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How Much Does It Cost To Build A B2B Marketplace App?

If we observe the online world today, it is far more developed and convenient than in the past few decades. Today online businesses now become very challenging and competitive as customers demand increases day by day. Also, the customers’ mindset matured well enough. Today customer demands more choices and expects a seamless shopping experience. Which a Retail store can’t provide to customers but B2B Marketplace can.

Also, the sharing economy has been evolving rapidly, people around the globe now consider starting their own online marketplace. However, a Web-based marketplace makes it easy to share goods, accommodation, and relevant information around people.

However, the most common issue faced by most people starting their own online marketplace is the starting cost. Well, this mostly depends on which type of online marketplace you want. It depends on the person itself what option he chooses.

  • The first option is that he can develop his online marketplace on a platform like a share tribe. Well going for this option gives you certain ready-made features for your business. Also, the starting cost would be less.
  • The second option is to make an online marketplace from the beginning. However, this option takes your time and money. But by the end of the day, you’ll get the marketplace just as you think it should be. You don’t have to compromise your needs like in the first option. The budget range depends on your developmental complexities.

Let’s take a look at how many types of online marketplaces we have Following the actual definition of an Online marketplace.

 

ONLINE MARKETPLACE

 

The online marketplace provides a platform that connects multiple service providers with customers. Through this platform, service providers get their audience from all around the world. As well, the customers get the product variation as far as they get it in retail stores.

The online marketplace is similar to online stores. The points that make online marketplace different from online stores are as follows:

  • The owner doesn’t have to list the product by their brands/business. The marketplace allows multiple sellers to list their services/products independently.
  • Online stores have specific brands. However online Marketplace provides end customers the opportunity to select the best brand for their product because the online marketplace is brand neutral.
  • Sometimes the marketplace lists the same product multiple times providing customer flexibility and liberty to choose the seller which offers the lowest price.
  • A marketplace solves several issues faced by traditional stores. And several other advantages.

 

TYPES OF ONLINE MARKETPLACE

Following are the types of Online marketplace : 

 

B2B MARKETPLACE

B2B marketplace stands for Business-to-Business marketplace. This model is designed specifically to meet the purchase requirement of one business. Where the other business serves that requirement. This marketing is based on mutually acceptable terms. For instance, Alibaba.com is one of the reliable B2B online marketplaces.

 

B2C MARKETPLACE

In the B2C marketplace model, the business is responsible for the buying needs of the end-customer. Through this marketplace model, the customer interacts with the service provided in real-time independently. It is one of the most popular types of the online marketplace. For instance, Amazon.com being one of the reliable B2C marketplaces.

 

P2P/C2C MARKETPLACE

The Peer-to-peer or customer-to-customer marketplace is where the trade is done between end-customers. The end-customer list the product or seek the product to buy according to his taste. These platforms provide many facilities like transactions, filters to search easily, and delivery. For example:blablacar.com

 

BENEFITS OF B2B ONLINE MARKETPLACE

 

Following are some of the benefits of the B2B online marketplace that grow your own B2B sales.

  • As it deals with marketing between business to business. So it helps lead the relationship to long terms.
  • The business provides service to another business. In this way, they handle a problem in a much-experienced way.
  • The business can manage their maintenance cost and have a better result working with other businesses rather than avail a service from some service providers.

Let’s have a talk about how to calculate the budget will it cost to generate an online marketplace,

Well, this is actually based on a person’s individual demand that how he/she wants to see his marketplace. If a person wants to set up his place all according to will. Then he must go for the developers to develop his place. However, if the needs of that person can be done through general features then must prefer a ready-made platform for the purpose.

 

WAYS OF DEVELOPING AN ONLINE MARKETPLACE 

 

We have the following ways a person can develop his online marketplace,

READY-MADE PLATFORM

This platform can easily develop your marketplace within no time providing you general features. However some cons of this solution are as follows,

  • You can’t customize your marketplace design as it develops on general features.
  • Your competitors may have the same template.

If we talk about the cost it takes, Let’s take share tribe pricing as an example:

  The idea of choosing ready-made solutions is budget-friendly. However, you can purchase features as you proceed in your business.

 

CUSTOM MARKETPLACE DEVELOPMENT

Through this solution, you can have a professional working marketplace. You can add features and functions according to the needs of your business. Of course, it will cost a considerable amount but in the end, you can have a professional marketplace working all according as you wanted. 

Well, you can develop your custom marketplace through different sources. These are as follows:

hire remote developers.

generate your in-house development team.

Deal with a software development agency.

Let’s talk about the cost required to develop a custom marketplace. The cost of development may vary place to place as it depends on developers’ hourly rate. For instance, the hourly rate of developers in the USA is quite high compared to the developers in eastern European countries.

This example will give you a better understanding,

Average web developer hourly rates
United States Western Europe Eastern Europe
$132-$140 per hour $61-$80 per hour $35-$56 per hour

 

WRAPPING UP POINTS

The online marketplace business is evolving at a tremendously fast pace. The need of developing an online marketplace for every business is quite necessary nowadays. Firstly the person needs to specify the business and then precisely choose the solution to develop its marketplace and then Roll.

Humaiz_Ahmed

Humaiz ahmed is a digital marketeer, blogger, and entrepreneur. He loves to write on topics like digital marketing, health, fitness, lifestyle and life hacks where he can share his experience and knowledge with others.

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