On the Internet, you can find plenty of information on how to build a 2 sided marketplace. However, before you do that, you need to make some decisions. One of them is about the technology stack. Tech stack is a collection of all technological solutions used to build an application, for example, a digital marketplace. It’s smart to make sure that everybody involved in a project are on the same page and share the same knowledge (e.g. about the technology). So, if you can’t sleep thinking about how to choose the right technology, here is some advice.
What factors should be considered if you don’t know how to build a marketplace website? There are plenty of factors you might take into account. Let’s take a look at the most important of them.
There is some marketplace software available on the market for those who don’t want to engage in building everything on their own. Out-of-the-box solutions are usually easy to use, but you are limited by their constraints. For example, they may lack integrations with the applications and systems of your choice. They may look cheap as well, but often it’s only an impression and as you grow, costs grow even faster. I mean that these solutions will seem OK at the beginning, but then you will have to migrate to some tailor-made solutions anyway.
How to find experts in the right tech stack? If you don’t have your own team, you will likely look for the one that is experienced in building with certain technologies. But that is not enough. The team should also have expertise in marketplace development. And it means not only the buying-selling application. It is the security as well and integrations with various analytical tools. Some CRM (Customer Relationship Management) integration is desirable too. You see, it’s not that simple checking if a particular team knows how to build a marketplace website the way you want it. That said, there are some steps anyone can do. You should check the team’s portfolio, ask for some advice and check if they can help you make your business even better.
You should focus on your users’ experience. Only then you will win their hearts and minds. And cash. Thus, you need something reliable and fast. Users need to trust you and your place. UX has to be rewarding and fun. People will abandon the website if it runs slow. Or if it doesn’t work in a predictable way. There are at least two factors for you to take into account. One of them is the proper technology, and the other one is the execution. The first depends on your choice, the latter depends on how skillful is your team.
Before you make your own decision, let’s look at the top digital marketplaces and their tech stacks. It will give you an idea of what is used in real life business.
Of course, they use much more solutions within their stacks. As said before, a marketplace needs much more than basic features. Let’s not forget about hosting. But apart from that, you will want to use some heatmaps, a confident payment solution, some kind of mailing, etc. But before you choose them, you need to decide how will you code your marketplace. If your chosen team has done this before, they should provide you with some marketplace tips. If you don’t know, ask them what technology do they advise.
It isn’t easy to build a marketplace and decide how to do it. You will possibly avoid major mistakes if you reach for the support from experienced subcontractors. Yes, I mean us, the Ideamotive team. We know not only how to build a marketplace website, but also how to make it a successful business.
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