A typical marketplace model consists of buyers and sellers, with the platform as a means to connect both. Marketplaces do not generally own any supply, do not provide products or services directly, and (eventually) handle the money being exchanged. Simply put, a marketplace provides a platform where the supply and demand efficiently find each other and transact successfully.
A marketplace has many moving parts, such as the user’s identity, the players’ reputation, payments, trust and safety, frictionless ness, and transparency.
A founder has to drive supply and demand and create opportunities that solve problems for both parties with efficiency, scalability, flexibility and network effects.
Some of the major marketplaces in the world are:
Fig: Major marketplaces in the world
Marketplaces are hard to build. During the initial phase of a marketplace, there is neither supply nor demand available. At Mindbowser, we work with entrepreneurs to not only guide the technology but also build the right business strategy with the support of our marketplace development services. Launching a marketplace requires building the two sides of the platform. On one side, you have to onboard the customers, and on the other, the vendors.
Creating a marketplace needs a team of designers, front-end and back-end developers, DevOps experts, technical leads, tester and an Agile Scrum Manager. A full team of 5-7 people with a burn rate of approximately 20K USD monthly can launch an MVP in around 6 months. The exact cost and timeline may, of course, vary depending on the needs.
You can take help from a mobile app development company and create a marketplace platform. Hiring freelance developers and utilizing open-source software or generic site builders is also a possibility but comes with its own set of risks related to scalability, availability and reliability.
A Design Sprint-like exercise can be done at the start to finalize the user experience and user flow and define priorities for the platform development phase. Also having a strong foundation built would mitigate the risk around scope creep, expectations and delivery quality.
A marketplace allows vendors to bring out their products and services in front of their targeted customers. The multi-vendor platform can offer ample choices to the customer and high volume growth to vendors. The best part about marketplaces is the network effect. This means more buyers lead to more sellers, leading to more buyers, and so on, the cycle continues. Once such a system sets in, it becomes hard to compete and it creates a great advantage for a company.
Fig: How does a marketplace work?
We developed an on-demand mobile application that suggests premier deals and offers on apparel, restaurant, travel, automotive, and many more. The basic concept was to build a platform where users can enjoy unlimited deals in a single tab.
A US-based telemedicine startup wanted to develop a free, simple, and secure telemedicine solution that allows healthcare providers to offer care to their patients outside the clinical setting. With an accelerated development offering, Mindbowser delivered the required features within 21 days of engagement. This was a shot in the arm for the team’s release plans. Today the platform boasts of 100K+ Telehealth sessions weekly.
The Patient-Centric HIPAA Compliant telemedicine solution offers a web-based platform that requires no download or additional setup to get a Telehealth practice set up for a practitioner. The platform includes multiple-way group call features that allow the physicians to add interpreters and specialists to the virtual visit.
Shortlist is a web portal that combines technology and human screening to find outstanding talent for businesses. It provides organizations with top-qualified candidates based on the skills and attributes they demonstrate via in-depth performance analysis.
The company is a recognized global leader in the Learning & Development of talent and solutions. Organizations of all sizes, including Fortune 500 companies, partner with the company to support their learning initiatives of any size or scope in all locations, virtual or in person. The company has been in business for the last 25 years and has a team of in-house experts as well as a global talent pool.
Radhika Kotwal always had a vision about building a marketplace for artists.
Being a trained dancer herself, Radhika felt the gap in the market for a holistic one place for artists for events, jobs, gigs, training, networking and so on.
Radhika teamed up with Mindbowser and has launched the first version of the platform. The platform is matching opportunities to various artists throughout the globe.
According to the business need, we can design and develop intuitive, appealing and secure features for retailers, vendors, and buyers. Our online marketplace development services come with a holistic feature set not only covering the obvious features such as transactions and payments but also the fringe yet important features such as tracking, automation, reviews etc. Irrespective of the marketplace application type, marketplaces require multi-user roles and related features.
Fig: Anatomy of a marketplace platform
As a leading software development company, our consulting marketplace services offer features that help to streamline your business regardless of the process.
We totally understand the dilemma of choosing a great team! That’s why we have a simple yet predictable model that helps you at every stage of the process.
