e-commerce-business-sale-in-canada

Things You Need To Know Before Starting A Multi-Vendor E-commerce Business

When people think about opting for multi-vendor e-commerce business sale in Canada, the picture that pop-ups in their mind are selling some great products online that will give them great pleasure and something they really enjoy. Subtract the enthusiasm, many will end up not taking action at all.

Many people don’t even have the slightest idea what products to sell? Some of them have an idea but not sure how and what to do?

Some of the E-commerce selling websites in Canada, retail sales are now touching the roof with $548 Million in 2019. All of the big-budget websites such as Amazon and eBay are on top of the market with more than 65% of the e-commerce marketplace.

Let’s look at the basics, What is a multi-vendor selling marketplace?

With the help of a unique storefront, the seller can sell their products to multiple online customers in a multi-vendor marketplace. The vendor is responsible for managing an inventory, product details, logistics, etc. The owners of this marketplace can earn money through commission on every sale of products.

There are two types of multi-vendor businesses.

B2B (business-to-business) Multi-vendor business:

Using beneficial term, it is a business to business marketplace platform handled by the third party and it connects both buyers and sellers from a particular industry.

B2C (business-to-consumers) Multi-vendor Business:

Using investment term, nowadays, many new entrepreneurs prefer to invest in B2C multi-selling websites. Amazon, Airbnb, and eBay are some of the examples.

Let’s dive into the two most important things you need to do before entering into the multi-vendor selling marketplace.

Market Research:

For new business owners, research on the current market is one of the most important things to do before jumping into this multi-vendor business. You can gain enough information about your competitors, market reach and new start-ups like you. Ground research can help you to get business insight using which you can grow your online multi-vendor business.

Multiple eCommerce Platform:

In this dynamic market, the most feasible way to build and launch website is through an e-commerce platform. You should compare multiple e-commerce platforms to choose the best one and look at all the free demos of websites available on these platforms.

Here are some of the top revenue generation ways of a multi-vendor e-commerce website:

• Sales commission
• Subscription fees
• Affiliate programs
• Banner ads and Google Adsense

In a nutshell:

This is the best time for you to enter into the online multi-vendor marketplace if you choose your niche and have a crystal clear vision on how to proceed further.