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When & Why do you Need Custom Marketplace Development?

Category : e-Business Consultancy
Tags : Web Design Services , Online Marketplace Design , Online Marketplace Development , Web Development Services
October 8, 2021

We are expecting to witness an enormous increase in the number of marketplaces in the near future, especially since the eCommerce sphere is becoming even more profitable year over year. With developed technologies, however, building a marketplace website is not a simple task. To be a successful two-sided platform entrepreneur, you need something more than just building a marketplace website. In this post, you will find great tips on how to develop a custom marketplace.

  • What is a Marketplace?:

A marketplace is an independent platform that operates online, and its purpose is to connect buyers and sellers directly. To survive the competition, the marketplace must provide the most advanced security features for E-commerce Fraud Detection, guarantee the integrity of a deal for each side, and offer features such as detailed tracking of purchases in real-time.

  • Process of Building a Marketplace Website

When a client approaches a custom marketplace development company to get a marketplace website built for his business, the company usually inquires about the requirements and goals of the client. This gives the web development company a chance to understand the client’s needs and expectations and suggest the best marketplace solution. After analyzing the specifications and requirements of clients, the web development starts the marketplace development process, which usually follows the given process

    • 1. Front-End Prototype (UI/UX Design):

As the name suggests, front-end prototyping is the process of creating an early model or sample of a given product to assess its features and flaws. It’s an illustration of what the final product will look and feel like. This step involves all image prototypes, conversion into HTML, designing look and feel, UI/UX etc.  The front-end prototype doesn’t include any coding part.

    • 2. Backend Prototype:

This step deals with all the designing work related to business processes and flow. It includes designing all backend modules in HTML, look and feel reports and results. It gives an idea about how the admin will manage the site content, customer data, product data, order data, report etc. Again this step doesn’t involve any coding.

    • 3. Development:

Once all the prototyping is done and designs are finalized, the development work starts. This steps deals with all the coding work and integration of APIs and payment gateways.

    • 4. Testing and Delivery:

Once the prototyping and development job is over, the testing and delivery team comes into the picture. This team checks all the elements of the marketplace website manually and uses automated tools to ensure the website runs smoothly. After the testing process is over, the website is delivered to the client.

  • Benefits of Custom Marketplace Development for Businesses

There are several benefits of custom marketplace development over a marketplace built using a readymade platform:

    • You get exactly what you need :

All open-source solutions are designed to meet the requirements of the average business. This means you could pay more for something you won’t be using yet lacking in integrating essential features. The custom development approach allows creating a complex system with multiple solutions to build a marketplace according to your requirements and business goals.

Furthermore, you can determine what changes you would like to bring to your store’s workflow, design, and layout to increase sales and other critical metrics with no limitations. Through establishing a relationship with a trusted technology partner, you will also receive long-term maintenance for your store, unlike t to the script-based customer support you can get from platform suppliers.

    • Scalability:

Custom marketplace applications evolve as your business grows with time. With the custom marketplace development, you can add any feature you require now or in the future without affecting the application. It means that you don’t need to change to higher-priced software or make additional licensing purchases.

If you decide to develop a customized marketplace for your business, you won’t need to purchase additional licenses. So, creating a customized marketplace application for your business is a highly scalable choice.

    • Speed:

Smooth and fast performance is the foundation of customers’ engagement over the long haul. The extra time it takes to load, or compatibility issues can negatively impact the retention rate. With the right solutions, you should make the best of what you’ve been given.

With from-scratch marketplace development options, you have a broad range of options to decide what technology is the most suitable foundation for customers to provide a seamless experience. Choosing a technology stack is indeed a difficult task; however, it is possible to get an expert consultation from your marketplace development company to reap the full benefits of this strategy.

    • Third-Party Integration:

The demand for third party API integration into your marketplace platform is an essential element that requires you to choose custom marketplace websites for your new business. APIs are becoming increasingly crucial for the successful operation of any marketplace website.

APIs allow sellers to gain an in-depth understanding of their customers, giving them the right products to meet their requirements at the right moment. This is possible due to the information an API can offer you.

APIs allow you to customize your site’s content, allowing it to be tailored to meet the specific needs of both sellers and customers, making the business more secure. A custom-built marketplace solution will enable you to incorporate 3rd party APIs to leverage all possibilities.

    • Payment Gateways Integration:

You must incorporate a payment gateway into your marketplace site to accept payments from customers’ purchases. These payment gateways are an indispensable part of all marketplace websites.

A payment gateway is required to capture transactions between sellers and buyers. So, if you are looking to start a marketplace website, you need to integrate a payment gateway for online payment processing. This is the only way to accept payment through the Internet. A custom marketplace website allows you to integrate your preferred payment gateway provider easily.

    • Bottom Line:

These are some of the benefits of building a custom marketplace development for your business. You need to communicate your requirements properly to get the best professional-looking marketplace website built for your business.