If you’re looking to turn your Magento® store into a buying and selling marketplace, you probably know what you’re up against. Marketplace giants like Amazon and eBay can be difficult to compete with—difficult, but not impossible.
From the best extensions for getting started to the right add-ons for increasing conversion rate, you want to customize your marketplace for success. We’ve compiled a list of extensions that can help you create your Marketplace if you’re a beginner, or optimize your existing marketplace for better customer traffic, engagement and conversion rate.
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1. Multi-Vendor Extension
Having the correct multi-vendor extension is your first step in running a successful marketplace. This extension allows for multiple capabilities within the admin panel, meaning you can manage vendors, shipping and more in one place.
Track orders, products, billing and more within a simplified dashboard. This extension is a great jumping-off point for conversion rate optimization, as its custom reports will give you a benchmark for sales and revenue and see where you have opportunity to cut costs or increase sales.
2. PayPal Integration
Simplify payments with the PayPal integration extension. Store managers can transfer funds directly to vendors directly within the multi-vendor dashboard that go directly into their PayPal accounts.
This add-on makes it easy to automate payments once an order is marked “complete” or when an order is created; you can also choose to manually fulfill payments.
3. Market Segmentation Suite
Help your vendors target their customer base with Market Segmentation. This extension allows users to analyze their customer and store data and use that information to tailor their broadcasted message.
Market Segmentation can drastically improve the conversion rate of your marketplace by creating rules based on shopper’s traits. These rules and customer lists can then be divided and targeted based on their demographics and habits.
Using this tool can eliminate the guesswork of marketing to a mass audience and help optimize your ROI when it comes to messaging or advertising to buyers.
4. Vendor Reviews
Allow your customers to leave positive reviews on your vendors’ stores and watch the conversion rate of the best stores rise!
Vendor Reviews allows satisfied buyers to leave star ratings and personalized reviews about their experience with your vendors. This helps other customers who are searching for the best store and best buying experience possible. It adds a level of trust with each vendor and allows honest feedback from the purchasing customer.
5. Vendor Home Page & Content Management System
Attract visitors to your marketplace with static content outside your project pages. These extensions allow you to create a static home page as well as additional pages or blocks of content.
Add static pages like Privacy Policy, Terms and Conditions, and more; you can also add your store information and product information to a home page or static pages for better targeting. Optimize your search value by targeting keywords and phrases your customers are searching for.
6. Vendor Membership Benefits
Within your marketplace, the relationship you have with your vendors is crucial. In addition to solidifying and simplifying payments, offering rewards or discounts for vendor membership can improve your relationships and ensure the longevity of your marketplace vendors.
The Vendor Membership Benefit extension allows you to create different membership packages that have levels of fees and benefits. You can offset the resistance to paying a monthly fee by offering commissions and other benefits that enhance the membership package.
Creating and managing a Magento® marketplace can be a lot of work. The above list can help you get started, simplify your billing, supply, and reporting, and overall increase the success of your marketplace for both you and your vendors.
