The buying preference of the customers is evolving every day. Most people do want to step outside instead of shop online.
Starting from food, groceries to luxury cars, consumers nowadays spend an extended period of time online. The research, choose and buy easily in a short time.
Moreover, with the introduction of mobile phones with eCommerce apps, consumers are ready to forgo physical visits to departmental stores and showrooms.
Liquor is one such industry that is facing a technological advancement as consumers are tired of taking trips to liquor trips even in 2021.
If you are a liquor store owner, now is the right time to start an online liquor business. Necessity is the mother of invention. And, the multi-vendor marketplace is one such invention that emerged from the necessity of quick and easy liquor buying options.
Opportunities & Scope of Liquor Marketplace in 2021:-
According to Inkwood Research, the global alcoholic spirits market was valued at $524.17 billion in 2019 and is expected to reach $709.38 billion by 2028.
In the global market, it is estimated that China will generate the most revenue of approx. US$291,633m in 2021.
The growth is expected at a CAGR of 3.45% during the forecast period. Moreover, in 2019, supermarkets & hypermarkets contributed largely (41%) to the growth of the industry.
As many supermarkets have turned into online stores the scope of the online liquor marketplace is increasing every day.
In order to make use of the advantage in the Liquor market, retail liquor store owners are trying to build a multi-vendor marketplace app for a Liquor store.
If you one of the owners this blog is for you. Follow the step-by-step guide and you will succeed in your online Liquor business in 2021.
Choose Revenue Model:-
It is essential to define the right revenue model before you start building a readymade Liquor marketplace platform. Below are a few revenue models that will help you generate revenue easily.
Membership is the best way to generate steady revenue. However, in order to make your customers apply for membership, you have to induce them with attractive offers.
Also, you have to educate the edge they will have over other customers if they hold a membership with your marketplace. A few of the advantages are free delivery and a priority shopping window.
The commission is the primary source of revenue if you own a multi-vendor marketplace. Every transaction that happens in the platform is subject to commission based on a pre-defined percentage.
Moreover, you as the marketplace owner can fix the percentage of commission based on the type of liquor.
If you want lucrative revenue from your liquor eCommerce platform, advertisement is the best option. However, you have to be a reputed eCommerce marketplace that gets many digital footprints.
You can set the advertisement charges based on the reputation you hold in the market. Besides you can persuade your vendors to boost the visibility of their liquor brands by partnering with you through advertisement.
Choose the Right Business Model:-
The online liquor marketplace has a process flow that enables businesses to function without any hassles. Below is the most feasible multi-vendor business model;
The admin creates a website and a dedicated ready-to-go Liquor marketplace app for customers to shop and vendors to sell.
The customers choose their liquor products and place an order through an application or website. Upon receiving the order, the admin allocates the right vendor that matches the destination of the order so they can fulfill the delivery seamlessly.
The admin monitors all the activities in the marketplace using a dashboard and makes sure there is no lag in the delivery.
Retail liquor store owners are the vendors in the multi-vendor marketplace platform. They make sure the inventory is filled with stock so the liquor orders are fulfilled seamlessly.
Moreover, they offer a variety of Liquor products to persuade customers into buying. They also make sure the ordered products are dispatched on-time.
The multi-vendor marketplace model would fail if there is no Delivery personnel. The eCommerce cycle starts with the customers and ends with the delivery personnel.
According to the delivery regulations the delivery personnel will safely handle the Liquor products and deliver them to the respective customers. However, the admin has control over the allocation of orders.
There is no market without customers. It is the responsibility of the customers to order from the list of liquor products shown by the vendors.
And the rest of the process will be taken care of by the admin, vendor, and delivery personnel to deliver in the shortest possible time.
3 Top Challenges in Multi-vendor Marketplace App for Liquor Store:-
When you sell Liquor online with an eCommerce marketplace there are a few challenges that have to be addressed. Below are a few;
Alcohol Restrictions and Regulations:
Restrictions and regulations are one of the biggest challenges in the Liquor industry. The local regional laws do not allow setting up a liquor marketplace.
Thus before you start check the rules related to online liquor stores and plan the features accordingly.
The Age Factor:
Age is a factor that restricts under-aged people to buy Liquor online or in-store. Although several websites have an age check, it is easy to bypass and buy liquor.
However many customers are not aware that criminal charges can be pressed if under-aged customers are found guilty.
Thus before you start an online liquor business check for the right age allowed by your respective federal law to buy liquor online or in-store.
The liquor business is a challenge when the temperature is not kept under control. Moreover, after checkout, it is the responsibility of the vendors to maintain and control the temperature suitable for the respective liquors.
Overall, it is complex and challenging to maintain the temperature for liquors.
7 Must-have Features in Multi-vendor Marketplace Liquor Platform:-
Here are the seven must-have features to integrate into your multi-vendor marketplace for a liquor store in the USA, UK, UAE, Canada, Europe, and Australia.
- Hassle-free vendor registration and customer sign-up on the marketplace.
- Convenient and seamless online (Credit card/wallet) and offline(COD/bank transfer) payment method for customers.
- Effective inventory management system to allow vendors to manage products in the inventory.
- Multi-lingual support to serve customers from multiple cultures and regions.
- Real-time tracking of delivery in google maps to allow customers to track their liquor products.
- A facility that allows customers to pick-up Liquor from stores or proposes a door-step delivery.
- Interactive dashboard for admin that shows all the details starting from customer details, commission details, real-time delivery tracking to the total revenue numbers.
Although eCommerce has changed the dynamics of business lately multi-vendor is helping business owners, vendors, and customers to adapt to it.
Also, a lot goes into taking a step to go digital. Thus if you are a business owner get in touch with the leading multi-vendor marketplace app development company like Soft Suave.
They not only build ready-to-go Liquor marketplace app quickly but at complete at an affordable cost. Start today to build a bright future for your business.
Prabin Samuel is a success-driven creative and technical content writer at Soft Suave, having expertise in the web and mobile app development industry. The enthusiasm towards growth and research made Prabin an expert in forecasting the future of the web and mobile app development industry.