eCommerce is a business model that allows firms and individuals to buy and sell things over the internet. Since the evolution of fast internet, eCommerce has grown mostly to all the corners of the world.
It's been a decade since eCommerce started ruling the world. The eCommerce industry proved its imminent growth in 2020 amidst the COVID-19 situation around the world.
According to Business Insider, the eCommerce estimates were $3.914 trillion at the end of December 2020. Although the outbreak of the COVID-19 pandemic hit the sales and revenue, the numbers kept the industry floating in the global market. Asia-pacific and North America stood first in the regional numbers followed by Europe. Asia-pacific took the lead due to the dominance of China in the retail and eCommerce market.
Below are a few interesting facts and stats on the eCommerce market leader Amazon you should know.
- 101 million people have Amazon Prime memberships in the US, and the North American market holds 61% of Amazon’s total customer market share. (Statista 2020)
- In the year 2019, Amazon’s net sales amounted to a whopping $280.5 billion. (Statista 2020)
- Prime users spend an average of $1,400 on the service per year. (Statista 2020)
- In the year 2019, Amazon reported 225,000 active sellers. (Repricerexpress)
Creating a multi-vendor marketplace platform like Amazon is essential in 2021. In the fast-paced eCommerce market, multi-vendor is the only solution to keep up with the trend and grow at the same time.
There are many pros and cons of a multi-vendor marketplace app. However, it is you who should analyze your business needs and build your eCommerce platform accordingly.
If you own a business in 2021, it is a must for you to be a part of the multi-vendor ecosystem. Moreover, it up to you to decide on being a marketplace owner or a vendor based on your budget. In both cases, it is a win-win deal for your business.
Many SMBs do not have the budget to build an online marketplace like Amazon. Thus they pay a small amount as a subscription fee and join open-source multi-vendor marketplaces.
But, if you follow a complete guide to develop a multi-vendor marketplace platform, you can build the best multi-vendor marketplace platform in 2021.
Building an Amazon-like Multi-vendor is not as easy as it looks. But do not worry! Here is a list of steps you should follow to take your business online instantly.
Platforms are the first thing you have to choose when developing a multi-vendor marketplace because it determines the set of features to be integrated.
Here is the list of eCommerce solutions you can look into while choosing your platform.
- Shopify Development
- WooCommerce Development
- Broadleaf Development
All the above three platforms have various advantages and disadvantages. But Broadleaf Development is best suited for an Amazon-like online marketplace. It offers an ultimate user-friendly eCommerce store with a simplified yet advanced product lookup at an affordable cost.
Also, in Broadleaf commerce, you can add many custom features at an affordable cost. This is a vital feature for SMBs that want to build a multi-vendor marketplace.
Your choice of features determines the success of the marketplace. Do your part of the research and add features that cover admin, vendor, delivery personnel, and customers. However, here is an image that portrays the must-have features in your multi-vendor marketplace app.
As you are a marketplace owner, it is necessary to choose a model to generate revenue for your marketplace. Thus below are the three most common revenue models.
Choosing an app development company is easy. But choosing the right multi-vendor marketplace app development company is a challenge. As a business owner, you should do the needful research to determine your eCommerce app, development partner.
Many multi-vendor eCommerce app development companies offer the best plans for SMBs to build Amazon-like eCommerce app. Thus check their past works, portfolios and get a free demo to understand the process and then commit to their development.
The success of your marketplace is guaranteed if you do the right set of promotions. It is better to start early before releasing the platform. Thus when you release, you will already have a set of customers to serve.
Although you might have to build a billion-dollar eCommerce app, without promotions, it is not possible to attract users (vendors, customers, and delivery personnel)
Cost to Develop an eCommerce App using Broadleaf Commerce
Developing an eCommerce store is not expensive. However, to stick to your budget, you have to be wise when you start the development process.
On average, the base cost of developing an eCommerce app using Broadleaf would be $8000. The cost rises depending on the amount of customization and add-on features.
If you are a retail business owner, developing a multi-vendor marketplace app is essential in 2021. You can build an app like Amazon. However, if you want to succeed in the eCommerce business, you have to be unique.
Do not add features and then pay for the development. Set a budget and add features that you can afford. It is okay to start small and add advanced features in the future.
Once you are fixed the budget and plan, choose the best multi-vendor eCommerce app development company that fits your budget and business plan.