According to the Fashion eCommerce Report by Statista, the online fashion market is expected to grow at 12.2% per year and reach a total market size of US$991.64 Billion by the end of 2024.

Don’t you think these numbers make it one of the most hotly contested markets in the world?

The reason behind the explosive growth in this sector is the innovative technologies that have created online shopping an experience worth count. The global fashion industry is moving towards the decisive phase of digital adoption with growth in major countries across the globe. Here’s a quick overview of Fashion eCommerce Industry Statistical data:

  • With a market volume of US$348,700 Million in 2020, most revenue is generated in China
  • In the Fashion segment, 30% of the total market revenue will be generated through online sales by 2024.
  • The average revenue per user (ARPU) in the Apparel segment amounts to US$172.23 in 2020.

Starting an online fashion marketplace can turn out to be your best investment as factors like lower digital barriers, emerging worldwide population with a lot of disposable income and super convenient mobile apps account for growth and futuristic opportunity in this industry.

MUST-HAVE FEATURES FOR AN ONLINE FASHION MARKETPLACE

Before launching your online fashion marketplace, you should carefully analyze the important features of your platform to reduce the chances of complexities that might occur.

Here is the list of must-have features for an online fashion store:

  1. Customization: The preferences of the customer keep evolving from time to time so it is necessary that your eCommerce platform is fully customizable. It helps in the scalability of your business.
  2. Payment Gateways: Multiple payment gateways make it easy for users to order products instantly online.
  3. Product Catalog: The product catalog feature allows the eCommerce marketplace owner/admin to control and manage as many catalogs as possible.
  4. Multicurrency: The biggest benefit of a multi-currency platform is that it helps a lot in global expansion by providing the customers to buy products in their preferred currency.
  5. Analytics & Reporting: This feature is extremely important to review the performance of your marketplace and to make future strategies.
  6. Seamless Product Management: A strong and robust product management easily allows the marketplace owner to manage the products.

Here are the features that benefit the customer:

  1. Review and Rating is an innovative way to gain social proof that persuades customers to buy online.
  2. Streamlined Checkout process is directly linked with the conversion rate for an eCommerce marketplace.
  3. Rewards and Discounts have been highly effective in encouraging customers to shop online.
  4. Mobile Applications have been proven to increase customer engagement and retention.
  5. Smart Recommendations helps in personalizing the user shopping experience and thereof increasing the conversion rate of your eCommerce store.
  6. Responsive Layout brings more visitors and conversions.

Here are the features that help the sellers:

  1. Display Advertisements on the marketplace banner enable sellers to promote their product/shop. 
  2. Robust Vendor Dashboard allows the vendor to quickly analyze sales reports and product performance reports.
  3. Multi-Store Functionality & Brand Creation can help in maintaining multiple stores.
  4. Import/export feature allows vendors to easily import/ export product files that contain the product information.
  5. Tax Management for managing and customizing tax categories rates for the products. 
  6. Inventory Management makes it easy to manage inventory via the seller’s console.

Do You Want to Start an Online Fashion or Apparel eCommerce Marketplace? Start it Today with Yo!Kart Multi-vendor eCommerce Platform. Book a free one on one Demo: https://www.yo-kart.com/request-demo.html

Content Source: https://www.yo-kart.com/build-fashion-multivendor-marketplace.html

Originally Published At: https://www.slideshare.net/YoKartMultivendorEcommerceSystem/must-have-features-for-an-online-fashion-or-apparel-ecommerce-marketplace