Marketplaces bridge the gap between sellers and buyers. Commerce giants like Alibaba, Amazon, eBay, Etsy, and OLX have revolutionized the digital world as they have converted physical stores into online stores. Moreover, the multi-vendor marketplace has proved to be the best and profitable tool for buyers and sellers. In simple words, multiple vendors sell their products on a single page and the admin earns commission from sales, which seems easy. Isn’t it?
With increasing technological advancement and changing customer behavior, online business models have made their way into every business domain. Customers want to have the same experience in online shopping as they used to get in physical stores or shopping malls. No doubt, customers love doing shopping online, but they feel exhausted in browsing for the products on multiple websites. The multi-vendor marketplace has made its way easier to make shopping effortless and enjoyable.
According to the 2017 eCommerce marketplace statistics, the business of online shopping was near about $2.3 trillion. And, because of rapid growth in the sales of this sector the market will hit $4.5 trillion by 2021 (based on a Statista report).
What is a Multivendor Marketplace?
A multi-vendor marketplace is a single platform where multi-sellers can list their products with ease. On the other hand, a multi-vendor marketplace platform enables customers to buy products from different suppliers.
For example- Amazon is a marketplace where you as a seller can create your digital store and sell your products directly to the customers. In return, you will have to pay a commission to Amazon for each product you sold.
Types of Online Marketplace
The multi-vendor marketplace is all about selling, buying, and services offered by resellers to the end-customers.
- Buyer-oriented e-marketplace
- Supplier-oriented e-marketplace
- Vertical and Horizontal e-marketplaces
- Independent e-marketplace
- eCommerce Target Audience
- B2B (Business to Business)
- B2C (Business to Customer)
- C2C (Customer to Customer)
If you are planning to build a marketplace platform to sell your products or services online? Remember, you will require a lot of work on a daily basis. You as an admin himself has to keep a track of everything like complex inventory, shipping, manage return products, payment, customer service, and more.
You can think about a multi-seller marketplace development. However, you will require a lot of work during the web and mobile app development but not for long. Once development is completed, add sellers and earn a commission from each sale.
The advantage of a multi-seller marketplace is that the traffic that you will get from a multiple seller store is much higher than what you’ll get from a single seller store.
How to Create a Multi-Vendor Marketplace App
Here we are going to discuss the features of a mobile app that you can consider for your multi-seller marketplace mobile application.
Key Features of Buyers App
- Social & Sign-Up Login
- Product Listing With Features
- Product Detail Page
- Ratings & Reviews
- Favourite Listing
- Questions & Answers
- User Profile
- Billing & Shipping Addresses
- Delivery Status
- Add To Cart
- Checkout Page
- Order History & Tracking
Key Features Of Sellers App
- Social And Sign-Up Login
- The Product, Order, Returns, And Inventory Management
- Reports & Analysis
- Offers & Discounts
- Settlement Module
- Feedback & Seller Support
- Reviews & Ratings
Key Features of Admin App-
- Advanced Application Setting
- User Management
- Seller Management
- Logistics & Banner management
- Subscription Management
- Payment & Refunds Management
- Category Management
- Feedback & Support
- Reports & Analysis
Marketplace App Development- Advanced Features That You Must-have In Your App-
- Easy Registration Using Social Channels–
What users want is an easy registration. And it is very easy to make a registration process easy. Not every multi-seller marketplace app provides an easy registration to its end-users. And it is one of the reasons behind the increasing number of users. So the integration of easy registration with social channels will help you retain existing and meet new customers as well.
- Social Media Integration
Social media channels are the best way to retain existing and engage new customers to eCommerce marketplace applications. Various multi-seller marketplace apps have this feature to make login/signup fast, quick, and secure.
- Multiple Payment Options
With changing customer behavior, multi-vendor marketplace apps need to have multiple payment options. Integrate different payment gateways into your eCommerce website to allow customers to make the payment of their choice for the products.
It may increase Amazon clone app cost but also help your customers to make their payments via Debit Card, Credit Card, Cash On Delivery, e-Wallet, and many more.
Integrate this feature in your app to provide your customers with a unique shopping experience. Using this feature, users would be able to browse products or services in their native language and make shopping easy and smooth.
Subscription is one of the best features that make your app stand out. You can keep this feature in mind while developing a mobile app for multiple vendors. This is beneficial for buyers as they can get maximum benefits like free-delivery, fast-delivery, early access, and many more.
- Auto-tax Calculation
Auto-tax calculation helps you calculate the tax based on the product cost. It is important for an online business to have this feature in their mobile applications to automate the tax calculation.
- Predictive Search
You should consider this feature in your app so that customers can search for the products by category, offers/discounts, prices, and many more. With this smart search feature, you are only going to make it easier for the users to find what they want to buy.
- Product Tracking
This feature will provide your customers live status of the products they bought from your app. You can notify them via text message or notification. Users are also able to locate the product location manually using the mobile app.
What Monetization Models Should Be Followed To Create An Online Marketplace?
You can choose Monetization Models from amongst these 5 business models to create an online multi-vendor marketplace:
- Listing Fee
- Subscription Fee
- Featured Listings
Technologies that you can consider to run your marketplace app smoothly and fast.
- Programming languages– Java, PHP, and Python.
- Mobile development– Android – Java, iOS – Swift, cross-platform – React Native
- Front-end– Angular, ReactJS, HTML5, CSS
- Back-end– Node.js
- Cloud Environment– Amazon Web Services (AWS), Google, Azure
- Analytics– Google Analytics
- Marketing Automation– HubSpot, MailChimp (for e-mails)
- Databases– PostgreSQL, MySQL, MongoDB
- Payments– Stripe, Braintree, and PayPal
- AI and Machine Learning– for Virtual Assistants
What Team Structure is Required
A dedicated and experienced team of developers and professionals always ensures to add more value to your product/services. A team of mobile app developers (iOS and Android) is quite enough for a successful multi-vendor marketplace app development, while an experienced UI developer will take care of the design section of the app.
- Project Manager
- UX/UI Developers
- Android/IOS developers
- Backend Developers
- QA Teams
- Delivery Manager
How much it cost to build a multi-vendor marketplace app like Amazon
Well, the development cost of a multi-vendor marketplace app like Amazon largely depends on the type of functionalities you want to integrate into your app. However, an approximate value for a simple marketplace app may cost around $30,000 – $35,000, whereas a more sophisticated solution may go beyond $50,000.
Want to build a multi-vendor marketplace app like Amazon? There are various mobile app development companies in India, but finding the right one might be a hard job. We recommend you hire a mobile app developer or mobile app development company in India that has an excellent development record.