Right from the first time online marketplace model appeared, it has rapidly become a hot trend in the world, especially amongst startups. Why? Let’s see a supermarket, why people love it so much? It is modern and convenient, right? It will be the same with a marketplace. Instead of going to a website to buy clothes and then going to other to buy watches, customers can buy all things they want just in a marketplace. And, when building a marketplace, we cannot ignore Magento, a platform that is so strong of management. In this article, we will help you clarify more in terms of the benefits when building this business model with Magento 2 marketplace theme package. Here we go:
- No inventory
If only you operate such a huge website like the marketplace, no other vendors, you will need a huge amount of goods and services. That will also lead to a risk that high amount of inventory, the supply will exceed the demand and you won’t be able to sell your entire product. Even if your product is not perishable, it will still lose value over time as newer models become available or as trends change. Building a website with Magento 2 marketplace, you connect people with goods or services to those who want to pay for those goods and services, and then taking a cut of the transaction. Since there’s no inventory to store or ship, a marketplace also saves on the cost of facilities to store inventory and an operations department to process it.
- Free Advocacy
The strength of business model built by Magento 2 marketplace is the diversified of participation. Unlike the traditional model, it only has you and customers. In this model, you, vendors and clients stay together. In an online marketplace, every transaction involves two parties: a buyer and a seller and operator will have the commission. Assuming everyone involved has a positive experience, both parties will have a reason to spread the word. When each of party in this model tries to market their store and reach clients, the whole model will reap the sweet benefits with very low cost of marketing.
- Exponential Growth
Why did I say Magento 2 marketplace theme brings your website exponential growth? One of the reasons that online marketplaces are seen as darlings at the moment is their capacity for rapid growth. Because they facilitate a transaction rather than actually taking part in it, their labor force does not need to grow on pace with the number of transactions. They aren’t making, packaging, or delivering the product in question; they only need the staff necessary to maintain the platform at increasing levels of use. To put it another way, the number of people hired by Ebay is not directly connected with the number of goods bought at auction through their platform.
The last word,
Building a multistore website with Magento 2 marketplace theme package brings you a lot of amazing benefits in terms of the source of money earning, cost of marketing, the speed of growth, etc. If you compare this model to others, you will find that marketplace seems to be better at attracting interest, investment, and top-tier talent.