by Ordering on Nov 16, 2021 12:00:00 AM
Ever wonder how much creating your online store will cost you? Whether you are a start-up or a Franchise, creating your own marketplace has a cost.
Creating an online marketplace is more than just a website where customers can buy without attending to the store physically. Your online marketplace is the portal to your store and gives the customer the essence of your business.
When you go searching online for a certain product and get directed into different websites, each website is the store’s own marketplace.
Without knowing anything about the store or the website the customer always guide themselves by the look of the page, & It’s so important because for a customer online, a lot of times that is the decision-maker on purchasing a product or keep on looking.
This is why is so important to invest in a good online store with a good service provider.
Why invest in your marketplace?
● Financial advantages
● Marketplace websites enable you to generate income with minimum effort.
● Convenience and flexibility
● Marketplace users attract each other.
● Marketplace platforms provide flexibility in terms of choice
● Feedback-based quality
● You can provide users with extra functionality, enabling them to value the
product they buy by themselves.
Things to know before investing in a Marketplace:
● Research your target market.
● Plan your marketplace operations.
● Outline the essential marketplace features.
● Choose a marketplace payment solution.
● Select the right marketplace software.
Types of Marketplace:
● Vertical
● They offer goods from multiple sellers but the type of items is the same.
● Examples: StockX, TrueFacet, Chegg, Zillow
● Horizontal
● They offer goods or services in several categories but with a single common characteristic.
● Examples: Etsy, Couchsurfing, DogVacay, Poshmark
● Global
● They offer a big diversity of products, they consolidate lots of market segments to satisfy more customers.
● Examples: Amazon, eBay, AliExpress, Upwork
These 3 types of marketplaces will help you decide which market you would like to be a part of and help you create a strategy to make this online marketplace thrive. There are hundreds even thousands of companies that can help you create your own online marketplace but only a few can help you with the front-end & back-end of your online store.
Type
|
Description
|
Example
|
B2B
(Business-to-business)
|
This type of platform connects multiple sellers with buyers.
|
Amazon (also B2C), Alibaba (also B2C).
|
B2C
(Business-to-customer)
|
This type of platform facilitates selling products between businesses and customers.
|
Amazon (also B2B), Alibaba (also B2B), eBay, App Store, Google Play.
|
P2P
(Peer-to-Peer)
|
This type of platform acts as a mediator in sharing products and services.
|
Etsy, Amazon, Uber.
|
Price
The prices shown below are an estimate of how much it cost the business to create its own marketplace. At first glance, this price is scary and quite easy to look a different way to avoid these prices, but what you as a business owner have to take into consideration is that this investment is an asset to your company and not a waste of money, is a technology that will help your business create revenue.
Feature
|
Approx time (hours)
|
Approx cost ($)
|
Sign Up
|
11
|
$550
|
Sign In
|
15
|
$1,350
|
Help Screen
|
26
|
$1,300
|
User Profile
|
60
|
$3,000
|
Homepage
|
89
|
$4,450
|
Shopping Cart
|
134
|
$6,700
|
Add Listing
|
165
|
$8,250
|
Product Listing
|
41
|
$2,050
|
Products
|
25
|
$1,250
|
Change Account Type
|
60
|
$3,000
|
Seller Subscription
|
50
|
$2,500
|
Admin Panel
|
136
|
$6,800
|
Total
|
824
|
$41,200
|
Where should you start looking?
As an expert on this matter, the biggest struggle a lot of companies face is that they need their system to have an all-in-one solution.Ordering.co offers the best all in one solution, letting you synchronize your front-end, back-end, & delivery. It’s 100% customizable and user-friendly & Ordering.co team is the best in the market.
If you are looking to start your Marketplace with experts and with reasonable prices, Ordering.co is the way to go.
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