Find the Best Online Marketplace Software

What is a multi-vendor marketplace?

A marketplace where a business needs to deal with multiple vendors on a regular basis is termed as a multi-vendor marketplace. The task can be time-consuming and intimidating in case of hundreds of sellers so it is better to exploit robust marketplace management software like multivendor marketplace software.

Multivendor marketplace software refers to an online marketplace software that facilitates innumerable transactions from multiple sellers. It creates an efficient multi-faceted environment and allows seamless business with multiple sellers. The multivendor marketplace software facilitates in converting an ordinary store to a fully functional marketplace which has a number of sellers/vendors. It also enables the businesses to keep a track on the sales and even facilitates in adding more and more sellers.

Multivendor marketplace software allows the sellers to have their own profile and a separate collection page with various products. The marketplace coordinator can easily set commission for each seller. The software is loaded with various features that assist the individual sellers in managing their product catalog, orders, inventory and much more.

What are the features of multi-vendor e-commerce software?

Multi-vendor e-commerce marketplace software is a complex setup which facilitates in smoothly running the marketplace. Developing a marketplace from scratch can be a cumbersome task. However, with a gamut of features and tested marketplace solutions, the management of multi-vendor marketplace become very easy with the software.

Some of the key features of multi-vendor e-commerce marketplace software are:

Features for vendors

•    The process of registration is quick and easy. Once the registration is done, you can start your business in no time.

•    It makes managing products, orders, and other things easy.

•    It facilitates the automatic assignment of multi products for vendors.

•    The software offers total transparency and provision of a separate dashboard.

Features for admin

•    With the software, adding multiple sellers becomes easy.

•    It helps in keeping a check on the products sold by the sellers.

•    The admin gets notifications when a seller is added.

•    There is the provision of a separate administration panel for each seller.

•    The admin has the power to choose the sellers and the products to be sold. Admin can easily approve or reject the products.

•    It facilitates automated splitting of orders for different sellers.

•    There is the provision of a strong tax engine to calculate hierarchical taxes.

Apart from the aforementioned vendor and admin features, there are other unique sets of features that are offered by the online marketplace software. These include:

•    Easy accounting- The multi-vendor marketplace software makes small business accounting simplified and ensures to set up a pliable commission plan which allows vendors to track their payments and receivables.

•    Firm support for vendor management- The software offers complete control over the sellers/ vendors data. It has some simple modules which ensure easy management of vendors, their pay-outs and their products.

•    Option to go global- The marketplace platform software provides various options to the marketers to expand their business globally. Features like IP-based pricing, multilingual features and other options for the multi-store chains allows the businesses to seamlessly go global.

•    Flexibility and performance- The software are equipped with amazing features that offer great customization options, high site speed and scalability thereby facilitating the business to upgrade itself and to enhance its performance.

•    Pre comprehensive logistics- It allows businesses to choose international logistics and reputed domestic partner without paying any additional price.

•    Searching, displaying and pricing of products- The online marketplace software offer searching options and a beautiful product display that saves buyer’s time. Furthermore, competitive pricing attracts the customer and also helps them in comparing the prices.

What is a difference between an online market place and an online platform?

An online marketplace is not the same as the online platform. A marketplace allows the third party to list and sell products through the website. It tends to take a percentage of the business as their commission for offering services. Fiverr and UpWork are examples of online marketplaces. These marketplaces allow people to list their services and to connect with the sellers. People can refer to or buy these services directly from these marketplaces. Therefore, a marketplace is a place where a person can buy any service or products which are listed by someone else. Even the “productized services” like creating brand pages, logo, video or similar services are offered in marketplaces.

An online platform, on the other hand, can be defined as anything which allows you to do something with or without the exchange of money. For example, Credo is a hybrid platform where businesses can create different projects saying that they are looking for help related to marketing issues. A number of consultants and vetted agencies then access these platforms to contact these businesses. Facebook is an advertising platform which allows us to run various ads and marketing campaigns.

How to choose great market place platform software?

Nowadays, a number of marketplace solutions are launched in the market every month thereby confusing the businesses in making a choice. Thus, choosing great marketplace platform software can turn out to be a tedious task. While making a selection, you need to look and compare the available online marketplace software on the basis of various parameters. The things you should consider are listed below: 

1.    The type of marketplace solutions that the software offers:

• Whether the marketplace is about offering services or selling products.?
•  If the software is about products then, whether they are digital or physical products.?
•  Whether it is business-to-business (B2B), consumer-to-consumer (C2C) or business-to-consumer (B2C).

2.    Is it easy to extend the software?

3.    Whether the vendor’s business model aligns with yours?

4.    The types of services that vendor provides