In Gartner’s 2021 Market Guide for Marketplace Operation Applications, Omnyfy has been identified as one of the Representative Vendors.
The report outlines market trends and directions, draws the differentiation between core digital commerce and marketplace functionality and cites representative vendors that enable enterprise marketplaces.
Market Trends
Gartner states, “Developing an enterprise-grade marketplace is a complex undertaking that often involves fundamental business model changes. As a result, many of the vendors have relatively few enterprise clients. “
According to Gartner, “by 2023, 30% of enterprise marketplaces will transition into a third-party seller model for better profitability.” Such a model allows the organisation to expand product offering and achieve better profitability by enabling third-party sellers to sell directly to the end customers through the marketplace.
Marketplace Technology
A Marketplace Operations Application (or Marketplace Platform) enables enterprise marketplace functionality that includes seller onboarding and management, combined product catalogues, order routing and management, seller payouts and more.
Gartner states that “Marketplaces must have multiple sellers, an assortment of product categories, and a larger number of SKUs…Operators will need functionality such as seller onboarding, product mapping, product deduplication, offer management, seller monitoring and alerting.” Omnyfy is one of few vendors that provide such features out-of-the-box, along with standard marketplace functionality.
Omnyfy
Omnyfy supports both turnkey native shopping cart functionality with a direct-driven front-end as well as fully headless API based marketplace capabilities. Omnyfy is a native Magento 2 marketplace solution but with our integrated ETL software, Omnyfy Fuse, is able to convert virtually any eCommerce platform into a Multi-Vendor Commerce Marketplace.
Omnyfy is currently integrated with Shopify for In-bound (Vendor inbound) integration for product and order sync and also supports Neto, to convert Neto into a fully multi-vendor marketplace enabled platform.
Omnyfy Marketplace provides marketplace operators with advanced vendor management capabilities designed to offer full control over the on-boarding, management and administration of marketplace vendors at every level. The marketplace operator can review and deny/approve vendor registration requests, make edits to vendors and perform tasks on behalf of vendors, have control over vendors’ stores, their categories and products. Vendor subscriptions are available to enable a marketplace owner to monetise the vendors on their platform by charging a monthly fee to use the platform. Subscription plans can be created with different plan frequency, value and entitlements.
Omnyfy also supports a basic product listing workflow that enables the marketplace owners to approve/reject products submitted by the Vendors, with the ability to add notes if a product has been rejected.
Choosing Marketplace Technology – Omnyfy’s Recommendations
Marketplace goes far beyond technology deployment, it is actually the entire business model that may require a lot of additional considerations such as the relationship with sellers, managing new products and categories, modifying customer experience and more. It is important to make an informed choice of the technology that supports the needed functionality, allows future growth and manages the complexity of a particular business model. Here are top 3 decisions to make, when deciding on a marketplace software:
- Marketplace operator should decide if they want to deploy an integrated solution or build an extension to an existing commerce platform.
- Marketplace owner should decide on the vendor onboarding process, the shipping model and payments early on to make sure all criteria are met when choosing a marketplace software.
- It is important to forecast the scale and the future expansion of the marketplace to choose the right technology that accommodates all the needs and provides additional functionality.
Market Guide for Marketplace Operation Applications, February 2021
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
