based. Now, what 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 then you should go with open source. And, Magento is one of the most popular open source eCommerce marketplace platform, as it has lots of users constantly designing new plugins and extensions.
This also helps to make their platform extremely flexible and infinitely scalable, which is one of the reasons why Magento is often considered by many to be the premier e-commerce platform.
The best thing about the Magento Community Edition is that it comes preloaded with a zillion features, many of which aren’t even available on other open source platforms. For example, support for multiple stores, languages, and currencies.
You can 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 you’ll need to install an extension that would provide such functionality.
Just like eCommerce marketplace platforms, there are various marketplace extension available in the market too. You can check out this article on detailed comparison between the most popular eCommerce extensions which has compared marketplace extension from CedCommerce, Webkul, VnEcoms and Apptha.
Out of which CedCommerce Marketplace extension aces the list because of the multitude of features it delivers and that too at zero cost.
Now let’s check how it all works.
You can download CedCommerce Marketplace Basic and refer to it’s installation guide for instructions.
After it’s successful installation, a new option of Marketplace will appear in your admin panel menu from where you can access all the vendors registered on your store along with their products, orders, and configurations.
A dedicated vendor login tab would appear on your website 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 can either login or sign up.
On sign up, seller’s account status will initially be pending by default and now the administrator(store operator) has full authority to approve, disapprove or delete a vendor and his products and even enable/disable his shop from the website.
Only those vendors whose account has been approved by the administrator can login as a vendor and access their dedicated vendor panel.
Sellers can perform following tasks from their dedicated panel:
View analytical sales report from the dashboard.
View and edit his profile.
Add new products to the catalog.
Manage products in inventory.
View his orders and their current status.
View allowed logistics services and payment modes.
View transaction history.
Send request to the administrator for any payment due.
Customers can view all the sellers on your website and browse their products from their dedicated shop in Marketplace.
The administrator can set either fixed or percentage based commission on each sale of vendor’s products from vendor configurations.
All customer payments first go to the administrator’s account, which he then further transfers it to his seller’s account after deducting the commission.
Now anyone can easily create a fully functioning online multivendor marketplace at very low cost.
Since this extension is extremely light on the pocket, it will obviously have some limitations. For example, 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 you’ll have to integrate further extensions and addons to your store that has been specifically designed to serve that purpose.
You can browse the wide array of extensions and add-ons for Magento from CedCommerce website and choose the one that best suits your business requirements.
Or you can buy the Marketplace Platinum package at a discount prize which comes with nine additional add-ons which are essential for any multivendor marketplace.
The platinum package will add following functionalities to your multivendor marketplace
Features for store administrator:
Set commission based on product type, category and vendor group.
Assign his own products to his co-sellers.
Assign multiple shipping methods to his sellers.
Customers can rate and review vendors according to their service.
Features for co-sellers:
Process whole orders all by themselves.
Create all six default types of products available in Magento.
Create custom product attributes.
Login from their social media account.
Choose from multiple shipping methods.
Can use UPS shipping method.
Moreover, you can browse the wide array of extensions and addons for Magento from CedCommerce website and choose the one that best suits your business requirements.
Online Multivendor Marketplaces are changing the retail landscape because they put the consumer at the very core of the whole shopping experience. Following are the reasons how multivendor marketplaces 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.
The Advance Marketplace Extension is a customized extension for magento 2 that comes with several built-in extension to develop websites like Amazon and Ebay. Following are some features that can enable your marketplace:
- Advanced order and transaction management
- Incentive referral and manageable customer wallet
- Responsive Vendor Panel with RTL support
- Search Engine Optimization
- Multiple shipping and payment integration.
Marketplaces represent an exciting growth area in e-commerce and entrepreneurs who can conceptualize and execute their own ideas, now is the time to build their own online multivendor marketplace.
You can contact us for any query regarding multivendor marketplace solutions and customization.