eCommerce business growth in inevitable. The advancement in technology is affecting all the sectors and eCommerce is not left behind. You are here to get answers on how to upgrade your grocery business with the help of the multi-vendor application. So, come let’s get into the topic.
What’s covered in this post?
- What is Multi-vendor marketplace?
- How does the multi-vendor marketplace business model work?
- How to upgrade your grocery business using a multi-vendor application?
The demand for groceries never dips. The grocery business is expanding since its inception. The introduction of technology and applications has increased the scope of grocery business drastically. Super-market owners are turning towards online solutions to grow their business geographically. One such online solution is a multi-vendor marketplace, which is available on both websites and applications.
The multi-vendor marketplace is a platform or a virtual marketplace that allows multiple vendors to set up online stores to display their products for buyers or customers to choose and purchase. This marketplace also allows any number of vendors to register and display their business products. A few of the popular brands that use the multi-vendor marketplace model are Amazon, Alibaba, and Walmart. The growth of the multi-vendor marketplace is reaching new heights because there is a vast range of products available, which makes the shopping process easier for customers. Likewise, the sellers need not maintain an inventory, which reduces 90% of the headache of the vendors/sellers. The scope of the multi-vendor marketplace has increased the demand for apps and online marketplaces, which has led leading eCommerce mobile app development companies like Soft Suave to offer a grocery delivery app with a multi-vendor marketplace solution.
Multi-vendor Marketplace Business Model:
The business model of multi-vendor marketplace differs according to the type of business, target market, and the geographical area. Following are a few business models,
- Commission model
- Subscription model
- Service charge model
This model generates revenue through commissions. Different commission rates are fixed for various products, and the business growth is accelerated through the commission percentage. This model motivates in pushing sales higher, which directly increases the revenue generation.
The subscription model is the least complex and best business model. This model offers many discounts and waivers to create high engagement. Subscriptions are based on a yearly and half-yearly basis.
Service charge Model:
Independent online grocers adapt the service charge model. They charge a specific amount as a service charge for the online grocery service they provide to the customers. The primary source of revenue in this model is the service charge, and then comes the profit on the products.
Upgrade your Grocery Business using Multi-vendor Application:
A multi-vendor application is the best and most affordable way to upgrade a grocery business. It gives a wide range of expansion to the business in terms of geography, customers, and market size. It is necessary to understand a few must-have features like vendor panel, admin panel, and customer page for your multi-vendor marketplace application before you start implementing a multi-vendor model in your grocery business.
Soft Suave offers the following advice on multi-vendor application features that would take your grocery business to the next level.
Personalized shopping experience:
The multi-vendor application should provide personalized shopping experience according to the customers and their requirements. To take it further, personal shoppers can also be added to make the shopping experience to another level.
60-minute delivery warranty:
Allowing customers to choose their delivery slots will increase the level of convenient shopping. Providing a delivery guarantee is also the best way to boost your business. Assuring a 60-minute delivery would encourage customers to prefer your application and business over the other competitors.
Allowing customers to customize their cart even after placing an order would be a deal closer in this grocery business as most of the grocery owners don not allow this due to many constraints. However, cart customization is one of the most preferred features customers would expect in a multi-vendor application.
Price list management:
Pricelist management facilitates dynamic price change based on the customer’s location, allowing them to grab groceries at a competitive price.
Digital menu card:
Digital menu cards in the multi-vendor application facilitates customers to choose their requirements from the categorized product list. Digital menu cards make shopping easier for customers.
Multi-vendor applications will have secure payment gateways that encourage customers to buy products and pay without any hassles. Payment gateways also provide a sense of security and reliability for the customer to shop with certainty.
GPS enabled tracking:
Grocery owners with a limited budget cannot afford to hire delivery personnel. However, most of the multi-vendor applications provide home delivery as a package, thus easing the pain of business owners who suffer delivery issues just because they cannot afford it. Additionally, multi-vendor applications offer GPS tracking to make sure the product reaches the customer by allowing the customers to track their orders on real-time maps.
In this decade, where the technology is booming wildly, it is good to adapt to the technologies that benefit our business. Multi-vendor application is one such technology, and growing along with it would be the best choice to succeed in the 2020 eCommerce market.
Soft Suave is the leading eCommerce mobile app development company in India that has the best fully customizable multi-vendor grocery script system in the market that serves all the above features to elevate the standard of your grocery business. It is wise to purchase and integrate this tool into your business and add customizations according to your business requirements. This will give you a readymade, feature-packed online grocery marketplace and is guaranteed to provide excellent business if the right business strategies are followed.