Have you decided to create a multi-vendor marketplace solution? Want to know about the essential features of an eCommerce marketplace software?
If you are looking to develop an eCommerce solution, it is the right time to grab the opportunity of the global marketplace.
In fact, according to Statista, the global eCommerce market revenues from 2019 to 2025 will increase overall by 1.2 billion dollars, and the current revenue of global eCommerce software applications was predicted to be 6.3 billion US dollars in 2021.
As people are getting more interested in making purchases, so do the development of a new marketplace.
But, developing a multi-vendor marketplace software without any specific features could lead the failure.
As a leading multi-vendor marketplace software development company in the USA, we have list-down the most useful features in a marketplace eCommerce application. Also, we have a list-down we offer our customized eCommerce marketplace solution.
Herein, we have categorized the features of eCommerce marketplace solutions into three categories. Those categories are marketplace storefront, marketplace owners, and vendor panel features. Let’s check each in detail.
5 Most Essential Features of Marketplace Storefront
1 Customer Account
The customer registration feature allows your users to register themselves into the application at checkout if not created at an initial stage. This feature also includes information like order history, shipping address, access to account information, and review of products & vendors from the dashboard.
2 Advanced Search and Filter Option
This smart search feature allows users to look into your marketplace without hassle. Your users seamlessly search for the product they want. In addition, it saves time for your users when they are short of time and looking for a particular product as quickly as possible.
3 Daily Deals and Gift Cards
With this feature, offer your users deals based daily. This feature allows you to create a FOMO for your users. As a result, you increase sales of your application. Using this feature, you create short-term sales and time-sensitive promotions.
4 One Page Checkout
The one-page checkout feature creates a fast and easy checkout process for your users. Using this feature, you make the entire process of checking out easy and short. As a result, there are very few chances of card abandonment within your eCommerce marketplace software application.
5 Slipt Order and Generate Vendor Wise PO
You don’t have to worry about generating invoices of two or multiple vendors when a user purchases a single item from each of them. So, this feature allows your vendor to view the order and process it accordingly. Also, your users can track two orders separately. This way, you can easily manage the multi-vendor orders efficiently.
Features for Marketplace Owner
1 Vendor Management Panel
This feature allows you to manage all your marketplace vendors from a single backend. With this admin panel, you can easily add, edit, and delete vendors, orders, products, transactions, return requests, etc.
2 Vendor Commission Management
This feature allows you to set commission rules for each vendor separately. You can either create a fixed fee or percentage per sale based on different contracts you do with each vendor. The vendor commission management feature allows you to manage product imports, configurable vendor plans, and differential commission structures for each vendor.
3 Vendor Payout System for Easy Payment Release
Manage all your vendor-specific payments easily using this single feature of your marketplace software. Get complete control of your finances in a single place. Also, it allows you to have multiple methods for payment, such as automatic or manual payment options, automated payouts to vendors, and vendor debt payout, so your vendor pays on time.
4 Product Approval Feature
Through the admin panel, you can check, review, and add the new products sent for approval by the vendor before publishing on your storefront. On the other way, you can turn off this feature and let your vendors publish the products without any approval process.
5 Multi-Level Administrative Access
Do you want to register your employees and assign them to different levels of tasks? Using our multi-vendor software easily register your employees and assign them tasks from the admin panel itself. So, if you have a lot of tasks on your hands, you can easily manage them without any hassle. So, you can take out your time for the core purposes and growth of your business.
Most Essential Features of Vendor Panel
These are the features vendors get to showcase and manage their storefronts through the vendor panel.
1 Vendor Storefront
In your marketplace software, your vendors get a separate storefront to showcase their products. So, customers can easily look at the products listed on the storefront. Your vendors get a micro storefront assigned to each vendor to showcase their products where they can add company description, logo, products, and product filters item. With the help of our eCommerce website designer, you can easily customize your storefront.
2 Bulk Product Upload for Vendors
Uploading multiple products to the store takes a lot of your time. So, using our bulk product upload feature helps you to upload multiple products at a time and manage them easily. Even, with our multi-vendor eCommerce solution, it becomes easy for you to upload, edit, and change information in your product catalog.
3 A Dashboard to Completely Manage Your Storefront
With the dashboard feature, your vendors can easily manage their orders, inventories, and account balance. Also, they can set shipping methods and taxes. Next, they can choose the relevant currency and language suitable for their country. Your vendors can manage the import or export of their orders from the backend.
There are several core features for your vendors in our multi-vendor marketplace solution. You can easily get complete information on all features by exploring our list of marketplace vendor features.
Conclusion
In this blog, you learned about a few core features of a multi-vendor marketplace solution and how a marketplace software application can help you grow your business. Choosing a marketplace solution depends on your requirements. Finding the right software helps automate your multiple business processes in a single go.
With our marketplace eCommerce solution, it becomes easy for you to manage your business without much difficulty. Get a customized solution and scale your business effortlessly. As a leading eCommerce software development company, we have experience creating 2500+ custom mobile and web solutions for our clients. Leverage our technical expertise to scale your business.