A Comprehensive Guide to Building Your Own Marketplace
Nov 21, 2018 14:32
Do you feel like starting an eCommerce business? Well, then you should be prepared for constant challenges. It is rather compelling to think that online business is an easy fix and might not even require any special preparation, but it does have a few nuances that a beginner might not see at first.
A marketplace, being an eCommerce platform, is a popular destination for entrepreneurs in the field. It creates many exciting opportunities for business development and capital growth. You can build a marketplace platform in a variety of ways, a few of which we will be describing in this article.
The first and, perhaps, most popular way to make a marketplace is by starting it from scratch without the involvement of a third party firm to help you out. You will have your team and yourself to work on the project, set your own deadlines and plan your own budget. The best thing about this approach is that there doesn’t have to be any budget or deadlines at all - it’s all up to you and your group of specialists.
This way has many advantages - you get unlimited customization, unique design options and extremely low cost. However, you must take into consideration that it requires significant time management and organization skills, and is completely effort- and expertise-based.
Overall, the main features of the “start-from-scratch” marketplace creation are:
•No boundaries for creativity;
•Quality and progress depend entirely on the team;
•Takes a lot of time.
2. Employing Developers
If you don’t feel entirely confident that your team will meet your expectations regarding quality and timeframes, your best bet would be hiring a professional to help you with your project. You can rest assured that a specialist will know exactly what they’re doing.
Regardless, in the back of your mind you will always know that you might not get any return of investment if your marketing strategy does not work. It is quite expensive to keep paying a professional developer, too - so how do you ensure your project is successful and the effort does pay off?
Try Using the Agile Method of Software Development
Implement Minimum Viable Product - rather than sending your idea into production straight away, you should first test it.
Create a prototype of your marketplace and run it to see if it’s what you want your working platform to be like. This will help you to save money if the model is unsuccessful, simultaneously keeping the grade of production the same.
To put it simply, these are the main characteristics of creating a marketplace with the help of a professional developer:
•Takes less time than doing it by yourself;
•Equally highly customizable;
•Might be more expensive, although can be made cheaper using MVP.
Saas is deciphered as Software as a Service, and it basically involves a readily made marketplace template that can be customized to your tastes and needs. The best thing about this approach to marketplace creation is that the only thing you have to do is personalize the design. You just pick the customizations - all the coding work is done for you, as any SaaS comes with a content management system.
is a perfect option for you if you do not wish to do the developer’s work and want things done as quick as it can be. You also don’t need to be an IT specialist for this, since the management system and all of the design tools are simple and accessible even for a regular user.
However, the design of such platform will never be as unique as it would’ve been if you made it yourself. An additional drawback is the potentially high price - you do have to pay a subscription fee, and if you decide you want to make a lifetime purchase the price can be quite astounding. It is a great choice for someone who hasn’t got time to sort out coding and would rather immediately start the business.
Conclusively, SaaS solutions have the following attributes:
•Accessible, intuitive and easily manageable interface;
•Fast and simple;
•Considerable subscription fee.
You can choose to make your marketplace with SaaS in two ways:
Create a Marketplace Using SaaS Yourself
If you are looking for a way to cut out all the programming and dive straight into online business, you might want to use a readily made software. This does decrease your degree of freedom when it comes to personalized design, but you can achieve the result significantly faster. The process of building a marketplace with such frameworks is usually pretty straightforward and easy to follow, the result combining a fresh marketplace with a premade platform.
This path means needing much less time for the development of your project. However, there are usually additional costs when the developers ask you to pay a subscription fee. In addition, you will probably have limited composition options, which will probably restrict some of your business moves.
In total, using SaaS on your own is:
•Relatively low in budget, although there is a subscription fee;
•Fairly small building time;
Create a Marketplace Using SaaS with a Team of Specialists
It might seem as though hiring a team for a SaaS solution is a bit too much and will not be worth the money, but actually most of the time it is exactly what you want. A group of experienced specialists will make your marketplace up to the highest standard, and it will be faster and easier than building it from scratch.
Among all the great benefits of this way of platform development, you get far more flexibility. Knowledgeable professionals possess the necessary skills to make your marketplace as customizable as it would’ve been if you built it yourself.
The key constituents of this method are the following:
•Reasonable financial costs;
•Elevated adjustability and uniqueness.
Things to Keep in Mind
A fast decision that is not thought through is doomed to lead you to failure. There are several details t be aware of when launching an online business to help you make your decisions rational.
Before you hire a third party element or start any substantial development, do make sure you have your budgeting on point. It is crucial for any successful project to have uniform financial backing.
Depending on the amount of money you agree on spending, you can choose between all the outlined options. A lower budget of several thousand USD will probably mean a self-sustained project with no additional help. In contrast, if you can afford larger sums you could hire a skilled developers team to have your marketplace polished off.
Your Skills Level
You probably don’t want to make a low-class school project out of your marketplace platform - you have to be confident in your programming abilities and knowledge of coding techniques. If you’re not sure about your level of professionalism, we suggest getting specialist assistance to aid you in reaching that quality rank.
It is a common situation when two competing companies decide to put out a new product at the same time. This creates a conflict, as the business that gets there faster receives all the clientele and essentially has the best spot on the market. Keep an eye on your watch: you want to get the time you can spend on your marketing campaign just right and be the first one to deliver the product.
Producing a marketplace platform is a challenging activity that requires you to take many complex issues into consideration. You need to know exactly what development route your business is going to take, and consequently decide how much you want to invest in it. Will you hire a team of specialists to help you build your project to perfection, or do you think you can make it on your own?
Remember to compose a business plan carefully and always think your actions through before making a move.
Thinking of getting help with your marketplace project? Contact Roobykon for top-class support.
Samuel Leach is a self-made millionaire. He made his fortune through foreign exchange (also known as forex, FX) trading, which he taught himself while studying at the University of Hertfordshire. Today, he is the chief executive officer (CEO) and founder of Samuel & Co. Trading. Samuel & Co Trading offers a series of FX trading programs for traders of all expertise levels. Their pragmatic and holistic approach to FX trading offers enrollees with initial capital to trade with, which makes these initiatives especially unique and appealing. Read more
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