Recently, people became more and more familiar with the idea of a market place. The main reason for market places is the ability to purchase the required product or service in a more comfortable way.
First of all, it lasts only a few minutes to search on the internet you’re looking for. Secondly, market places provide the possibility of finding the necessary item near your location at an affordable price.
Lastly, the option to get your item delivered from your door, especially for large products such as furniture or electronic products.
However, it is not an easy task to set up a startup of the market and need a lot of knowledge and resources. To start with, we will see what the market places are and how it differs from online stores.
What is a marketplace platform?
The most important difference between a marketplace and an online store is the independent vendors ‘ ability to list their products or services. There are different variations of the platforms available.
It differs according to the size, the strategy, the products offered and the way they market themselves. Depending on the purpose and the location, the pricing and technology used is also different.
The online stores only provide their own services and goods. It is responsible for the prices, the products themselves, the payment and the delivery.
On the other hand, a market only offers a platform to list the services and a payment platform.
Market places can help to trade or exchange different things. It can go from physical objects such as clothes, furniture, electronic devices, et cetera, to online services such as apps, coupons and more.
How to create a marketplace app
The development of the market app contains tons of investigations and material collection. It is extremely important to evaluate all the potential risks before starting with a project.
Contrary to the general conception, a perfect developmental process does not start coding. Understanding the process is a substantial part of creating your own successful application.
Make a concept of your idea and write it down. First, think of what kind of question exists in your field. It would be wonderful to know your goal group is lacking in their daily lives.
To obtain this information, you can go through the reviewers of your competitors or start your own recording. There are specialized sites that collect reviews and complaints across different enterprises.
Once all your ideas are written off, you can start to form something clearer. Write down everything that comes up with you, even the all-in-the-iest things; You never know what can come from it.
The next step is to split all your ideas into must-be, will and non-essential. This gives you a clear idea of what has to be implemented first and what can be added later to the app.
Now that your ideas are set up, it’s time to think about the visual sharing. Maybe you had camps with an app that you really liked. Or, some apps that have different features you want in your application.
Also write it down, as the reference can be really useful in a later stage for the developers and designers.
Another thing you want to do is write down all the pros and cons of each of these apps. It can serve as do’s and don’ts on the platform later.
Decide on the financial model of your app. This includes both your sellers and the buyers.
You may want to see which payment methods best suit your location and target group.
In ecommerce It is mainly online payments such as credit cards, PayPal, online wallets or bank transfers.
Another thing to develop beforehand is a plan for the repayments policy for the end customers. You must distinguish your level of responsibility for misconduct or accidents that occur. A part of the process will also include configuring a fraud control system to filter out fake vendors or fraud attempts.
The next phase is to decide on the enterprise for the development of your product. Browse the Web to find companies with good reviews or trusted platforms where you can find a developer or a team. The choice will depend on the kind of technology you have in mind as well as your budget.
The technology that can be used contains some solutions to build up a market, such as Drupal, Magento, OpenCart, etc. Another option is to use a software as a service (SaaS) solution such as Sharetribe, Marketplacer, or Near Me.
The advantage of this option is the velocity to set up everything. The downside is the lack of the ability to adjust functions and the appearance of your market.
Depending on the platform, the cost of developing the market app costs about $30.000-$100.000 + per month.
If you want to create a unique compatible product, you should build up the app from scratch.
The advantages of this option are natural that you have a proprietary platform with unique features and design. Updating such a product will also be easier, since there is less probability that changes in one part will affect another one.
The disadvantages include higher costs and the time needed to develop the app.
What happens after you have dealt with a developmental undertaking?
So you’ve come to find an undertaking that meets your needs. What happens next, where do things go from here?
The first thing you will do with the development enterprise is the plan to create an online market. There are some benefits of executing the planning and risk evaluation in advance:
You can get a professional view of the team on the functions you chose. Perhaps they can point out your contradictions or gaps in your planning and give advice on better solutions.
A highly competent team will give advice on how to care for the safety of your product. This includes both the integrity of the idea and code prior to the release in, as well as a proper solution for fraud management after the product is online.
They can support your platform to the launch date and help you adjust everything needed. As this is the one that creates the code, it will be easier to change it.
The cost of creating a market app includes the cost of the technology you decide with, the payment platform cost and marketing costs. It is not all that distinguishes the final pricing of the project, but it affects your budget the most.
A further important thing is the location of the development team. A team of Eastern Europe can cost you to $40.000 for an app built from scratch between $20.000 and a standby platform app.
The European and American teams are more expensive and cost about $45.000-$65.000 (Europe) and $70.000-$100.000 + (US teams).