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How Much Does It Cost to Build a Marketplace Website?

Marketplace Website

What Are Marketplace Websites?

Today, eCommerce is becoming more and more popular due to several factors. In times of the COVID-19 pandemic, when we are all suffering from numerous restrictions, eCommerce takes an important place in our lives.

The concept of eCommerce can be roughly divided into three sales models. These include online stores, services, and marketplace platforms. Online Stores are created to sell and buy physical goods via the Internet. Services are, logically, designed to provide various services, facilitate work and save the time of users. Marketplace platforms are online trading websites that act as an intermediary between the seller and buyer. The most important purpose of a marketplace platform is to simplify the interaction between providers and clients, to help them find each other, and to increase transactions.

Main reasons why users choose marketplaces:

  • Large assortment – absolutely no online store can put that many physical goods in stock to offer the customer more than a marketplace. Large assortments close the user’s need to save time searching and browsing multiple websites.
  • Wide range of prices – there is not just one price for a certain product, there are multiple options. The user can compare the prices on just one platform while picking the price that suits him most.

Ways you can promote on marketplaces:

  • Improve the quality of your product description. The description should reflect the most important features of the placed product, its benefits, quality assurance, and how it will improve the customer’s life.
  • Engage more user-generated content. Real reviews are the second criteria for choosing a product right after the price.
  • Post promotions. You can create promotions to sell products cheaper than usually – that is an opportunity to reach potential clients and even increase profits.
  • Allocate resources for content. Bright and creative content attracts the target audience and increases the conversion.

How Much Does It Cost to Build a Marketplace Website in 2022?

The cost of creating a marketplace can vary greatly depending on the business dimension, business strategy, and the required functionality, so it is impossible to give an exact development figure. But you can calculate the approximate budget needed.

If you are eager to create a marketplace, you have two options you can pick from: Use a turnkey solution or create a website from scratch, investing your own resources. The first option is, of course, cheaper and much faster to implement, but the second option is much more popular with users and therefore can bring more profit. Creating products from scratch can be a great business decision, but remember, a professional IT team is key. 

Final thoughts

Every year without exception, marketplace platforms are becoming more and more popular and overtaking online stores in search results positions and traffic. If you find yourself having a burning desire to create a marketplace, now is the time.

For more detailed information on the custom development of marketplaces and other technological solutions, visit https://intellisoft.io/


More on this topic:

Things to Consider for eCommerce Website Development

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