Emerging Retail Trends That Will Help You To Grow Your Multi vendor Marketplace Platform

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Every business needs to upgrade over a period of time and should get adapted to latest trends and technologies. Only you can easily get connected with your audiences who are already using all advanced technologies in their day-to-day life. If you are still running your brick-and-mortar store then it is the right time to shift to a multi-vendor marketplace platform. You can just set the leading ecommerce giants like Amazon and eBay as examples and frame your online business accordingly. Now the first question that comes to your mind will be how to create a website like Amazon and eBay. But before building your own multi-vendor marketplace platform you need to understand the latest trends in online retail business and then develop your platform accordingly.

Social commerce

People spend most of their leisure time on all social media platforms. They find it more entertaining than any other source. There are several social media platforms and Facebook is considered to be the top leading social media channel that holds millions of active users every day. You can create your own marketplace with Facebook and can start earning with less effort. People who are active will visit your marketplace place and will buy your products. By integrating your multi-vendor marketplace platform with your Facebook account will get you huge traffic to your multi-vendor website and this will help you to get more leads. You can convert those leads into sales and can increase your revenue.

Focus on influencer marketing

When your brand has authentic voices then the audience will automatically put their trust on your multi-vendor marketplace platform. It is good to get your brand work with influencers; you can bring changes to your business. Influencer can create high engagement to your products and easily increase the ROI on your multi-vendor marketplace platform. But before selecting the influencer you want to work with, just check their popularity in the social media platforms and number of followers they have. Only when they are popular enough you can get good business.

Better shopping experience through advanced technology

Many new technologies are in action and they are contributing more for the growth of any online store. You need to identify the technologies and should find out which technology will suit your multi-vendor marketplace platform and implement it and get better results. Few leading technologies are artificial intelligence and machine learning. These technologies will help you identify customers’ behavior and you can frame your products and your marketplace platform accordingly. There is also another technology called augmented reality that will give an extraordinary online shopping experience to customers as they can sense the product before they buy it online.

Provide same day or faster delivery

Usually, it will take a week’s time to deliver a product to the customer. But recently many multi-vendor marketplace platforms have started focusing on delivering products in a very short time. Ecommerce giants like Amazon have already started this function and provide faster or same day delivery to its prime users. This will impress customers and they all want their products at earliest. If you think about how to build a website like amazon then you should include this feature in your multi-vendor marketplace platform. To make this possible you need to have a perfect shipment agency that can carry out the task successfully. So, you should spend more time in finalizing a logistic company for your multi-vendor marketplace platform

Have voice search feature

Latest trend in multi-vendor marketplace platforms is having voice search features. People want to have a cool experience while shopping in any online store. Voice search option is always a better one compared to the ordinary search option. Especially when a buyer is travelling, it is difficult for him to type the keyword in the search bar and search the product. But if the voice search is activated in the platform then he can easily search through his voice and it will be easy for the user to use this option and get his product instantly.

Increase the usage of chat bots

Customers always have an aversion to buy online as they fear about the customer service they get through the platform. To reduce this fear your multi-vendor marketplace platform should have many chatbots integrated with it. This will help the customer to chat with the respective sellers. They can clarify their doubts regarding the product they are about to purchase from the platform. When you support your customers through chat bots this will obviously reduce the return and refund process. Because before buying the products they will clear their doubts and only then they will place the order. So the change of returning the product will be very low.

Include e-wallet technology

e-wallet is the highly used term in recent days. It is also called a mobile wallet. When your multi vendor marketplace software has an e-wallet facility this will increase the ease of use for customers and they can transfer amounts in a most secure way. There is no need for a buyer to enter his credit card or debit card details for paying online. There is always a security threat and there are a lot of possibilities for hackers to steal personal information from your multi-vendor marketplace platform. If you have e-wallet in your marketplace then customers can easily pay the money by just undergoing a certain authentication process.

Build your multi-vendor marketplace platform with PWA

Progressive web apps (PWA) are widely used in recent marketplace development. They will let the user experience the same as it will be in a mobile app. But it cannot be downloaded in any play store. The marketplace will be designed in such a way that it will look like a native app. This will increase the conversion rate and you can easily expand your business in a short time.

Conclusion

You need to go along with the technologies and it should be implemented in your multi-vendor marketplace platform. Only then people will think that you are active and updated. Else they may think that you are outdated.

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