A lot of changes have occurred in the eCommerce industry since its origin. Ecommerce nowadays has taken a faster pace. Selling own products solely to offering products from multiple-sellers is a trend ecommerce/business owners are adopting. Online stores are taking a quick shift towards Marketplaces.
Reasons of Ecommerce shift to Marketplace
• In 2016, Amazon generated 22.99 billion U.S. dollars in third-party seller service revenues, up from 16.09 billion U.S. dollars in the previous year. Seller-service revenues account for the second-largest revenue segment of the online retail platform.
• Customer Retention: In comparison to single ecommerce stores, a multi-vendor marketplace helps in retaining up to 89% of the customers.
• Revenue Boost: Sales through Multivendor marketplaces will account to almost thrice as compared to online stores by 2021.
• Huge Traffic: Multi- vendor stores helps in grabbing more traffic in comparison to single online store.
• High Conversion Rates: Multi-vendor marketplaces offer a variety of products so that your customers need not look in to the other stores thereby increase in loyal customers and high conversion rates.
• Earn High Commissions:More varieties, more offerings, more sales, therefore more commissions in your pockets.
Take a sneak peek to the Custom Writing’s Infographic below to know the Importance of Multi-vendor Marketplace for Retail Industries.