Fig: Stages of e-commerce development
Advanced technologies open up further opportunities in the marketplace ecosystem. Solutions in Machine Learning, AI, Predictive analysis etc help create better experiences and data-backed decision making. As a marketplace platform development company, we use these evolving technologies to help our customers succeed.
Mobile apps enable companies to create more opportunities for engagement with push updates, reminders, data-driven solutions, and even data collection. We help you build mobile applications that can accelerate process implementation.
Data Science helps you to analyze real-time data and process information to create a better and faster ecosystem. Using Data science we offer to build you data dashboards, scraping algorithms, and automation scripts to improve the data monitoring process.
Our product development offerings can transform your idea into reality and provide the required knowledge, expertise, and commitment. Our specialized domain hardware, software, and production engineers help at every stage of product development.
Cloud Computing can help you to create better availability and accessibility for your platform. Our Cloud offering helps you set the development pipeline, availability, and backup of the system.
Machine Learning can help you make use of the data to streamline the process, reduce errors and improve results. From recommendation systems to web scraping as well as predictions.
Robotic process automation acts as a toolset to accelerate the way businesses function, leaving tedious, repetitive, iterative tasks for bots and building opportunities for efficiently leveraging the workforce.
Experience in building highly scalable solutions in marketplace platforms
Complete in-house team with designers, developers, and testers
Understanding of GDPR, PCI etc compliances
UX led development approach resulting in user friendly products
Expertise available in Machine Learning, Data Science and Automation
Help you build a launch strategy for your marketplace app
Complementary dashboard to monitor logs, performance and security
One-click deployment process with automated code review
It depends on your situation. If you have the finances, writing programs from scratch is presumably the best method. Alternatively, employing the open-source solution, choosing a site builder, utilizing a no-code marketplace platform, creating a custom marketplace development with a group of no-code solutions, or building a marketplace on the lid of an API-enabled marketplace SaaS platform can be favorable. Foundationally, the steps remain the same- Start with an idea, design a prototype, test it, develop it and launch it.
It relies on your requirements and goals. According to the intermediate market costs, creating a marketplace app could follow a different track. Around 6 months’ time can be considered for MVP launch.
A B2B marketplace is a marketplace where both the buyers and sellers are businesses. Even Alibaba and Amazon have B2B aspects. B2B marketplace is not technically different from a conventional marketplace/ B2C marketplace. Hence the steps to building a B2B marketplace remain the same- Start with an idea, design a prototype, test it, develop it and launch it.
An MVP allows validating with the aimed audience. Unlike a completely-featured development that is made to serve all, MVP is a limited feature launch meant to test with real users with a mindset that post-launch changes would be required to improve the offering. A useful MVP should still be substantial enough to create value and not have any glitches. It should include only the significant features. The elements should be competent in solving the customers’ most critical issues.
Mindbowser helped us build an awesome iOS app to bring balance to people’s lives.
We had very close go live timeline and MindBowser team got us live a month before.
They were a very responsive team! Extremely easy to communicate and work with!
We’ve had very little-to-no hiccups at all—it’s been a really pleasurable experience.
Mindbowser is one of the reasons that our app is successful. These guys have been a great team.
Mindbowser was very helpful with explaining the development process and started quickly on the project.
The greatest benefit we got from Mindbowser is the expertise. Their team has developed apps in all different industries with all types of social proofs.
Mindbowser is professional, efficient and thorough.
Very committed, they create beautiful apps and are very benevolent. They have brilliant Ideas.
MindBowser was great; they listened to us a lot and helped us hone in on the actual idea of the app.” “They had put together fantastic wireframes for us.
They're very tech-savvy, yet humble.
Ayush was responsive and paired me with the best team member possible, to complete my complex vision and project. Could not be happier.
As a founder of a budding start-up, it has been a great experience working with Mindbower Inc under Ayush's leadership for our online digital platform design and development activity.
The team from Mindbowser stayed on task, asked the right questions, and completed the required tasks in a timely fashion! Strong work team!
They are focused, patient and; they are innovative. Please give them a shot if you are looking for someone to partner with, you can go along with Mindbowser.
We are a small non-profit on a budget and they were able to deliver their work at our prescribed budgets. Their team always met their objectives and I'm very happy with the end result. Thank you, Mindbowser team!!
Mindbowser was easy to work with and hit the ground running, immediately feeling like part of our team.