Did you know that Indian ecommerce market is expected to grow to US $200 billion by 2026? The annual revenue growth rate of ecommerce in India is 51%, the highest in the world. India has already taken a big leap and multi vendor marketplaces are one of the biggest reasons for this tremendous growth.
We are well acquainted with the names like Amazon, eBay, Etsy — the giants of online marketplace. Even though these big names have taken the lead, many local ecommerce players are also growing gradually and making their presence count in this fast-growing market.
You can be the next rising star too!!
Yes, you heard it right. The ecommerce marketplace is going to grow dramatically in the coming years as more and more companies are adopting online platforms. Despite only 50% internet penetration in India, the ecommerce market has become this huge. With the exponential growth of online infrastructure and internet in India, the market is expected to grow sky high.
Considering the increased online shopping, smartphone usage and internet penetration, India will continue to hold a stronger position and poised to grow over US $1.2 trillion by 2021. And the multi-vendor marketplace model is going to lead the ecommerce market without any doubts. No wonder why so many ecommerce players are moving to this business model.
Check out the top 10 online marketplaces in India that are redefining the online business and get inspired from them.
Top 5 B2C Ecommerce Marketplaces in India in 2020
Amazon means online shopping for many Indian online buyers. This platform is trusted by more than 70% of the online shoppers. It sells a wide variety of products and also offers its own product brands, membership, and other digital services.
Flipkart started by selling books through its multi vendor marketplace and soon started selling everything like fashion, electronics, furniture, appliances, etc. This platform has more than 1,00,000 registered sellers on its website.
Snapdeal has started as a deal offers website and eventually turned into a full-fledged online shopping platform with over 3,00,000 sellers on the website.
It is another indigenous ecommerce marketplace dealing in lifestyle, fashion, and household products. It was acquired by Flipkart in 2014 and became the top online fashion store for shoppers. Myntra has a wide variety of products like men and women wear, kids wear that are sold through its sellers and distributors.
Shopclues is another big player and popular for its wide range of products like mobile, gadgets, fashion, kitchen, sports, etc. It has over 6 lakh merchants and 28 million products on its website.
Top 5 B2B Multi-Vendor Marketplaces in India in 2020
Udaan has been designed specifically to make it easier for small and medium businesses to manage their business. It has over 1,50,000+ wholesalers, traders, and retailers on the platform. The whole purpose of this B2B website is to connect them on a central platform.
IndiaMART is one of the largest B2B multi vendor marketplaces. It assists manufacturers, exporters, and suppliers to enhance their digital presence. The platform has over 47 lakh suppliers and individual buyers listed on the website.
Alibaba is a famous platform that connects Indian businesses and suppliers and also, opens up the platform for importers and exporters for global business. It has over 30 million active buyers and millions of sellers on the website.
TradeIndia connects the Indian and international small businesses to sell their products and services through the platform.
ExportersIndia is an ecommerce marketplace that helps Indian sellers and manufacturers to reach international markets while they keep on selling in domestic markets as well.
So, now we know the top online marketplaces in India, let’s understand why this is the most opted business model by businesses as well as individual ecommerce players.
What Makes Multi Vendor Marketplace the Best Model for Your Business?
Let’s quickly get to know some of the top reasons to kick start your own marketplace.
- Increased willingness of sellers and vendors to sell online
- Easy accessibility of turnkey solutions to launch your marketplace
- Enhanced trust of customers on marketplace brands
- Multiple sources of revenue generation along with fixed commissions on orders
- Easy to scale to multiple product lines and new markets by adding new vendors
We see new marketplaces coming up every second day. There must be some strong business strategies to launch this popular business model. But apart from business strategies, the B2C+B2B ecommerce solution you use plays a vital role in determining the success or failure of your business. In fact, the marketplace builder is the foremost requirement to set up your online business.
Are you also inspired by the success of top online marketplace and looking for a feature-rich multi-vendor marketplace solution? Choosing the future proof features designed for a wide range of B2B and B2C ecommerce is the best hack for your online marketplace success. Some of the must-have features of an ecommerce platform include next-generation technology, mobile-ready, seamless payment gateway and shipping solution, automated marketing processes, and high-security.
Build Your B2B or B2C Ecommerce Marketplace TODAY
Building your online marketplace is not as difficult as it seems to be. The turnkey solutions with inbuilt features have you covered for everything and help you achieve online business success. And since choosing a mobile-ready solution is becoming a mandate for B2C as well as B2B businesses, it is important for you to check the mobile-friendliness of the platform before giving it a green signal.
Ready to launch your multi vendor marketplace? Have a complex B2B or B2C business model in mind? Don’t forget to explore the features of StoreHippo, e commerce marketplace platform by scheduling FREE Demo.