There are numerous ways to create an online marketplace for your business. Each method has its own positives and negatives. So let us guide you to make the best choice.
How will you create your marketplace platform? This is perhaps the most important thing to consider when starting a small business. First, make sure to make the right choice. The wrong choice may cause your money and effort to be spent in vain.
Here are 4 Ways to Create Your Ideal Online Marketplace Platform
1. Create the Platform from the Ground Up
- By creating a new and fresh platform, you can have complete control. This means that you can design it in a way that completely matches your vision and ideas. If you already possess the necessary knowledge and skill set, you can create it entirely by yourself.
- The source code will be under your control.
- No need to bear any subscription license costs.
- You will not have to rely on other software.
- Developing the platform from scratch can be pretty time-consuming, and losing out on time could mean missing out on money.
- Just developing the software will not be enough. Regular maintenance will also be required.
2. Hire a Developer to Code the Platform from the Ground Up
You can find many professional ecommerce developers who can help you create the platform for your online business from zero. Before this, you need to have knowledge about the ecommerce marketplace platform.
A multi-vendor platform serves as a bridge between customers and vendors.
They are popular since they provide an endless number of products to buyers and accept various payment methods. In addition, vendors showcase their goods and products on a central site. Since multi-seller ecommerce platforms already possess an existing customer base, no additional expenditure is needed for advertising the products.
- No license or subscription fee is involved because you are the owner of the platform.
- Since the development of the ecommerce platform will be done by professionals, you can allocate your efforts to the eCommerce marketing aspects of your business marketplace.
- Hiring eCommerce platform developers can be very costly.
3. Develop a Marketplace Platform on Top of the Current One
You may also choose to develop the platform on top of the existing marketplace platform. You can create it yourself or outsource the process to expert developers. Using established online marketplace software is often the quickest and most convenient and cost-effective method to begin an eCommerce business.
It might be challenging to find an eCommerce developer or eCommerce software development firm. You probably won’t hire a full-time developer right away, but you will eventually when your business expands.
However, having them on your team will provide you with greater flexibility. This is particularly true when it comes to customer support roles and activities.
When selecting a software development firm, it is crucial to consider and study the majority of the available options. This is because they will be playing a vital role for your business by providing the technologies that will control and represent the whole business.
- This method is less time-consuming and more affordable compared to building the platform from the start.
- Every marketplace provider must have some essential capabilities, such as creating a listing, communicating with customers, and handling bookings and payments. Already established marketplace software will offer the majority of these features. Even if they lack a few, they can be easily added.
- Given that the software is not an open-source platform, you will only have to bear a one-time cost. Thus it will be far less costly than hiring someone to develop it from the start.
- The initial costs are high.
- Although this method includes a one-time licensing fee, hosting fees are charged on a monthly or annual basis.
- The license will have to be extended regularly. Otherwise, you may no longer have any access to technical assistance. This is true when the software is not open source.
4. Using an SaaS-based Ecommerce Platform
SaaS-based ecommerce platforms provide various business solutions. Creating an ecommerce marketplace platform with an SaaS (software as a service) solution will include hosting.
It is a method for software licensing and delivering in which an ecommerce application is authorized to a client and accessible through the internet.
The SaaS platform is a cloud-based platform that can be accessed through any web browser.
Typically, the SaaS ecommerce platform is offered through a license subscription. The subscriber must pay a monthly charge depending on the quality of service and the volume of users. This business strategy is often a low-cost method for sellers to browse their ecommerce marketplace whenever and wherever they desire via internet access.
- This approach is the quickest way to build an online marketplace platform. Furthermore, it will assist you in testing how your business concept works in real-time and which elements are crucial to your consumer base. Finally, when compared to alternative approaches, the pricing is affordable for new businesses.
- The software is hosted and maintained by the provider. They take responsibility for software bug repairs, upgrades, and other maintenance requirements.
- The majority of SaaS eCommerce platforms will not grant you access to the source code. Therefore, you will not be able to modify it. In addition, if you want highly specific features, an SaaS platform may be unable to provide them.
The best choice for you will depend on your budget, technical knowledge, and the amount of time you can spend on it. Hopefully, this article will help you to make the right choice to kickstart your business. Best of luck!