There is a constant change in people’s shopping behavior. Technological advancements are the main cause of this change. Every retail store needs to adapt to the changes and get updated to attain the attention of buyers. The eCommerce website that gives a perfect customer shopping experience will stand in the minds of buyers. One such multi-vendor marketplace platform is Flipkart. This marketplace is in the top position in revenue generation, customer acquisition, and retention. Flipkart has inspired many budding entrepreneurs and all they want is to build an eCommerce website like Flipkart and they keep searching for how to make a website like Flipkart. There are several multi-vendor marketplace platforms in the market today. But very few were able to survive. Without understanding the market trends there is no point in building an eCommerce website like Flipkart. Analyze the benefits of having an eCommerce website. Make sure you enjoy all the benefits. If not then do the required arrangements to avail the advantages.
Benefits of having an eCommerce website like Flipkart
When you shift your brick and mortar retail store into a multi-vendor marketplace platform there are tremendous benefits that you can personally gain. Let us get into detail.
people can visit your multi-vendor marketplace website anywhere and anytime. This will increase the sale value as your product and store are available round the clock. The marketplace will provide easy navigation that will let the buyer to easily find the product they want and with few clicks, they can buy the product.
Low cost to set up
setting up a multi-vendor marketplace platform will not require much investment. With low cost, you can easily build an eCommerce website like Flipkart. There is much readymade software available in the market and you can just purchase the reliable one and can instantly launch your multi-vendor marketplace platform. If you prefer to build an eCommerce website like Flipkart from scratch then it is very costly. If you are a startup, then better go for a ready-made solution.
Gain insight into customer data
your multi-vendor marketplace platform will support you to understand customers’ buying behavior and their preferences and priorities by collecting customer data. You can keep a track of their purchases and can let them know when there are new arrivals of their interest. This will increase your sale and revenue.
Acquire new customers
when you promote your multi-vendor marketplace platform through digital marketing, the reach will be unbelievably high. So your target audience will come to know about your brand easily. This will let you acquire more new customers and you can expect heavy returns. Targeting the right audience is easy when you do the promotion on digital platforms.
Utilize content marketing
content has the power to attract the audience to your multi-vendor marketplace platform. You can utilize it as a tool to promote your platform. According to the audience mindset, you can frame your content and can easily gain their attention. Increase the multi-vendor marketplace website traffic by providing appropriate content on your website.
Performance is measurable
when you run a multi-vendor marketplace platform you can easily identify whether the platform is performing well or not. Through analytics and report features you can easily get the measures of the platform performance level. This will let you know where you lack and what measures need to be taken to enhance the performance of the marketplace platform.
No inventory management issues
being an admin of a multi-vendor marketplace platform, you need not maintain any inventory. You can just connect sellers to your platform and they will maintain their own stocks and will supply them to the buyer. The admin will just monitor the smooth functioning of the marketplace platform and will take the responsibility of promoting the platform to the target audience. The rest will be taken care of by sellers of the platform.
Good source of revenue
you can select a comfortable revenue model for your multi-vendor marketplace platform. There are several models like commission fee model, subscription fee model, listing fee model, advertisements, and many more. Find out which model benefits you and your sellers and buyers and prefer that model for your marketplace. By doing so, you can get greater returns through your platform.
Cut down the middleman
when you do your business through your multi-vendor marketplace platform there is no need for a third-person to interfere and get you more business. Your platform itself will help you to get customers and sellers and you can directly promote your platform to your audience. By doing so, you can avoid third-party brokers between you and your sellers.
Easy customer retention – when you get a new customer, you need to focus on satisfying and impressing the customer. If you satisfy them properly then you can retain the customer with you for a long time. You can also have several loyalty programs for your customers and give special discounts and offers and make them stay with you. Thus customer retention is quite easy while running a multi-vendor marketplace platform.
Improve search marketing – building a website like Flipkart will allow you to use a wide range of marketing that cannot be done when running an offline business. You can use SEO and SEM and get your multi-vendor marketplace platform to be in the topmost search pages in any search engine. you can also utilize blogs and videos that can easily drive more traffic to your marketplace platform.
Finally, before you start building an eCommerce website like Flipkart, you need to understand the scope and future of this industry. The eCommerce growth is quite promising and you can step into this industry with full confidence. Make sure you have analyzed enough before you proceed. The result you will get out of your multi vendor eCommerce platform will be quite surprising. Focus on all features and let your sellers be happy with your platform.