Online shopping has made our lives so much easier in 2018 that it’s impossible to imagine existence without it. The Internet is the first place we go when we need to buy something or get a service. It is pretty rare for a company to have no presence at all on the Internet. In addition, e-commerce sales are predicted to reach $5 billion in value by the year 2021.
As a result of this pandemic, the importance of e-commerce and the ability to create multi-vendor marketplace platforms has been brought into sharp focus for businesses. In the B2B e-commerce sector, one of the first options facing firms is acquiring a vendor-supplied platform or building their custom solution.
While this appears to be a simple answer at first glance, this is not always the case. On the other hand, not every bundled solution is suited for every business. Consider the benefits and drawbacks of building from the ground up, acquiring a vendor-supplied solution, and combining the two ways.
How often should you make changes to your e-commerce site’s code?
Numerous B2C repurposing platforms fall short of meeting the requirements of complex businesses, such as those with complicated hierarchies or business models, as well as corporations that sell to other businesses. They then build a whole new solution from the ground up rather than modifying current e-commerce platforms. In the view of these organizations, developing a bespoke solution is an investment that will pay off in the long term by providing them with a competitive edge both now and in the future.
While it is feasible to benefit from joining a multi-vendor e-commerce platform, this is not always the best option. As a result, it is an excellent option for small retail businesses that rely on the marketplace to sell their items to a large audience and use centralized services such as search and payment engines. Customers who utilize online markets may also benefit from the opportunity to discover precisely what they are searching for on the Internet.
Building an open, multi-vendor marketplace may be the best solution for testing out new market potential. Increase your chances of success by carving yourself a niche in this enormous industry as more services and goods become available online. Products and commodities are no longer central to today’s internet marketplaces, which rely heavily on services. They are now being used to find both services and products. Babysitters, hairdressers, doctors, and taxi drivers may all be found on various online markets.
This phase is necessary after making a decision to construct a multi-vendor marketplace and determining a target market.
The two most typical techniques to building a multi-vendor marketplace are to utilize an e-commerce platform or to develop a bespoke solution. Because each offers several pros and disadvantages, it may be tough to pick between these two possibilities. By using our knowledge and collaborating with our marketplace developers, we will communicate the benefits of both options to you, enabling you to make an educated choice.
What factors should you consider while developing a market growth strategy?
Platform-based marketplaces are constrained by the features offered by the online marketplace builder you select. As a result, there is no guarantee that you will locate precisely what you need in the pre-installed capabilities. Because of this, you can only provide the things that your rivals now do.
A platform development project does not necessitate the reinterpretation of existing platform components. This might save you a lot of time in the long run. Before deciding whether or not to use an e-commerce platform to implement your company’s whole strategy, conduct a thorough assessment of the platform’s capabilities. When it comes to platform licenses, the consequences of making an error and getting the wrong one might be dire.
Even though platform solutions might not have all of the features and capabilities required by your product, they may include a significant number of features and capabilities that your product lacks. Because the additional features are included in the bundle, they cannot be purchased separately.
Is your firm’s organizational structure complicated?
Likely, an off-the-shelf solution will not work for your business if you have many locations, each of which is responsible for a particular product or consumer group. A vendor-based solution may be unable to match both your back-office requirements and the requirements for your customer-facing website.
When your industry is heavily regulated
Regulated industries are a preferred target for many organizations. If you sell HVAC equipment or pharmaceuticals, for instance, you may be required to get the purchasing business’s credentials and licensing. Depending on the product’s individual qualities, it may or may not be offered in all markets. Developing a customized e-commerce site may be the best option if your business is subject to a complicated set of rules.
Do you need additional CMS knowledge?
Your content management system is critical to the success of any e-commerce content strategy. For instance, if your e-commerce vendor lacks a robust content management system (CMS) or cannot integrate with your preferred CMS, it may be required to design a bespoke solution, especially if you are interested in omnichannel e-commerce.
Offer your consumers more payment methods
Customers may choose to pay via wire transfer, automated clearing house (ACH), or another non-credit card method. Specific clients may want to pay in installments or on credit, which is allowed as well. B2B merchants seeking more control over payment methods may consider developing their solution.
In conclusion
Because of the rise of B2B e-commerce, there has never been a better moment to make the switch. The great majority of enterprises nowadays use a vendor-supplied product for this purpose in most cases. There are several considerations to consider when deciding whether or not to design a solution from scratch or modify a vendor’s product.
If you’re a large company working in a highly regulated sector with a large consumer base, an e-commerce platform customized for your business may appear to be the ideal option. Consider constructing a custom e-commerce website for your business to offer a wide variety of items and services.
