Is it high time to start a hyperlocal ecommerce marketplace?

But why are we discussing multi-vendor ecommerce marketplace? It’s because this is what is trending and is growing by leaps and bounds. And hence, it has created a business opportunity for all those who are planning to go hyperlocal or are planning to launch their own multi vendor ecommerce market, which is a blessing in disguise for the entire ecommerce industry.

What’s Multi-Vendor Ecommerce Marketplace model?

Multi-Vendor Ecommerce Marketplace model is a part of hyperlocal ecommerce business that caters to the needs of a limited geographical area. A walk around your residence would most definitely make you come across a similar market, however big or small but self-sufficient in its own way, fulfilling almost all the requirements of the local residents. People are now looking for nearby delivery services to get items delivered to their doorstep the same-day. It all began during the Covid-19 era when the purchase dynamics have shifted drastically. The focus is now on essentials and items related to health, hygiene, and safety. People prefer ordering from local shops in their neighborhood to get their products delivered sooner rather than wait for standard delivery in 5-6 days. And with this, local offline retailers and service providers got a new lease of life for their business. The concept is new but thanks to the massive internet penetration, the world is not new to it anymore.

How do multi vendor ecommerce marketplace functions?

Being a part of hyperlocal ecommerce business, the marketplace is a perfect example of how technological advancements can amalgamate with the age-old favorite shopping methods and come up with a unique formula for success. Under the platform, the local offline businesses reach out to their targeted customers ensuring product delivery within a very short time. The service ambit of a hyperlocal business could fall anywhere starting from a few meters to a few kilometers from the location of the business. But all this is possible only with the help of Multi vendor ecommerce marketplace software, which will be the deciding factor in the business.

Why is it high time to go hyperlocal?

Before starting with the features of software, which most of you might already be aware of, let's talk about why present time is high time to go hyperlocal and to establish one's own multi vendor marketplace. As per the market experts, hyperlocal ecommerce is a new normal and is going to last long. Changes in food habits and busy lifestyle of consumers have led to an increase in demand for various hyperlocal services such as food delivery, grocery ordering, home utility services, furniture delivery, and drug delivery. For instance, Uber Eats accounted for $4.8 billion in 2020, a 152% growth year over year. As of May 2021, the company controlled over 25% of the food delivery market in the U.S.

The statistics with the renowned market research body– Future Market Insight suggests that the hyperlocal market is estimated to grow at 22.6% CAGR between 2022 and 2032 in comparison with 20.7% CAGR during the historical period of 2017-2021. Furthermore, it was observed that the reverse logistics obstacles faced by non hyperlocal delivery business such as warehousing, long distance transportation and logistics fragments are eliminated with the adoption of smart hyperlocal deliveries. Hyperlocal marketplace models assists in increasing customer base, supports local business, eliminates the need of online stores and offers delivery management from a single dashboard. This is expected to fuel the growth in the multi vendor ecommerce marketplace.

Multi vendor ecommerce marketplace on the rise in India too

Emerging categories in e-commerce such as fashion and groceries will capture two-thirds of the market by 2027, the Economic Survey said. It further stated that the ecommerce sector “witnessed a renewed push in the aftermath of the pandemic,” the Economic Survey 2022-23 said. The growth was also fuelled by “growing internet penetration, rise in smartphone adoption, innovation in mobile technologies, and increased adoption of digital payments,” the Survey noted. The sector is projected to grow at 18% annually, according to a Worldpay FIS report cited in the Survey. The survey noted that urban ecommerce trends were speeding up differently depending on city size. “The shoppers from tier-II and tier-III cities accounted for over 61.3 percent of the overall market share in FY22, increasing from 53.8 percent in FY21. The order volume from tier-II and tier-III cities grew at almost double the pace of tier-I cities, with 92.2 per cent and 85.2 percent YoY growth, respectively, in FY22,” the report said. “In contrast, tier-I cities indicated a comparatively slower order volume growth rate of 47.2 per cent.” The emerging categories like “fashion, grocery, general merchandise” will capture two-thirds of the e-commerce market by 2027, according to a Bain & Company report that the Survey cited.

