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February 26, 2020
Developing of the b2b sales market is constantly increasing its rates. More and more people consider it the perfect place for services and goods exchange. The number of offers is higher every new day.
Such popularity is not a coincidence, it is actually the result of massive sums of money rotating in this field. A well-thought strategy of using modern resources, including peering markets such as Etsy, Amazon, eBay, etc., is going to make the overall volume of 355 milliard dollars in the year 2025.
Following just a few simple but effective recommendations will allow you to start your very own project in no time!
But you can’t get and build a marketplace platform is you don’t do a meticulous market analysis with the following essential elements:
If you want to avoid any potential unnecessary mistakes and unneeded expenses during along the way, you just have to do the research. For maximizing the reliability of the results, to make it as unbiased as possible, you have to conduct it among random consumers. Exclude any relatives, friends, acquaintances, and business partners from the statistics. The following questions are absolute must-have on your list:
Online marketplace app development just has to have the planning stage where you lay down your idea and figure out the way to make it work. What will come out of it depends mostly on the company developing the potential product. It can have the following aspects:
Any marketplace just has to have the two following essential elements:
1. Admin panel that is hidden from a regular user, that will allow you to analyze the functionality of the platform: registration process, regulating the balance, assortment, payments, commissions, etc.
2. User panel that is visible to the visitors. Its diversity should depend on the specifics of the business you are engaged in and the strategy of marketing development. The next point is absolutely required:
It should be easy enough to build marketplace app if you have the following specialists in your team:
In the process of development marketplace, you should have the eventual cost of the project planned out as well. It can vary depending on the range of products, the number of functions the marketplace has, the expenses on the developers. The cost of the basic suite is about 80 thousand dollars on average. If you plan the project to get on a global scale, with a large number of additional functions and options, the ability to expand as much as you want in the future — the price will rise accordingly, it can get twice or more as expensive. But if you know what you are doing, that should not scare you.
The mobile app is a little bit easier to develop and it costs around 60 thousand dollars on average. But, of course, the price mostly depends on the functionality.
Decent suppliers and providers mean more satisfied clients who will eventually attract even more clients to your business; this, in turn, will help you develop your partner base — this is how the idea cycle of the platform goes. But before you can make it work like a clock, you should choose the right channels and steps to growth, these must include:
The basic price of a decent online marketing platform is drawn out by comparing the two possible scenarios of the realization of the project.
Despite being the simplest option with minimal investments on the start, it does have some pitfalls in the further process of development:
This method is much more difficult in terms of the amount of work you will have to put into developing such a project, the amount of money you will have to put into it. But the advantages of this method are apparent and attractive, they include — personalization of your project and the ability to get exactly the functions you need to get the business going. The financial side of the deal depends mostly on the following aspects:
HOURS | |||||
Functionality | Back-end | Front-end | Design | PM | Sum |
Authentification, roles | 40 | 30 | 20 | 10 | 100 |
Profile, account settings, payment methods | 60 | 40 | 40 | 10 | 150 |
Notifications (emails, sms, desktop, mobile) | 60 | 30 | 20 | 10 | 120 |
Posting a job | 80 | 30 | 48 | 16 | 174 |
Finding suitable suppliers | 60 | 30 | 40 | 16 | 146 |
Chat, apply, award a job | 80 | 40 | 40 | 16 | 176 |
Feedback | 30 | 20 | 20 | 8 | 78 |
Payments | 32 | 30 | 20 | 8 | 90 |
Localization setup | 20 | 8 | 20 | 8 | 56 |
Admin Part | 40 | 10 | 10 | 8 | 68 |
Total | 502 | 268 | 278 | 110 | 1158 |
Web Marketplace MVP Approximate Cost | Approximate price |
Ukraine ($30/hour) | $34,740 |
Europe ($60/hour) | $69,480 |
USA ($80/hour) | $92,640 |
The final sum will be decided once you analyze the situation and calculate all the details and requirements for this specific project. Don’t be surprised if it will significantly differ from the initial investment you were planning on.
The idea of a fast-growing online marketplace with large volumes attracts more and more new players into the marketing business: the suppliers can operatively sell their products, and increase the production rates, while the clients can spend their money on the things they need with optimal prices.
At the same time, this particular marketing method is ruled by the global business basics, which means — it requires the right approach, deep analysis on each and every stage of the operation, searching for the unconventional ways of solving problems, calculating the risks and taking them, etc. The last one is especially important because while elaborating on a project, you should keep in mind not only the current state of things but also have some marketing development strategy for the future, which will also predestinate the size of initial investments.
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