What Is A Marketplace?

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:
major marketplaces in the world

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.

Cost To Develop Marketplace App Development

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.

How Does A Marketplace Works?

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.

Online Marketplace App Development Planning | Mind Bowser

Fig: How does a marketplace work?

Check Out Our Successful Marketplace Platform Development Service Stories And How We Have Delighted Our Customers

Watch What A Marketplace Founder Has To Say About Working With Us

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.

Setting Up A Marketplace

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.

Online Marketplace App Development Services | Mind BowserFig: Anatomy of a marketplace platform

How Can Marketplace App Development Help Your Business?

As a leading software development company, our consulting marketplace services offer features that help to streamline your business regardless of the process.

Our Step-by-step Process Takes You From Idea To Launch

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.

Project Management Process
Insurtech Software Process| Mind Bowser

Fig: Stages of e-commerce development

Technology Offerings From Mindbowser

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.

Choose Mindbowser To Enhance Your Marketplace Strategy

Technology Stack For Marketplaces

Mobile Development

React_Native
KOTLIN
SWIFT

Front-end

Angular

Back-end

NODE.JS
JAVA

Payments

Recommendations

Analytics

Marketing Automation

Infrastructure

Databases

MONGODB

Why Mindbowser For Marketplace Development Services?

At Mindbowser, we have been building marketplaces for 10+ years taking care of every aspect of the marketplace from idea to execution. Our Marketplace Development Services has helped numerous startups launch their ideas. Backed with a great design team and having competence in advanced technologies, we offer a 360-degree service to our customers.

1

Experience in building highly scalable solutions in marketplace platforms

In-house experts
2

Complete in-house team with designers, developers, and testers

solution accelerators
3

Understanding of GDPR, PCI etc compliances

4

UX led development approach resulting in user friendly products

5

Expertise available in Machine Learning, Data Science and Automation

360 degree service
6

Help you build a launch strategy for your marketplace app

Framework Agnostic
7

Complementary dashboard to monitor logs, performance and security

domain experts
8

One-click deployment process with automated code review

Frequently Asked Questions

How do I build a marketplace app?

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.

How long does it take to develop a marketplace app?

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.

How do you build a B2B marketplace?

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. 

What is marketplace MVP?

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.

Keep Reading

Read our blogs to Get in depth knowledge in marketplace development services.

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