Hence, going by the market trends, it is high time to hyperlocal and to start one's own multi vendor ecommerce marketplace. Now let's talk about the software and its features that play an important role in yielding maximum benefits into the hyperlocal ecommerce business.

Powerful Multi vendor ecommerce marketplace software

As we have already mentioned that it's the multi-vendor marketplace software that acts as a deciding factor into the business, hence one has to be very wise while selecting the software which are available in the market. However, while selecting the software, it should be ensured that one should go for the latest software, packed with the latest functions. Here is a list of present day features that are a must have in the software:-

1. Smooth registration process

The very first thing that customers do while logging on the mobile application that is a part of multi vendor marketplace software is to register themselves. And hence, the registration process should be very smooth and easy. You must remember that your customers may choose not to complete the process if the process is complicated. So, make the registration feature simple, allowing the user to finish the registration via social media accounts.

2. Easy search option

Well, now this may sound common but it is indeed a core feature of any ecommerce delivery software. Once the registration is over, the search will be the second most thing which a customer will do on the mobile application and hence the search option should be quick and simple. It should be programmed in a way that it fetches the result quickly.

3. Add to Cart

Done with the food search, the customer now then heads forward to add the goods to the cart and to place an order. Here’s when the cart feature comes in handy. It allows customers to place the order at one go, without placing multiple orders from more than one place. Ordering ecommerce and having it delivered on time would help.

4. Multiple Payment Gateways

As a business owner, payments are critical to your ecommerce delivery business. When you make the payment procedure simple-and-secure, it helps. It should have an option of multiple payment gateways and should also accept payment in terms of bitcoins, which is an in-thing nowadays. The payment options offer a wide range of choices to your customers.

5. Tracking in Real-Time

The users can not only contact the delivery person to get a time estimate, but they can also track the progress in real-time. Now, that’s cool. The user can get a correct estimate that reduces the anxiety of waiting for the delivery.

6. Reviewing Order History

What if users want to see their previous orders? It’s always convenient to place similar orders. What can you do? You can add the Order History feature to allow users to place the same order again. Users can click to place the order again, eliminating the process of searching the ecommerce products and adding it to the cart and so on.

7. Rating the product

Customers love to use the rate and review feature. It’s an incredible way of telling other users about their experiences, and a must-have.

8. Offers, Promos, Push Notifications

The feature of Offers and Promos is essential for your ecommerce delivery app. It can play a significant role in customer retention and win brand loyalty. Who doesn’t like to buy products for a discounted price? When customers get attractive promos and offers, they are delighted to order.

Here is a list of admin-oriented features which an ideal ecommerce delivery software should have;-

1. Auto mode

Multi vendor ecommerce marketplace software comes with some unique features. Of the many features, the ‘auto mode’ of the food delivery application ensures automatic allocation of orders in case of delay in manual allocation of orders to the delivery agent and ensures its disposal. This is one such feature that is a must have in the ecommerce delivery software.

2. Making use of your data

With an ideal multi vendor marketplace software, you (as a business owner) can ensure to get data of your delivery associates that can include details like total deliveries received, orders completed, orders delayed, your delivery associate status, total vehicles (availability, in-transit), delivery associate battery status to ensure communication link is maintained.

3. Geo-fencing

This unique feature in the ultramodern multi vendor ecommerce marketplace software that enables the restaurant owner to mark the delivery area, by doing which the owner can make the best use of the resources and may not spend excessively on the delivery cost. This is one of the most cost saving features that is found nowhere else than in the multi vendor ecommerce marketplace software.

Conclusion

Going by the market trend and by the reports from the various market research organizations that have predicted hyperlocal ecommerce to grow by leaps and bounds in the near future, it is high time to go hyperlocal and to establish a multi vendor ecommerce marketplace. So what are you waiting for, go for asuitable software and reap maximum benefits before it's too late.