Magento Marketplace Development

What is a brand? You are a little mistaken if you think that this is a synonym for the words "firm" and "company". Not every company has the right to be called a brand. This word means an exceptional reputation, popularity, recognition and advantage over competitors, a stable base of loyal customers and resistance to financial disasters.

 

Brand is a monolith that is very difficult to destroy and budge against its will. And if your online store has already reached this level, then congratulations. Now you can move on to the next stage. We will expand to the marketplace.

 

How is a marketplace different from an online store?

A marketplace can be considered as an extension, progress, logical continuation or “evolution” of an online store. If your e-commerce site has already reached a certain level, boasts a stable client base and regular sales, then you automatically become the envy of competitors. And at this moment, you can turn a very clever move, turning yesterday's opponents into reliable partners and friends. As a result, both you and they, and even your common clients, will benefit.

You have a brand that has a good reputation. This will allow you to “take under your wing” your less fortunate competitors, who lack this very reputation and recognition. In simple terms, they enter the territory of your online store, display their products on a virtual showcase and start selling them successfully, using the popularity of your brand. For the inconvenience caused, they will pay you a commission on their sales or a fixed monthly amount (this is decided on an individual basis). Mutual profit is obvious, because in such a situation everyone usually wins.

From the point of view of customers, the changes that will take place on your site will only be positive. The range will become wider, so that they will have the opportunity to choose. It will even come to the point that different sellers will sell the same product at different prices, with different delivery conditions, different warranty periods, etc. Customers will choose the services of certain sellers, rate them, write reviews. This will create internal competition, but you still win, because you will invariably receive a commission on sales.

 

Is it possible to create a marketplace from scratch without having a ready-made and promoted online store? Theoretically, everything is possible, but you must understand that sellers of goods and services are unlikely to want to cooperate with you if your name is not big enough. Everything should start with attracting the target audience and winning their loyalty. As an alternative, you can try to launch an advertising campaign to promote a new marketplace, but its scale must be large, and this will require significant investments. It's better to take the long and bumpy road from small to great, because ecommerce newbies usually do not catch the stars in the sky early in their careers.

Why does a marketplace need Magento?

Because this content management system is originally adapted for e-commerce and has the inherent potential to scale. The websites of such giants as Nestle, 20th Century Fox, Alcatel, SEAT are built on this CMS, and the list goes on and on. Magento has an impeccable reputation and continues to be updated and developed. Thanks to its open source code and the ability to create custom modules, this software is also developed by its community.

List of key Magento features:
01
01
SEO optimization

Search robots really like Magento, they like to bring sites on this CMS to the top of Google search results.

02
02
Statistics

This content management system will provide you with detailed reporting with specific numbers.

03
03
Marketing tools

There are built-in marketing tools with which you can increase sales.

04
04
Filters

Without a quality filtering system, it is very difficult for users to find the products they need, but Magento is great at this.

05
05
Loyalty programs

Customize discounts, promotions and coupons to your liking.

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06
Payment and delivery

Support for various payment systems, the ability to implement different delivery methods. Let customers choose what is more convenient and familiar to them.

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07
Multilingual

Not all categories of customers feel comfortable on English-language sites, so give them the opportunity to choose their native language.

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08
Ratings and reviews

Customers can share shopping experiences with each other, rate, praise or criticize products. For them, it is important.

09
09
Multiple stores

Different levels of access to the administrative panel for different categories of moderators. Ability to manage multiple online stores from one console.

Magento also has disadvantages:

  • high threshold of entry, the need for methodical training;
  • serious hosting requirements;
  • the most advanced and functional Enterprise Edition version of this program is distributed on a paid basis.

To create and set up a site on Magento, you will need qualified assistance, and we are ready to provide it. Specialists from Brander have extensive experience in the development and support of online stores of various levels, including marketplaces. You can contact our managers for more information.

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Marketplace on Magento

Creating a marketplace with Magento is the development of an online trading platform where sellers will place their goods, and customers will choose the best offers for prices and other characteristics. The main difference between the development of Magento marketplaces and ordinary online stores is that the owners of the marketplaces do not usually sell anything themselves. They only attract sellers to their website, promote products and develop the website in every possible way to make it more convenient for visitors.

What is the development of a marketplace on Magento?

