Online Marketplace Software - PowerPoint PPT Presentation

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Online Marketplace Software


Build a feature-rich online marketplace platform that suits your business needs. Name the service and we provide the best in class B2B marketplace solution for all. – PowerPoint PPT presentation

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Title: Online Marketplace Software

Online Marketplace Software
What Is an Online Marketplace?
  • An online marketplace is an eCommerce portal
    where multiple vendors come on a common portal to
    sell products or services. This eCommerce model
    is also called the multi-vendor eCommerce
  • Different vendors/sellers register on the
    multi-vendor site where they upload, display, and
    sell their products or services. The sellers pay
    a commission to the marketplace owner for using
    the readymade platform and its other services
    which may include customer support, logistics,
    etc. The portal and its policies, transactions,
    etc. are managed by the marketplace

What Type Of Online Marketplace Platform Are You
Aiming At?
  • The very first thing you need to do is to decide
    what kind of buy and sell platform you want. Is
    it supposed to be an online marketplace for
    sellers? A B2B, B2C, or P2P marketplace platform
    development? Are you wondering how to build a
    marketplace app, that is a cross-platform
  • Before you get to the development process, we
    recommend you create the business plan for your
    online marketplace platform which would answer
    the following questions?
  • What industry should it work for? Is it a unique
    product or are there competitors already?
  • Whom is it created for? What does my project have
    to offer? How will it solve my customers pains?
  • What marketing distribution techniques will
    work the best to create an online marketplace
    that would be on everyone's lips?
  • How can I monetize the project? What are the
    possible ways to earn money on it?

How To Build A Marketplace 4 Stages Of The
Development Process?
  • So, your idea seems to have real potential. It
    solves existing problems, there is a market for
    it, and even the possibility of earning money.
    However, dont hurry to approach investors yet.
    You first have to figure out how to launch a
    marketplace website.
  • 1. Build a marketplace prototype and test the
  • First, you need to get the idea out of your head
    and make it visual. This can be done with a
    prototype, which is a sketch or a simplified
    model, of what you are going to build.
  • Heres a small tip a prototype along with
    technical requirements will be useful when you
    start developing your product. So, it sometimes
    makes sense to hire a professional to create an
    online marketplace prototype of high-quality.
    However, you can also do this yourself. If you
    decide to do it by yourself, read our extensive
    guide on prototyping. It explains everything
    step-by-step so that you can successfully build
    your own prototype, even if you have no relevant
  • The prototype is the best way to present an idea
    to a co-founder or first employee, generate
    interest from your first users, and attract early

How To Build A Marketplace 4 Stages Of The
Development Process?
  • 2. Prepare the project documentation
  • Though this may seem to be a monotonous task,
    creating detailed project documentation will save
    you plenty of time and money in the marketplace
    website development process. It doesnt matter if
    you hire in-house developers or a dedicated team
    - the documentation will be a clear roadmap for
  • This stage helps ensure that everyone correctly
    understands the goal and functionality of the
    product they build.

How To Build A Marketplace 4 Stages Of The
Development Process?
  • 3. Build a marketplace website MVP
  • After preparing the prototype and project
    documentation, you are now ready to start
    developing the product, or the minimum viable
    product, to be exact.
  • A minimum viable product, or the MVP, is a
    product with just enough features to attract
    early users. The main idea behind the MVP is to
    get the application into the hands of the target
    audience as soon as possible. After releasing the
    MVP, you will rely on user feedback and must be
    ready to make steady improvements.
  • Sometimes the MVP reveals a sad truth that the
    assumptions you made during the market analysis
    are false, and the idea wasnt as brilliant as it
    first appeared. You now have a chance to change
    the direction slightly and adjust the idea to
    meet the real needs of the market - or give up.
    In the latter case, early failure means cheap

How To Build A Marketplace 4 Stages Of The
Development Process?
  • 4. Grow your online marketplace user base
  • The dream scenario for each small business is
    that, upon releasing a marketplace app, you
    immediately gather thousands of users, both
    suppliers, and customers. Unfortunately, you
    cant rely on such a happy coincidence. Thats
    why you should start growing your user base long
    before the online marketplace is built. This is
    how you can attract your most loyal customers.

Must-Have Features for a Marketplace MVP
  • So, youve decided on the tools and technologies.
    But the hardest choice is still to come. Which
    features should you implement in your MVP, and
    which ones can wait? Heres a list of features
    your marketplace MVP must include
  • Easy social login Dont bother your first users
    with a complicated authorization process. Social
    login buttons are convenient and save you
    development time
  • Profiles for buyers and sellers Youll have two
    user types in your app. Therefore, get ready to
    create two types of interfaces for them.
  • Search and filtering There wont be many
    listings at first, but you still have to provide
    your users with an easy search and filtering
    process, or theyll quit.

Must-Have Features for a Marketplace MVP
  • Messaging The main task of a marketplace is to
    connect sellers and buyers. Give them an
    opportunity to discuss transactions right in your
  • Reviews People trust other peoples opinions.
    Thats why implementing a review system can
    increase trust in your platform and improve
    conversion rates.
  • Payments One reason why customers come to a
    marketplace is that they need a reliable third
    party to manage the transaction. You have to
    think carefully about which payment gateway to
    choose for your marketplace.
  • These are the absolute minimum features your
    marketplace app needs to start attracting
    customers. Later on, youll add more
    sophisticated features to improve the user
    experience and increase your revenue. Moreover,
    customer interaction will give your ideas for new
    functionality as well!

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