Marketplace development

Marketplaces are Internet trading platforms that act as an intermediary between buyer and seller, regardless of the type of participant (B2B, B2C, C2C)
The trend of the entire online trade is moving away from point service providers and towards work through marketplaces. Already now, aggregators and marketplaces occupy 70 % of the TOP in both contextual advertising and organic search engine output.

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Marketplace Advantages

scaling
Opportunities for business scaling
competition
Market control and high competitive ability
growth
Fast growth and ease of development of the customer base
low cost
Low fees and customer acquisition costs
cost
Live cash flow from the first customer
connect
Combining supply and demand on one platform

Modules and basic functions

Convenient catalogue search
Search and filter module

In addition to well-constructed filters, you should also pay attention to another, but no less important, search functionality:

Sorting goods by price, popularity and other parameters; the ability to distinguish a product from others is a function of adding a product «to favorites»;

The function of comparing goods (one of the most popular functions on the part of the buyer).

Optimisation of loading offers
Management of goods / services

It is desirable to have a sufficiently flexible set of product attributes and various options for sellers to add their items to the catalogue:

  • - a usable API will make it much easier for the customer to connect to the marketplace;
  • - importing goods via a .csv or .xslx file;
  • - development of modules / plug-ins for importing popular CMS products;
  • - parsing the online shop / catalogue of the client's goods;
  • - adding / editing manually in personal cabinet.
Reliable payment system
Payments module

The ability to bind cards in the personal cabinet and integration with payment systems, viewing and managing transactions, payment history, cancellation of orders, automatic distribution of payments to participants - this is only a small list of functions that must be considered when developing a payment module for a marketplace.

Opportunities for social interaction
Rating and evaluation module

Buyers are not looking for a well-known brand in the network, but for a good product with a lot of positive feedback. This is the main tool for attracting customers to most marketplaces.

Therefore, the ability to like / dislike, leave feedback and comments, make ratings, read blog articles and many other modules designed for social interaction of all types of users are mandatory components of a successful marketplaces.

Fast and convenient communication
Notification module

Notifications and various announcements within the marketplace are simply necessary. The seller must immediately know about the order to process it quickly, and the buyer in turn must be notified of the order in a convenient way. Having a convenient and flexible way to send notifications will be a big plus when working with large customers.

Authorisation and registration
Personal user account

The personal user account is a convenient tool for communication and interaction with users of all types.The service learns more information about the customer and can generate more personalised offers for the customer. The customer, in return, can track his activity on the service (e.g. viewing the purchase history, comments, reviews).

For the seller, a personal account is simply necessary, as all of his activities within the framework of marketing will be conducted through a personal account - assortment management, monitoring of sales statistics, tracking the regularity of payments and much more.

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Monetization methods

Commission

One of the most common ways to monetise a marketplace. This model has three formats: the commission can be paid by the seller, the buyer or both parties to the transaction. Uber, eBay and Airbnb marketplaces work according to this principle.

Advertising and special placement

Paid promotion of offers from individual suppliers, special markings and filters for certain announcements. Can be used together with other methods.

Payment for each advertisement

A standard reception where suppliers must pay for each ad. There may be special offers (sets of ads).

Sale of leads, actions

Payment for specific actions on the portal, the actual transaction or a purchase order.

Sale of exclusive services

The possibility for the seller to be the only supplier in a certain service category for a certain fee, and the creation of service categories under large suppliers.

Membership fee (subscription)

It can work for both suppliers and customers. Mainly used for highly specialised marketplaces, where a regular contribution is required to work with offers.

Development features

01
Reliability
The specifics of marketplaces mean not only greater attendance, but also high user activity. If the service is unavailable at the right time, the user will not come back. Any marketplace must undergo stress testing in the development process
02
High safety requirements
Considering the number of participants at the site and the fact that the processing of financial and personal data of users is going on, it is necessary to work very carefully on comprehensive data protection and security. Service reliability first and foremost
03
Deep analysis and specification of business processes
Marketplace is responsible for all participants and all interactions between them. This is a high level of responsibility, which is why it is critical that all processes are designed and optimised in such a way that no situation can lead to an impasse for the user
04
Focus on user retention
One of the important goals of all marketplaces is to maintain a high retention rate, since the stability of their earnings depends on the number of returning users who can then receive the service in one click due to a previously created account

Useful tips

1. Start with MVP
During the MVP phase the main question can be answered - does the market need this product at all? Often startups are created impulsively, and people tend to overestimate the quality of their own ideas through emotions. On the other hand, constant feedback from the end user draws attention to the strengths and weaknesses of the concept
2. Conduct an analytics
If you have a cool idea and you have decided to create a marketplace, the first thing you need to do is to analyse and select the right tools, select a team interested in improving your business. This will save you a decent amount of money, because you will not have to redo the project several times
3. Attract customers
The cost of developing a marketplace is quite high, but you need to know that at least as much, and most likely even more, you will need to spend on marketing, advertising and customer engagement. Whatever useful and convenient trading platform you have made, it makes no sense without customers!

Examples of our works

We worked on the development of marketplaces of different orientation, sizes and with different models of monetization. Here are some of our works for example.
More cases

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