Magento marketplace integration implies the creation of a platform where it should be easy for sellers and buyers to find each other and establish interaction. Conventionally, such websites can be divided into two main categories: universal and niche. The Magento universal marketplace in terms of the range of products resembles a  large supermarket where you can buy almost everything. Their niche counterparts specialize only in specific categories of goods, such as auto parts, electrical goods, plumbing, food, stationery, etc. Large and small companies, or even individuals, can act as sellers.

If you are interested in the difference between the development of a marketplace in Magento and the creation of an online store, then it all comes down to three points:

  1. On the virtual showcase of such a website, after development, not only goods of different brands but also different sellers are presented. For example, two different sellers can sell Adidas clothing within the same marketplace.
  2. Most online stores also have physical outlets that you can visit. Marketplaces usually have only pick-up points.
  3. Marketplaces have a wider geography and audience, they can be international.

When ordering the development of Magento with a marketplace, you need to be prepared that your project will become large-scale in the future. The lion's share of the world's capital turnover falls on the share of such websites. The most famous Magento marketplaces, such as Amazon and eBay, sell billions of dollars worth of goods every year. If you are not ready for such a development of events and think that you cannot cope with such a scale, then it is better to choose the development of a simple online store. By the way, it also has great prospects for growth. After development, it can grow from an online store to a marketplace.

The development of the Magento e-commerce marketplace is being ordered more and more often, its popularity is growing rapidly. Oddly enough, the popularity is linked to the COVID-19 pandemic. Due to the pandemic, people rarely visit regular stores and supermarkets, shifting the focus toward online shopping. The second factor, due to which the popularity has developed, is the rapid development of new digital technologies. Today, people are increasingly inclined to trade online, because it is more convenient and practical in every respect, and today almost everyone has computers and smartphones.

Magento marketplace integration implies that dozens or even hundreds of different sellers will trade on the website, and they will be forced to compete closely with each other. It has long been known that close competition generates very advantageous offers for customers. Sellers have to come up with various promotions, discounts, and bonus programs in order to attract customers. Sometimes it comes to the point that the customer is allowed to offer his price, after which the seller can accept or reject such an offer.

How is the development of a marketplace on Magento different?

The development of a Magento commerce marketplace involves the use of a content management system (CMS) for online stores and other online trading platforms. This system occupies a leading position in the world, so various developers are beginning to actively master it. There are paid and free versions of Magento. The free assembly is an open-source development with a large and friendly community that is actively developing. The paid version is owned by eBay — the most famous online auction in the world.

The development of a marketplace on Magento 2 has a number of advantages and additional features:

  1. You can set different attributes and properties for products, group them into sets, and sort them by various parameters, such as color, size, etc.
  2. In Magento, it is possible to develop product filtering by attributes that are defined by the administrator. Different positions on the virtual storefront can be compared with each other to understand the differences.
  3. Using the Magento admin panel, you can control online stores that are located on different domains and translated into different languages. You can customize their appearance by choosing ready-made templates.
  4. After the development of the marketplace on Magento, the possibility of working with different currencies opens up. Thanks to this feature, it will be easier to promote the marketplace in different countries and regions.
  5. Sellers who don't want to manually price their items are in for a nice surprise. In Magento, after development, you can formulate pricing rules, after which the cost of new positions will be determined automatically.
  6. Magento will provide reports on sales, tagged products, reviews, etc.
  7. Magento supports different payment and delivery methods, including to different addresses.
  8. Close communication with customers. Magento will allow you to contact them in many ways, including email, messengers, product comments, etc.

The advantages of developing a Magento 2 marketplace from the point of view of the developer are obvious because this is a CMS with a large margin of safety, which will withstand heavy loads and will not “fall apart” at the most inopportune moment. It is used by many large online stores and marketplaces because it is considered reliable. However, it cannot be called intuitive and simple, because the entry threshold is quite high.

Developing a marketplace on Magento is a difficult task. The problem is exacerbated by the fact that this CMS is the most difficult to learn from the point of view of a marketplace administrator who has no experience. However, its complexity is explained by the fact that it is the best. Having mastered this virtual control panel, you can be sure that you will have full control over the marketplace. Magento marketplace developer Brander will help you figure it all out. Moreover, after the development of the marketplace, our team will provide technical support, within which assistance in managing the CMS is also possible.

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