“The global eCommerce market is expected to reach $5.55 trillion by the end of 2022,” according to an e-marketer.
Online purchases accounted for only 17.8% of total sales two years ago. And by 2022, the number is expected to rise by 21%, representing a 17.9% increase in eCommerce marketplace development share over the previous two years.
Isn’t it mind-blowing?
The growth is expected to continue, reaching around 25% by 2025 – a 6.7% increase in just five years. In order to purchase your daily routine necessities we use one shop, but it can be sorted with a multivendor marketplace. It saves our time, fulfills all needs and offers a variety of products.
An online marketplace is the best option compared to the brick-and-mortar marketplace. Thus Multivendor e-commerce marketplace is considered a cost-effective option. Hence, the majority of business owners are tending more towards building a practical and potential marketplace for customers to get their regular things.
Does every industry need a multi-vendor eCommerce platform?
There is no requirement for all industries to adopt multi-vendor e-commerce. There are several factors to consider, such as the industry, the target market, and the competition. But, if your business plans for substantial growth, adjust your strategy. The market’s attention will be lost if you don’t adopt and implement new technology trends.
Do you even know In a country with 64 million inhabitants, like the UK, 82% of the population uses the internet? If you’re interested, in 2015, online sales in the UK totaled 157 billion euros. To take advantage of these powerful mediums, businesses need to change their approach and introduce new systems.
Why do multi-vendor marketplaces exist?
In addition to keeping customers informed about various exciting offers, a multi-vendor marketplace ensures the delivery of products without delay. Hence, the multi-vendor marketplace should communicate skillfully to achieve the best results for both buyers and store owners.
The flow of the multi-vendor marketplace in a few steps:
- Vendor Registration
- Product Upload
- Customer browsing
- Product Purchase
- Order fulfillment
- Delivery and after-sales services
- Marketplace Commission
Advantages of Multivendor marketplace solution
- Get a wide variety of products
- Higher sales and ROI
- Fewer Expenses
- Easy inventory management
- Automates process
Final Verdict
In recent years, eCommerce marketplaces have grown immensely and are attracting more attention from global communities. Thus a multivendor E-commerce website builds a great impact on the customers with premium technology that helps merchants to trade their products on the large platform.
Meanwhile, if you are scheduling to begin your online marketplace website go with Bluebash’s multi-vendor E-commerce software development services. Bluebash is the perfect place for you to build a custom E-commerce website. Start your online business to serve the majority of the customers.can