Going it alone inevitably means a bigger financial outlay than the costs involved in joining a multi-vendor marketplace. Here’s a breakdown of website setup costs for small-, medium-, and large/enterprise-sized e-commerce stores:
Learn lessons and collaborate
One of the great advantages of joining a multi-vendor marketplace is becoming part of an existing, functioning business ecosystem, overseen by a marketplace owner whose sole purpose is to help you set up and start selling and growing your business as quickly and efficiently as possible.
As we talked about earlier, there’s strength in numbers and being part of a community always has a number of “soft benefits”. A lot of marketplace owners facilitate community building among their vendors, creating things like newsletters, forums, or groups on social media platforms. What can you learn from engaging in your marketplace community?
- Discover new trending products or services that are selling well on other vendors’ stores.
- Piggyback off of successful marketing campaigns—replicate what’s working for others rather than reinventing the wheel.
- Learn about other vendors’ customers including their pain points, buying habits, complaints and address these on your store.
- Talk to vendors and gain insights about industries or territories that you’re looking to expand into.
- Last but not least: joining a community is great for moral support, to celebrate successes, and to commiserate on setbacks. Running a small online business can be lonely, so make the best of the community that comes with a multi-vendor marketplace.
A multi-vendor marketplace really is a great place to start your small business, even if you plan to go it alone in the future. By joining a marketplace you’ll reduce risk, cut costs, learn valuable lessons, and free up precious time and resources to focus on acquiring customers.
You may even have your own idea for a multi-vendor marketplace. Check out our article where we answer seven of the most common questions asked about selling on a multi-vendor platform.
If you are interested in learning more or having an expert evaluate your marketplace or marketplace idea, get in touch with a Shuup marketplace expert today!