By: Mahima Radhachal
On: 06-October-2020

Create A Marketplace With Magento – A Complete Guide

Online marketplaces offer an excellent platform for businesses to connect with customers in today’s tech-driven era. Over the last few years, marketplaces like Amazon have dominated the eCommerce industry. 

With their feature-rich e-store and multiple payment options, these marketplaces earn a great deal of profit. If you’re planning to create a marketplace, then do read on. As today we’re sharing a guide to create a marketplace with an open-source eCommerce platform, Magento. 

What is Magento?

An open-source eCommerce platform, Magento boasts a versatile cart system. Many firms use Magento for creating single vendor or multi-vendor marketplaces. A majority of the startups prefer using Magento as it is easy to download and costs relatively less. Aside from that, the architecture of this platform makes it the right pick for any eCommerce business that wants to set a foothold in the market and reach out to the target audience. 

If you want to build an enticing marketplace where vendors and customers can interact and conduct business in a smooth manner, then Magento is the right pick for you. Read on to know about the top reasons why picking this platform for creating a marketplace can help your business. 

Reasons to pick Magento for creating a marketplace:

  • With Magento, you can create a fast and robust marketplace. 
  • Magento offers a wide range of features.
  • It is a highly scalable open-source platform. 
  • It is a versatile content management system. 
  • In terms of security, Magento is one of the best-rated eCommerce platforms. 
  • It boasts SEO-friendly features.
  • Magento offers numerous extensions. 
  • It offers multiple responsive themes. 
  • The platform enables third-party integrations. 


Pick the Type of Marketplace 

The first step involves selecting the type of marketplace you want to want. Ideally, there are two types of marketplaces: a single vendor and a multi-vendor. Single vendor marketplace involves businesses that operate on B2B (business to business) or B2C (business to consumer) model. 

Meanwhile, the multi-vendor marketplace involves multiple vendors offering their products on one platform. The two most popular examples of this type of marketplace are Amazon and eBay. 

Installation 

This step involves a variety of tasks like installing Magento, signing into the account, and verifying the account by using an access code. You will have to buy a plan from a web hosting provider. The platform offers a few purchase options, pick the one that best suits your business requirement. Next, you should set up a username and password as admin. 

Pick and Customize a Theme

This step involves picking and customizing the theme for your website. As one can imagine, this is an important step. Magento offers a huge array of theme options that businesses can choose from. The theme you purchase for your online store reflects under the Extensions Manager list. 

Next, you can customize the theme by updating the logo of your business. Additionally, you can customize the e-store’s theme so that the e-store displays the brand’s message and vision. If you’re new to this, then you can hire an eCommerce website design company to select the right theme and customize it according to the brand requirements. 

Explore Extensions

Magento offers numerous extension options to businesses. Integrating the e-store with the already programmed extensions is a great way to enhance the functionality of the marketplace. With extensions, you can improve user experience and make your marketplace stand out from the crowd. 

Set up Product Pages

This is a critical step as it involves the products that you’ll offer in the marketplace. In this step, you set up product pages, share their description and images with the site visitors. It is critical to categorize the products in the right way to ensure that the customers looking for the land on the right page. On Magento, businesses can pick the type of product they want to add to their e-store. 

Pick Shipping Options

Magento lets businesses make use of an extension for selecting the shipping option of their liking. The open-source platform allows vendors to pick separate shipping rates for their products. This feature makes it easy for the multivendor marketplace to operate smoothly. 

Payment Configuration

Businesses can check the payment options under the configuration section. You can find information about various payment gateways under that section. Unlike other platforms, Magento offers various payment options making it an ideal eCommerce platform. 

Launch Website

Check the extensions, add-ons, and the theme before you launch the website. If after launch, you want to make modifications to the online store, you can do so by heading to the store section on the platform. In case, you hire an eCommerce website development company for this task, then they might share a prototype of the website before launching it to make sure that the e-store is as per your requirement. 

Following a step-by-step process can help you build a robust, feature-rich, and fast marketplace that allows vendors to offer their products in an efficient manner and enhances the shopping experience of the buyers. Being easy to install and operate platform, Magento is the right pick for businesses that’s new to the world of eCommerce.