Top 5 Features of Multi-Vendor E-Commerce Marketplace

E-Commerce websites have introduced a new world of convenience and sales. Shopping has been more straightforward than it's today. People can easily buy the right product at their doorstep with 24/7 accessibility.

E-Commerce websites are immensely popular due to the multiple benefits it offers, with their sales expected to hit 8.1 trillion dollars by 2026, as per reports.

The massive success of E-Commerce websites has inspired many business owners to look for the best eCommerce web development company to develop their E-Commerce platforms.

But every business owner should know the multi-vendor E-commerce marketplace features that make these E-Commerce websites so successful.

This blog discusses the top features of multi-vendor E-Commerce websites that every E-Commerce website must possess.

Top 5 Features of Multi-Vendor E-Commerce Website

A multi-vendor website consists of many features and functionalities. Let's look at the top features crucial for a multi-vendor E-Commerce platform.

Vendor Storefront

On E-Commerce platforms, vendors get a separate storefront to display their products per their preferences. So customers can easily find the products listed on the storefront.

Also, the vendor can change the colors, logo, fonts, and product descriptions to provide a better customer experience. Multi-vendor ECommerce development companies offer these features to customize the storefront.

Real-Time Inventory Updates

With a real-time inventory update feature, vendors can keep track of products. It helps the customers and sellers to check whether a product is available.

Real-time updates give you better knowledge about how many products you will need in stock to meet the needs of end users. Also, it will help you ensure that your products don't run out of stock all the time.

Integrating Multiple Shipping Services

Your E-Commerce marketplace should have a shipping integration feature, as it allows the seller to include multiple payments and delivery services. If a user requires faster delivery, then various delivery services or merchants can efficiently allocate the order to a different shipping company that offers quick delivery.

Also, shipping integration improves the workflow and streamlines the whole delivery process.

Personalized Dashboard

Vendors can easily manage their inventories, orders, and account balance with the personalized dashboard. In addition, they can set prices, shipping methods, and taxes.

Vendors can select the relevant currency and suitable language according to their country. Also, imports and exports can be managed from the backend.

Promotions

In-built features like Pay per Click can help users to promote their products by offering discounts. Also, vendors can track their ads campaigns.

Promotion features help vendors increase revenue by choosing the overall marketing budget, cost per click, and campaign durations.

Factors Affecting Development Cost of Multi-Vendor eCommerce Marketplaces

Since the development process of multi-vendor eCommerce marketplaces includes a lot of tasks, technology stack, designing, prototyping, third-party integration, etc., cost estimation cannot be depended on any single factor.

Therefore, to understand the development cost of multi-vendor eCommerce marketplaces, it is necessary to understand its multiple influencing parameters.

Business Requirements

Businesses and vendors have different demands, and the developers have to fulfill each of their requirements, which end up integrating multiple features and complex use cases. This can also increase the development stages, resulting in varying costs.

Marketplace Size

Any app or website needs various services like hosting services, file storage, backup, etc. These services will impact the development cost. These parameters are essential aspects of development as they determine the size of multi-vendor marketplaces.

Feature Complexity

The features are also the prominent factor that influences the development cost. Features like payment gateway integration, shipping services, and chatbot require third-party integration, resulting in increased development costs.

You can read our multi-vendor eCommerce marketplace development guide to learn how a multi-vendor marketplace works and its admin, user, and vendor features.

UX/UI Designing

UX/UI design is an essential aspect of multi-vendor eCommerce marketplace development. Your app and website performance ultimately depends on how smooth your platform’s user interface is. Depending on the design complexity and features, it can cost you around $10,000 to $80,000.

Tech Stack and Development Process

The technology stack you implement impacts your marketplace performance. Thus, it is crucial to consider it in the development process. The choice of technology will also influence the marketplace development cost.

For instance, the platform you choose to develop your multi-vendor eCommerce marketplace will have a different development process, resulting in modified development costs.

Final Words

As the E-Commerce business is at new heights, hence if you are thinking of crafting your multi-vendor E-Commerce website, it's the right time.

However, building an E-Commerce platform can take time, and you need the right E-Commerce web development company with expertise in creating similar projects. You must contact E-Commerce development services to build an engaging app to help you easily manage your business and attract new potential users.

Also, remember to include the above-mentioned top features in your multi-vendor E-Commerce platform to increase your sales and ultimately succeed.