Entrepreneurs are inspired by the online marketplace in recent days. The response that people give for online shopping has attracted the entrepreneur to start their business in this field. The real inspirers of the multivendor marketplace are Amazon, eBay, Alibaba, and many more. A lot of technological advancements have been involved in these platforms that give the user an awesome experience while shopping in their platforms.
Every aspiring entrepreneur can succeed in their online marketplace if they have the perfect platform and the essential features to run their store effectively. The only way to attract customers to your online store is to give them a user-friendly design and they should easily find things through your advanced searching options.
Today, we can see many multi-vendor giants in the market. But the hidden truth is, once they all were functioning as a single-vendor store. After getting to know about the incredible benefits of the multi-vendor marketplace these single-vendor stores have upgraded themselves to multi vendor marketplace platform. Let us analyze the most popular brands that have started as a single vendor store and have successfully become multi-vendor marketplaces.
AuctionWeb was the initial term of eBay that was started on the year 1995 founded by a computer programmer, Pierre Omidyar. In a short period, AuctionWeb has gained immense response and by the year 1997, it was officially informed as eBay and well-known as an auction website.
With tremendous effort, the company has set its operations and has grown as a multi-vendor marketplace gaining more customers. Because of its reputation, many vendors have signed with eBay, and all their products are listed on the site. Many advanced technologies are incorporated within the site and this allows the customers to experience perfect shopping. Year by year, eBay spends more on its product development.
Apart from collectibles, eBay has increased its product categories. According to the demand the sale value is fixed and has been listed out in the site. The unbelievable fact is eBay is currently holding around 12 million registered users and also holds 4.5 million products in its cyber inventory.
In the year 2007, Flipkart was founded by Sachin Bansal and Binny Bansal. This is one of the leading Indian multivendor platforms. Flipkart follows a higher-end marketing strategy to attract customers and have several features that can retain its customers. Initially, Flipkart started with book sales alone. After gaining enough recognition, Flipkart transformed itself into a multi-vendor marketplace.
The success of Flipkart lies in its customer segmentation. Urban people always prefer to buy online whereas many discount lovers focus on offers and special pricing. Likewise, some customers always focus on their conveniences and accessibility. According to the segments, the products are focused. Flipkart always maintains good customer rapport by providing the best deals and offers. Customers can pen their reviews that will help the company to improve the quality of its service and the product.
Etsy is a Brooklyn based company that started in the year 2005. This marketplace is well known for selling vintage and handmade goods. The company has more than 700 professionals and also holds 1.4 million sellers. Etsy is the brain-child of Robert Kalin, Haim Schoppik, and Chris Maguire. The main objective of forming Etsy is to encourage crafters and artists’ works.
Initially, it has been started as a simple website but now it has been listed as one of the leading multi-vendor stores.
As there is a lot of demand for vintage and homemade goods, the company has a good response and has grown well as a multi-vendor platform. Etsy acts as a bridge between the handmade goods lovers and the craftsman, the seller. The seller can create a shop and Etsy offers global shipping to its sellers. It is also highly popular among women as it holds around 65% of women members. Since it allows multiple sellers, it has become a comfortable multi-vendor marketplace for customers.
Jack Ma is the successful founder of Alibaba group. The company mainly focuses on B2B e-commerce and was founded in the year 1999. With the support of Goldman Sachs and Soft bank, Alibaba was refined to be a domestic e-commerce marketplace. The main vision of Alibaba is to uplift all Chinese enterprises and make them sellers and buyers.
At one point, Alibaba expanded its operation and started to export all Chinese products globally. It has been noted that the company accounts for 58% of all retail sales in China. Also, by the year 2010, Ali express has been launched by Alibaba as an online retail service provider. Alibaba allows its merchant to have a free listing and also, they can buy advertising and many more services to make them stand alone in the crowd.
Air-bed and breakfast are shortly called Airbnb were founded in 2008. Airbnb is an online renting platform where people who want to rent their homes will be connected to people who need a place to stay. The admin controls the complete communication between the host and the travelers and strictly maintains confidentiality regarding the travelers’ information.
Positively, Airbnb covers more than 81000 cities and also 191 countries. It provides a wide selection for travelers where they can find single rooms, apartments, houseboats, and many more. The hosts can post their listing for free that includes descriptions, photographs with captions. The website provides an option to have small accommodation along with breakfast. By the year 2019, around 2 million people have been connected with Airbnb.
Myntra was established in the year 2007 and started its operation as a B2B platform. Initially, Myntra started as a personalized gifting service to the customers. Within 3 years of period, the company has switched from personalization to the online market and became a leading multi-vendor marketplace.
By combining all international and domestic vendors, Myntra has more than 150000 products with more than 1000 brands. By the year 2014, Myntra was acquired by Flipkart. Myntra mainly focuses on all the latest fashion models. It also increases its profit without investing in inventory. This is risk –free strategy and it worked well for Myntra.
Sam Walton founded Walmart in 1962 and has incorporated in 1969. Walmart is one of the leading multi-vendor marketplaces that operates with the chain of hypermarkets, departmental stores, and also with grocery stores. Being a successful multi-vendor platform, it has more than 11000 stores over 27 countries. According to the latest survey, Walmart has been noted as the largest company by revenue.
Walmart serves nearly 270 million customers and its USP is an everyday low cost. The products are sold with the least price as sam walton’s vision is to sell for less so that can sell more. This formula also worked well. Walmart strictly follows the Everyday low cost and reduces its operating expenses so that the amount can be reduced on the products. Walmart also ensures its customers with a 100% money-back guarantee. These key features have made Walmart a real competitive multi-vendor marketplace.
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People’s lifestyle is getting changed and people really love to shop online. This is why we are able to see many new multivendor marketplace platforms in the digital market. By seeing the multi-vendor giants as mentioned above you would have a plan to start your own multivendor platform. We can provide you a perfect solution by introducing our Zielcommerce multivendor marketplace platform. You can experience a one-stop solution for all your online store needs.
There is always a constant growth for any multi vendor marketplace platform. Many e-commerce giants have transformed their business strategy from being a single vendor store to a Multi-vendor that clearly shows what most of the customers expect. Customers’ interest matters a lot. If you want to successfully run your online store, it is good to have your store to be a multi-vendor store. Have more genuine vendors tied up with your online store and get more business.