Learn the things to consider and know before you get into Magento 2 multi-vendor marketplace business in this blog.
An online marketplace is a new trend in the eCommerce industry that every entrepreneur should give a try before leaping into another business model.
It is one such business model that scales every day in the eCommerce segment. The marketplace model doesn’t stop just providing the best deals to its users, but also tons of business opportunities to reach a wider audience worldwide.
Unlike conventional eCommerce model, multi-vendor marketplace business model benefits both the side, that is to the end customers and owners gets huge in return as compared to the eCommerce website. Between owning an online marketplace website is not a big deal, but turning it into a successful one is.
So you cannot develop an eCommerce marketplace site without considering the needs to be fulfilled to the end consumers.
Here we’d like to list some prime questions and factors that influence and to be considered before getting into a marketplace. Therefore, choose the best marketplace platform like ‘Magento” to build an online marketplace. You can consider the Magento platform for almost all the eCommerce development considerations.
First, let’s have a short description of the “Magento” platform here:
Since its inception, the Magento platform has been originally designed to offer seamless yet powerful inventory-based eCommerce websites. So, it is required to extend its original functionalities by developing an extensive Magento marketplace with a fully functional extension that delivers the functionalities required by a marketplace site.
Magento 2 multi-vendor marketplace: Why consider it for your business
So if you’re the one who is thinking about getting into the Magento marketplace, then you should make sure you’re considering the following factors.
Magento 2 multi-vendor marketplace – Seller registration
Marketplace sellers are not just part of the marketplace, they’re the prime one of any eCommerce marketplace. Without vendors, it’s a regular eCommerce store.
Hence, make sure that your multi-vendor marketplace has controls to manage the seller onboarding, registering, and management. Look for the following features in a marketplace platform for managing seller registrations:
- Each seller should be given a separate seller account independently
- There should be an option for the store’s admin to either approve or disapprove a seller account from the admin panel
- Only approved sellers of the platform can sell on the marketplace
- Sellers should be redacted to upload products only into the selected categories
Here are the sellers who’ve been approved by the admin can have the following access from a seller panel, where they can:
- Can update their shop details
- Now they can update profile details
- Can update their business policies
- Sellers can list their store regulations of their own
- If wanted, sellers can now request new category access from the admin to list under a new category
- Sellers now enjoy easy orders management
- Manage and track orders from various customers
Magento multi-vendor marketplace admin – Seller management
The marketplace admin can be the owner of the site or someone who looks over it, or a representative of the owner. Admin should have all legal access to make sure that everything in the marketplace platform goes in a smooth way on his or her website.
Being an admin of Magento marketplace should have the following accesses over the marketplace to manage the website activities:
- Admin should be able to approve or disapprove any seller account request
- Should be able to look over the details of the approved sellers
- Now admin should have the control to activate and deactivate a particular seller at any time as he or she wishes to
- Should be able to accept or ignore a new category request that been sent by the sellers
- At any time, the admin should be able to either approve or disapprove a product uploaded from the seller panel
- At last, the admin should be able to track the sales made by any vendor
Magento marketplace – A customer point of view
Beyond the admin and seller, it’s the customers that are a completely inseparable part of an eCommerce business. Without having an extensive and smooth user experience, no eCommerce website can survive for a day. Think about it.
- Customers can be able to find and navigate all the products from the registered sellers
- Sellers can now update an order’s status
- Any customer can place any products of any seller
- Sellers can receive the order placed for their products
These are the prime Magento marketplace website features that are important for basic Marketplace functionalities.
You can now Webnexs’s Magento multi-vendor marketplace to know how a good marketplace solution should be.
Curious to watch how the Magento marketplace actually looks and works?