In today’s digital era, the internet is a vital source for promoting and making revenue for your business. Growing the economy by sharing it is the new trend, and it is overgrowing. With this, many entrepreneurs are now considering starting their online marketplace and market it using the internet to reach out to every corner of the globe.
Is the ideal time for anyone who is curious to invest in building an eCommerce marketplace?
What’s a great idea about getting into marketplace business is that Etsy, an eCommerce marketplace website earned $645.87M, which is not even popular as Amazon in the USA.
If you want to create your online multi-vendor marketplace, you first need to know how much it will cost.
But you know what, the cost of marketplace platform development entirely depends on the option you choose and the requirement you want to have in your solution. Still, you have two all-important options for building such a multi-vendor marketplace project.
You can develop a readymade solution such as Webnexs’ Marketplace Solution that offers the ready features that come with the solution. Would be the fastest and cheapest way to create such a marketplace website.
Second, to build a marketplace website from scratch. Although this option takes much more time and money, it may be the right choice if you want to have specific needs better than a readymade solution.
How much does it cost to build an eCommerce marketplace website?
It is difficult to forecast the cost of building an eCommerce marketplace, because it may vary with every project and its requirements. But the cost of any development can be calculated on the number of working hours per hour.
The cost to build an online marketplace varies according to your needs and wants, so it is hard to provide you the cost with a specific number. However, a simple online marketplace may cost less than compared to a highly specific or specialized marketplace.
When do you get Return On Investment for that cost the marketplace incurred?
When you can expect ROI from your investment is the first break situation. There are many possible chances that the marketplace provides you with huge ROI as soon as it built.
So what’s next?
The marketplace can fulfill your expectation: Every businesses’ first lesson is that “Aim high, expect low”. But Online marketplace is a known exception here because it gets you more than what you expect.
Minimum Viable Product: Instead of going full-fledged, first try building and investing a minimum viable product. It can be the last thing one can do to start marketplace operations and onboard vendors and customers.
Note: Use the latest tactics to onboard customers and vendors to scale in the right direction.
Validate in the regular interval: Keep checking your marketplace performance and the milestones it crosses. For instance: Make sure you have small milestones. Like, track the First 100 customers, First $1000, First 20 sellers, and so on.
Webnexs helps you to:
- Get your fully functional and responsive marketplace website and mobile-ready app, which will be end-to-end customized with your brand name, logo, design, and domain of your choice.
- Get iOS and Android app for your online marketplace so that any users or buyers can readily access your store wherever they go with their smart devices.
- Have you complete control over your multi-vendor marketplace website with an intuitive admin dashboard that enables you to take control of the store-related activities.
- Our solution includes custom notifications, easy inventory management, virtual product management, set pricing of your choice, managing merchants and promotions, referrals, and many more.
Marketplace website builds on Webnexs Marketplace Solution are entirely scalable, and easy integration with other platforms and functionalities. It includes delivery management, payment integration, advanced business analytics, and management at a competitive cost.
Does your online marketplace have any special requirements, other than these offerings?
Webnexs also offers you the option to build additional functionalities on the existing platform.