How to Build an Online Marketplace

[ByMyStory]

---

The amount of online marketplaces increases every day. Both consumers and suppliers increasingly turn to online interaction. Online marketplaces dominate over traditional offline platforms due to convenience and time efficiency. In such a manner, more and more entrepreneurs come to an idea to build an online marketplace platform and need to make many decisions before any work is done. What are they?

In this article, we discuss five main aspects you should consider if you want to build an online marketplace

[Sovchenko]

I was just reading an article by Cleveroad that tells how to build a marketplace website:
1. At Start with research. Study your competitors and their offers, and find out what your target audience loves.
2. Draw up all requirements. What features you want to see, how many users you expect, how your website should look like.
3. Find a reliable software development team. Hire in-house devs (work from your office) or outsource to a tech company.
4. Calculate the development cost. And make sure you have enough funds to cover the desired functionality.
5. Develop an MVP marketplace with basic features. It's cheaper to build and faster to release. Good, if you're only testing your idea or need the website fast.
6. Create a marketing strategy to promote your website.