E-commerce is the fastest growing retail market in Asia, Europe, Americas, and around the world. An online e-commerce marketplace is a type of e-commerce website where products or services are provided by multiple third parties – stores or vendors, whereas transactions are processed by the marketplace administrator. Online marketplaces are the primary type of multichannel ecommerce.In an ecommerce marketplace, customer transactions are processed by the marketplace operator and then are delivered and fulfilled by the retailers or wholesalers.
An online marketplace is a vital step in the expansion of any retail business. No matter how conventional, retailers stand to profit a lot from online ecommerce marketplaces, because these marketplaces add value for customers, where looking for a product is incessantly easier online. This is the reason why we acknowledge the importance of online marketplaces.
Ecommerce domain is a major area of Digital247 Our skill development team focuses on interactive and efficient tailored solutions for development of ecommerce marketplaces and web stores.
Benefits of Marketplace eCommerce
With a quality enterprise solution in place, to have developed an online marketplace can benefit all parties in a number of ways.
- Business Operator: A marketplace allows the business administrators to take a commission on products that vendors sell. This can either be in place of or in addition to the marketplaces’s own products, exponentially increasing earnings.
- Stores / Retailers: Small vendors, without the budget or marketing ability to set up their own eCommerce website, by lining up themselves with a larger and known business, can profit visibility and, in some cases, utilize the marketplace’s fulfillment options. Today, there are thousands of vendors who are looking for marketplaces online to sell their products and gain profit from the same.
- Costumer: Marketplace customers benefit from seeing collective options on a single website and are allowed to find and get the most reasonably priced or best quality product.
- Marketplace Implementation: Before choosing to establish an online eCommerce marketplace, you will need to consider the following:
- Payment gateway: How will you or the vendors will receive payment, and through which platform?
- Fee structure: How will you charge vendors for selling their products on your marketplace, i.e., how much commission will be there on products from which your company makes profit?
- Fulfillment options: Is the marketplace operator or the vendors responsible for shipping, and how will you encompass different shipping options?
- Accountability: How will you make sure that costumers pay for purchases and those vendors deliver products that meet consumer expectations? Digital247 is proficient in building an online ecommerce marketplace solution and we are always there to help you to fulfill your marketplace establishment needs.