Single Vendor eCommerce Store to Multi-Vendor Marketplace: Should You Choose the Latter?by Tech Geekk writer
Brick and mortar stores and shopping malls feel like a thing of the past; sure, the concept is still alive and well, but the fact remains that over the past few years, digital retail stores have taken over. However, precisely what is the reason for the rising popularity of the online marketplaces despite the many benefits physical stores have to offer? A variety of factors, including the convenience of digital payments, hassle-free returns, easy access to various products and services, and significantly better transparency among others.
So, it is understandable that more and more conventional stores are turning to digital retail to capitalize on the opportunity in the market. However, as the examples of behemoths like Amazon, Alibaba, and Flipkart demonstrate — a single-vendor e-commerce store is a highly risky venture in today’s cut-throat market. When you come to think of it, you will realize it is hard to name even one single-vendor e-commerce store — that’s because they are highly challenging to sustain. However, that doesn’t mean you straight jump to the multi-vendor approach because any business decision must be carefully thought through. So, to help make that decision a tad easier for you, we have listed some of the top reasons why you should opt for a multi-vendor marketplace.
- Benefits for customers: One of the biggest concerns for any e-commerce business is ensuring that its customers find what they are looking for. In a multi-vendor marketplace, customers gain access to a variety of suppliers which translates into a broad selection of options. Moreover, that’s not all — customers are also able to benefit from the many offers that different vendors put up from time to time as a part of their marketing initiatives. Finally, such marketplaces allow buyers to rate and review their experiences with various vendors, allowing customers to buy without any worries.
- Advantages for sellers: Such a market serves as a perfect platform for small scale vendors, empowering them to reach a comprehensive set of audience. Another advantage of a multi-vendor marketplace is that prices can be set following the quality offered by each vendor. Also, if there’s ever a fluctuation in demand, owners always have the choice to regulate the number of vendors on their platform.
- Asset for suppliers: Suppliers don’t have to worry about investing too much in marketing programs for their business since they have to sign up with the marketplace to get started. Besides that, suppliers also get access to a trustworthy platform that gives them access to audiences all over the world and that too without any massive investments.
Multi-vendor solutions are the way forward in the world of e-commerce where competition grows intense by the second. While single-vendor e-commerce stores may have been viable options in the past, there is no denying that an e-commerce business looking to stay afloat in the current market must adopt this novel approach or risk ending up with a company that is not fit to survive in today’s environment.
Created on Sep 20th 2019 01:58. Viewed 723 times.