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Build an Online Marketplace Platform: From Prototype to MVP

In this era of digitization, several businesses are adopting their own marketplace platform. If you’re reading this article, you must be interested in your marketplace development. However, the process of building your online marketplace can be a daunting task if the steps and processes remain unclear.

The process will extend your willingness to create a mobile-friendly e-commerce app. Well, our experts from Aimprosoft have shared their expertise and details about creating a mobile app for e-commerce, which you can read here. So, let’s continue with the topic further on and check the step-by-step guide to build an online marketplace platform starting from prototype to MVP.

1. Knowing the Market Offer And Demand

It is essential to gather initial knowledge about the offers and demands in the current local or national market. This knowledge can come with thorough research. You must perform the analysis based on a few crucial factors. Start with the number of companies involved in the market along with their success stories, market size, and share. Check for their customer database for proper insight about the needs and demands.

Well, when it comes to knowing about these factors in details, you must be looking for a guide that explains everything in detail. At Aimprosoft, we can provide complete information on ways to build an online marketplace platform. You can take a quick look here, as we proceed further with the discussion.

2. Determine Your Offerings For The Customers

If you are strongly determined to build a marketplace website, you must determine its type and specification for the customers. You can start with physical products or services before jumping into all aspects at once. Then, proceed with something unique for your marketplace to outrun the competitors. You can meet the user’s and the vendor’s expectations by attracting more customers through uniqueness in the website.

3. Pick A Monetization Business Model For Marketplace Development

You must create a marketplace website that will fetch you a higher income. This can be done by picking a monetization business model. There are several ways to ensure revenue from the website, such as the commission, freemium, ad placement, subscription, and payments for listing from the sellers.

4. Make A Checklist For Your MVP Features

It is crucial to know the right features for your MVP. This can be a bit complex task, where you will need the developer’s advice on how to make an online marketplace with the top essential MVP features. However, some of the core features that you must include are listed below.

  • Simplified and fully-functioning profile of the users and the vendors
  • Allowing access to activity history to both users and vendors for easy navigation and flexibility
  • Messaging system for enhanced interaction and customer engagement
  • Searching features such as easy navigation panels
  • Review sections for reliability to users and voicing experience of vendors.
  • Secure gateway of payment system for convenient transactions

5. Do Concept Visualization For Prototyping

Now, you have to move on to the concept visualization for your marketplace development. This is the crucial stage for prototyping your ideas about the website. It will help you determine the concept behind every web page creation. You must check for the user’s flow and visual representation of the website. With the suitable color scheme and graphic elements, make a live demonstration of the website to propose it to the stakeholders and family. This step is helpful to avoid any possibilities of coding or designing rework in the future.

6. Checkpoint For Your Marketplace Ideas

You’re almost there, as creating an online marketplace MVP platform takes less time than building a full-fledged one from the beginning. If your development team is busy with coding functionalities, you can focus on testing the MVP. This test with a group of early adopters will help you determine whether the decisions are right or wrong. Finally, you can launch the website and boost your business.

The Bottom Line

So, from this step-by-step guide, you will acquire all the knowledge for your marketplace development. If you encounter any trouble in the development process, you can ask the technical experts for their assistance.