How to build an online marketplace as quickly as possible?

It seems like you want to build an online marketplace. Launching your business online is an amazing experience. Before continuing further we are assuming that you are very much clear with the following points:-

a) Business Plan – The business model you want to push online whether its a single store or multiple aggregators

b) Budget Constraints– Since you are starting a new business so I hope you must have already decided it.

c) Estimated Time of Completion- We hope you must have thought of the deadline for launching your business online.

If a),b),c) points are done then your partial homework is done. The only fight now left is “How to launch your business online?”. We must tell you that you are in the right place. We provide complete mobility solutions to take all sorts of businesses online.

Building an online marketplace was never difficult. Here are the ways to build your own online marketplace:-

#1 Code it yourself.

#2 Build it using open source codes platform

#3 Build it using a hosted SAAS platform

Let us discuss each of them in detail.

#1 Code it Yourself

This method includes building an online marketplace from scratch using coding and various programming languages. Let’s have a look at the advantages and disadvantages of this method.

Benefits:-

1. Access to whole source code- Since you are completely developing your software from scratch so you have access to the whole of the source code and you can change it whenever required.
2. Give the website your own feel and look – You are the owner of the product so you can give your desired look and feel to your website/ apps. Not only this but also you can change the appearance when required.
3. No subscription cost- There is no need to pay monthly or annual subscriptions as in case of hosted platforms. Only a one-time setup cost will be incurred.

Drawbacks:-

1. Requires a skilled developer- Building the marketplace from scratch is not that easy. Either you should have an entire knowledge of coding and other programming languages or you should hire a skilled and experienced developer for same.
2. Takes a lot of time- It will consume a lot of time in building the entire platform and hence there may be a huge delay in launching the business online.
3. Regular maintenance and upgradation are required- Only completing the software development won’t work. You need to regularly maintain and upgrade the software with new features. This is a very complex process.

#2 Build it using open source codes platform

In this method, you can create your own marketplace from the open source platforms like Woocomerce, Magento, X-Cart, Magento by paying a one-time fee. Let’s have a look at the advantages and disadvantages of this method.

Benefits:-

1. Takes less time in development- Compared to the first method it takes way less time in building the marketplace using open source.
2. Cheaper comparatively to the first method– It costs quite less as compared to building the marketplace from scratch.
3. You receive flexibility- There is no vendor lock-in in the open source software. One can easily play with the code as per his requirement.

Drawbacks:-

1. Up-front investment- To get the initial code you have to pay a certain up-front. When you are just taking your business online it can be disadvantageous.
2. Initial technical knowledge required- If you are not much aware of the coding then open source code won’t be able to help you out. One should know how to play with codes to get the required results. Hiring a technician will add to your cost.
3. Data Security Issues- Since open source software codes are open to all so there is a probability that their coding can be altered. Sometimes it may also result in virus transfers and thefts.

#3 Building an online marketplace using a hosted SAAS platform

It is the quickest method to launch your business online. It works on “Rent” system. Like you pay rent for living in someone’s house similarly here you have to pay periodically for using the software services. The pros and cons of this method are as follows:-

Benefits:

1. Launch your business immediately: By just paying the monthly or annual subscription you can build your marketplace on the same day and can even launch your business in the minimum time.
2. Cheapest method among all three: Zero setup cost to set your marketplace. One can even start running his business by just paying a monthly subscription.
3. No Coding required: Even a layman can launch his marketplace using a SAAS based platform. Having previous coding knowledge is not mandatory.

Drawbacks:

1. Limitations in design: Since these are pre-built platforms so one cannot alter the look and feel as per his requirements.
2. Choosing the right SAAS platform: When it comes to launching a marketplace using SAAS platform the major fight comes in selecting the right SAAS platform.

A SAAS platform should have all the basic features to smoothly run an on-demand business which results in more profits at much lower investments. Yelo is one such SAAS platform. Sign Up Today to Book your Demo!