Marketplaces need multi seller payment solutions

Marketplaces need multi seller payment solutions
July 6, 2016 Jason Wyatt

Marketplaces need multi seller payment solutions

By Jason Wyatt, Managing Director Marketplacer

For marketplaces to succeed, they have to make it easy for customers to pay and purchase from multiple sellers in a single transaction.

It is the old rule, ‘don’t make it hard for people to give you money.’ At Marketplacer, our shopping cart technology allows consumers to purchase from unlimited vendors in one transaction and we found that this significantly increased conversion.

One of the biggest attractions of online shopping for consumers is convenience.

Relax on the couch you just purchased off House of Home while watching TV and browse online for your next piece of bike equipment from Bike Exchange! Many of us have spent hours doing this and we’ve come to expect our shopping experience to be streamlined and easy, which means being able to go from vendor to vendor, all the while filling up our shopping cart and making a single payment when we’re finished.

We don’t want to have to go through the rigmarole of paying for what we’ve purchased from each of the vendors. That’s one of the big advantages of shopping on an online marketplace: you have the choice of hundreds of sellers all competing to attract your interest, with the convenience of being able to pay for all your purchases from the one shopping cart.

Another key point is once you enter your card once on a Marketplacer platform you will never have to enter it again. It gets stored in the safest digital vault environment provided by Braintree.

The ease and convenience of being able to shop from thousands of sellers and processing your order with a single push of a button is a very satisfying experience for consumers, and the seller benefits are obvious!

The issue of shopping cart abandonment is a massive problem in the e-commerce domain. Some of the figures put the rate at up around 70% or higher for the number of shoppers who exit from the payment process. The fact is that when an online payment process takes too long, it allows the shopper time to get sick of actually going through the process, which then makes them far more susceptible to second-guessing whether they should in fact be making the purchase in the first place.

The more streamlined and convenient the payment process is, the more likely the shopper is to go ahead and complete the purchase. This is what makes being able to purchase from multiple sellers in the one transaction such a beneficial part of the marketplace experience for customers, as well as vendors.