The world is shifting to online shopping – with the pandemic adding fuel to the fire. The increasing customer demands are triggering more and more businesses to sell online, which, in turn, is intensifying the competition. Merchants, today, are finding ways and means to escalate their operations and put their stores on a higher pedestal.
In order to meet the demands and gain a competitive edge, merchants must add products/services to their stores/websites without having to struggle with extra inventory management. The real question is: how is that possible? Well, before you put your mind on ‘answer-finding’ mode, we’d like to say marketplaces or Magento 2 marketplace – to be more precise.
The Rise of Magento and Magento 2 Marketplace
Magento has become an increasingly attractive choice for businesses looking for feature-rich engaging online websites and eCommerce platform development. With $224 billion eCommerce sales globally, the platform has approximately 250,000 merchants worldwide. The platform has ranked number one for three years in a row, commanding 26% of the market share.
Now, you might have a well-established Magento store, but do you think having a store is enough in the competitive world? You need to make the most of your online store, and that’s where Magento 2 multi-vendor marketplace comes to the rescue. Focused on helping you convert your online store into an online shopping mall with multiple vendors, the model considerably reduces manual labor by allowing you to automate the product/order/payment approval process for trusted vendors.
Magento 2 Marketplace Solution: The Insight
1. What Makes it Unique?
- Curated Themes and Extensions
- Superior Quality
- Reviews and Ratings
- Search and Dashboard
Unlike other eCommerce platforms, Magento primarily focuses on consumer needs and ensures they have a seamless, safe shopping experience. Right from optimizing the website for an engaging user experience and smooth browsing to secured payment gateways to prompt customer support, Magento caters to all the essential aspects of eCommerce – thanks to the wide variety of themes and extensions available on the marketplace.
With numerous options to choose from, the marketplace has everything for everyone – depending on the requirements and preferences.
One of the reasons that make Magento 2 marketplace a trusted choice among users is the enhanced quality control. In order to adhere to the business guidelines and utmost quality, the extensions go through a 3-way review process.
Further, the Magento architecture is designed in a way that it can seamlessly integrate with any extension with proper documentation while meeting the preset quality standards.
Without a doubt, customer reviews and ratings play a crucial role when it comes to sales. They have a great impact in enhancing sales as well as revenue, and Magento understands this well. The marketplace offers an improved, effective rating platform that helps in checking the most relevant product reviews while helping you with sales and profits.
Though the marketplace is a host to some exceptional functionalities, search and dashboard top the list. With intuitive product categorization and collection, the former makes searching products a lot easier and faster. The latter, on the other hand, centralizes all the order, purchase, shipment, or payment related activities and avails basic metrics from the dashboard to give you an insight into the overall marketing and business performance
2. The Features and Benefits
By allowing users to build multi-vendor websites, the Magento 2 marketplace extension turns your website into a comprehensive and automated marketplace. Let’s have a look at some of the features and benefits the extension brings along:
- Cpanel: It offers an advanced yet simple Seller Cpanel for effective store management.
- Responsive and mobile-friendly multi-vendor platform.
- Compatible: Easily compatible with other Magento 2 extensions, plugins, and themes.
- Multilingual and multi-currency support for global reach
- SEO-friendly to help you rank higher
- Fast speed with Magento block caching
- Flexible commission management
- Multiple-pricing methods for different sets of customers.
- Create accounts for unlimited sellers
- Capable of handling over 5 million products and can process multiple orders at the same time
3. How to Implement?
Creating your multi-vendor store with Magento 2 marketplace is no more a challenging task. All you have to do is follow a few steps and you are there.
- Get a Checklist
- Set the Account
- Manage Profile
- Develop and Submit extensions
- Manage Sales
- Add Multiple Vendors
- Add Multiple Products
- Order Management
- Manage Vendors
- Separate Shop Page for Each Vendor
- Track Sales Stats
Before setting up the Magento marketplace account, make sure you have prepared a list of all the important items that need to be tracked. These can vary from release notes, updates, extension codes, news to license information.
Once you have got hold of all the relevant details, go ahead and set up your account.
After the account is set up, have a look at the profile information, product details, or monthly payment details and manage them accordingly.
You must hire professionals with expertise in Magento extension development before you submit an extension. Brief them of your requirements and get an extension developed as per the guidelines. Once developed and submitted, the extension will be processed and approved if it adheres to guidelines and practices.
Magento 2 marketplace lets you easily manage your sales by helping you view detailed reports and analytics to track all the sales.
Though the implementation isn’t a cakewalk, it’s always a good idea to hire Magento developers who have relevant expertise and experience in Magento development.
Launch the Multi-vendor Marketplace Model
The multi-vendor marketplace for Magento 2 is meant for one and all. From suppliers to vendors to website owners, it benefits all by providing helpful insights and easy management.
The model allows sellers to easily register at your store with the help of a self-registration page while allowing you to manage the registration requests via a grid. You can either approve their requests automatically or choose to do it manually.
It helps the sellers in adding and managing diverse products at the same time – be it grouped, bundled, virtual or downloadable.
As a seller, you can view all the orders and know their exact status. Vendors get the benefit of generating invoices and shipments all by themselves.
The dashboard allows you to easily analyze the sales data and all other important store updates. All the sellers’ information can be managed from the grid, product adding requests can be accepted/rejected either automatically or manually and vendors’ profiles pages can be enabled/disabled.
If your sellers want to promote their products or provide additional information to their customers, they can create personal pages with custom URLs.
The dashboard pane allows sellers to individually view the required sales data. Thus, the vendor can get access to information like income, payouts, recent orders, latest comments, etc.
Get Your Multi-Vendor Magento Marketplace Extension With Magnomates Today
The Magento 2 multi-vendor marketplace is a great way to kickstart your marketplace game. It not only helps you in effortlessly managing the sellers and customers but frees you from the cumbersome tasks of managing the invoices, handling inventories, or running deals.
As Magento professionals, Magnomates offers extensive Magento extension development services aimed at transforming your eCommerce store into a powerful selling platform. Our team of adroit Magento developers works in close collaboration with you to understand your business requirements and develop an extension that falls in line with your objectives.
Get your multi-vendor Magento extension today and transform your eCommerce business.