The GOD of eCommerce powerhouse- eBay was launched back in 1995. Quickly everyone shifted from auction platforms to online marketplaces. eBay catered to customers with high value, convenience, quick response, and excellent shopping experience.
This is why U.S.-based e-commerce platform eBay has around 138 million active buyers worldwide in the second quarter of 2022. Unlike a common platform for buying and selling products, eBay has established its unique place on the internet by dealing with B2C and C2C simultaneously. Let’s dive deep and get more insights on Multi-vendor eCommerce platforms like eBay!
Now eBay is available in 180 countries but it was the very first online marketplace to be launched with a huge variety of products. Similar Multi-vendor eCommerce Marketplaces like Amazon are working well but eBay is different from others. This platform provides access to both buyers and sellers to come on the same pitch and buy or sell products. Basically, eBay doesn’t store the inventory of products but it actually transfers products directly to people. The overall revenue comes from listing products and then getting specific commissions on selling those products.
A seller can list 50 items on eBay free of cost every month but after this, a certain amount of charges are applied depending upon the product category. eBay offers two ways- Buy Now & Bidding options to buy products. The bidding category opens doors for users to bid their own price and buy the product on a certain budget. Buyers with the highest bidding price will get the product and with the Buy Now category, the seller can get the value as per the list. This b2b eCommerce platform also runs Classified Ads and other sources that help it generate a tremendous amount of revenue. As a result, 90% of gross merchandise volume is generated from this marketplace. This is more than GOOD!!!
You can also read about Etsy Revenue Model.
Being a pioneer in digital one-to-one trading, eBay has taken over the place of flea markets and garage sales in people’s hearts. This online buying and selling platform lets users trade products via auction or fixed price. Users love to bid their price and sellers also love the process because their product is chosen for a fixed price. eBay includes some amazing features like a feedback forum, SafeHarbor program, verified rights, a top-rated seller program, a money-back guarantee, and other loyalty programs for buyers. These aspects gain customers’ trust that they are dealing with undisclosed partners for safe trading.
All these factors have contributed to the lavish success story of Multi vendor eCommerce Marketplaces Like eBay!
The multi vendor eCommerce platforms like eBay work on a set pattern and product research done by customers. Users can just randomly search for a product or browse the product category and the platform showcases the results from different vendors so that customers can make an ideal decision. Marketplaces like eBay offer customers to bid for a value at which they want to buy a particular product.
Once the customer chooses the product, he can place the order to proceed ahead. This order is accepted by the seller and then shipped as per requirement. Furthermore, both buyer and seller can track the order through codes. Multi vendor eCommerce Marketplace Software development can bridge the gap between customer and seller.
1.Registering User Profiles
Buyers and Sellers are two primary user roles on multi vendor eCommerce platforms. Any Multi vendor eCommerce Marketplace Software must have the rightful place for necessary information and updates of users. Buyers need to list their name, email address, passcode, and sometimes contact information as well. The delivery address and payment method is vital to proceed ahead. However, features like order history, Wishlist, and others are available on these platforms. eBay B2B eCommerce platform needs sellers to provide their name, address, contact number, tax information, and other important details.
A recent study reports that 56% of global web traffic usually comes through mobile applications. So when most customers are browsing and ordering through their mobile devices, multi vendor eCommerce platforms must also be available on these devices. Creating a responsive multi vendor eCommerce marketplace ensures your website displays well across different browsers. Customer convenience should be your utmost priority on the list!
3.Click To Order
Features like the “1-Click” button for ordering products is the game changer in today’s eCommerce industry. Customers enter their billing, shipping, and payment information to place their order with just one click. Offering a quick and convenient ordering method to your buyers is crucial for the success of the project. Buyers should also get a section to check their order history when reordering, changing language settings, and seeing personalized offers.
4.Transparency In Shipping
Another significant component of your online business is shipping. Make sure that buyers are choosing their preferred shipping mode and delivery timings while they place their orders. A comfortable time and defined method of delivery gain customer trust on multi vendor marketplaces. Additionally, a live tracking feature on the online marketplace beautifies the customer experience. Include shipping charges clearly because customers avoid shopping from a platform that has hidden shipping expenses.
Multi vendor eCommerce Marketplaces allow sellers to create new products and sell them easily. Hence they are required to offer details like price, quality, availability, warranty, size, delivery information, and much more. The product description is really important for buyers to make decisions about buying the product according to their needs. You can make the process easy and compatible so that more users can enter their details. Features like forms, error correction, product recommendations, and others would help!
6.Ratings and Reviews
Customers hugely rely on ratings and reviews when it comes to buying a new product. Not many multi vendor eCommerce platforms provide so but if you are building one, make sure you include the review category. The features like IP address verification and review acceptance only from registered users make a platform more authentic. The marketplaces like eBay even reply to reviews or ask buyers to add feedback.
7.Easy Checkout and Payment Flexibility
Digital advancements have increased customers’ eagerness. Now they want to explore more payment methods and reduce checkout abandonment as well. Include diverse payment options to make the customer experience smoother. Nowadays platforms offer the opportunity to pay through credit cards, debit cards, net banking, UPI, e-wallets, and even cryptocurrency. The proper payment gateways enhance loyalty and significantly reduce cart drop rates. You need to consider specific region payment preferences as well.
Building Multi vendor eCommerce Marketplaces like eBay is not a layman’s job, you need expert developers to accomplish this goal! Since there is massive competition in the eCommerce Marketplace Software domain, rely on PROS! Apptunix is one of the leading mobile app development companies known exclusively for creating amazing multi-vendor marketplace development projects. We improve the customer journey with modern technologies, website design, mobile app development, and technical support.
Are you ready for your own multi vendor store? Build a b2b eCommerce platform with tailored features as per your needs and industry standards. Get professional consultation on your e-commerce project today by reaching out to our professional team.
Successful marketplaces are not built in a day! The first impression decides whether customers will stay on your platform or leave, so decide wisely!
Q 1. What is a multi-vendor E-commerce marketplace?
Multi vendor eCommerce platforms bring different sellers from different niches to integrate under one single platform. Customers can buy anything they want at a given price.
Q 2. How to build a multi-vendor marketplace?
Start by defining the product niches that you want to include in your app. Next, determine all the features, costs, functionality, and business model. Then, decide what revenue method you will pick to build your app and publish it.
Q 3. How much does it cost to develop Multi vendor eCommerce Marketplaces?
Well, the cost may vary as per your demands and the end result of development. The features and functionalities may also add up to the cost. Hence, you must get in touch with a mobile app development company for more details.
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