The shift to multi-vendor marketplaces
According to The Enterprise Guide to Global Ecommerce, “Global retail e-commerce sales will reach $4.5 trillion by 2021. That’s nearly a threefold lift in online revenue.”
If your business is wondering how to step up their game, then this is a good time to embrace the massive opportunity of global e-commerce and invest in the right technology to ensure success for your company.
E-commerce is a progressive environment. From a simple online store, multi-seller marketplaces have a lot more to offer to customers and can satisfy increased consumer demands and the constant evolution of online shopping.
So, what is a multi-vendor marketplace? It’s a website or an enterprise application which brings together a multitude of vendors and customers in a unified ecosystem.
The concept of multi-vendor e-commerce site has benefited thousands of retailers, wholesalers and manufacturers in selling more and reaching a global expansion. This is the platform where multiple sellers can create their profile and add unlimited product catalogues. Progora’s marketplace technology builds multi-vendor, multi-currency and multi-lingual marketplaces that are scalable and easily customisable. Read more about Progora’s features.
Do all industries have to adopt this technology?
In a country like UK which has a population of 63.7 million people from which 82% are Internet users, online sales recorded €157 billion in 2015. It’s imperative for businesses to change their strategy and implement creative solutions to capitalise on key channels.
Planning for substantial growth means a change in strategy. If businesses refuse to adapt to new trends in technology, they will miss out essential opportunities. Staying in the traditional retail arena and not embracing disruptive technologies like Amazon or eBay will firstly impact sales figures and ultimately the future of the company.
Main benefits of a multi-vendor marketplace
The main benefits of a multi-vendor marketplace is the streamlined experience for all parties involved. It’s a lot easier for resellers and manufacturers to connect with a high volume of users and satisfy their specific requirements by gathering multiple product lists in one comprehensive online catalogue.
In a marketplace environment, suppliers benefit from having a single portal where they can reach out to multiple customers, while buyers benefit from a competitive environment where suppliers compete for their business which normally leads to reduced prices.
- Ability for multiple vendors to connect with a larger customer base
- Joint marketing efforts to drive huge traffic to one site
- Standardised rich content and product information
- Cost effective system for both buyers and sellers
- Builds customer trust
- Transparency in margins