Have you ever shopped online? Or, have you ever checked different apps and websites to check out different goods and services and compare prices? If you have; you must have realized that online shopping stores, websites, and apps have swarmed the market in the last few years.
Online shopping has so easily made its way into our lives that we don’t actually remember life without it. In this whole insanity, many of us think about creating our own marketplace to make our business reach a maximum number of customers with minimum effort.
Have you ever shopped online? Or, have you ever checked different apps and websites to check out different goods and services and compare prices? If you have; you must have realized that online shopping stores, websites, and apps have swarmed the market in the last few years.
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Online shopping has so easily made its way into our lives that we don’t actually remember life without it. In this whole insanity, many of us think about creating our own marketplace to make our business reach a maximum number of customers with minimum effort.
There Are Two Major Factors In Determining The Cost of An Online Marketplace.
Methods:
When it comes to the methods through which the marketplace can be developed:
- Developing on a ready-to-use platform with several readymade features.
- Developing the whole marketplace from scratch.
Choosing option A is easier and more economic. Using a ready-to-use platform has its own benefits. Most of the platforms are so easy to use that the user with almost negligible technical (coding) knowledge can develop an entire online market.
Secondly, the ready-to-use templates have several options to choose from which gives a virtual feel of the market that you are building. This option is cheaper, so is more suitable for beginners with a limited budget. Magento, Yo! Kart, Arcadier, Sharetribe, and WordPress (with a marketing theme) are some of the examples of the ready platforms which can be used to create an online marketplace.
Read more : The Real Costs of Building a Mobile App for iOS and Android Atlanta
On the other hand, option B is much more detailed, needs a specific and expensive option for creating an online marketplace. If you are a professional with a good amount of budget at your disposal have technical assistance available then you can go for option B. React, Vue.js., Angular, Gatsby, etc are some of the trending frontend technologies while Node.js and Python are still the leaders in backend technologies.
Learn About The Cost of App Development
Generally speaking, a cost for website development from scratch will be 20-30 percent higher as compared to using ready platforms. But the most important factor of costing is the variety and depth of features you would like to have in your marketplace.
There are two ways of estimating the cost of developing an online marketplace. A first and simpler way of calculating the costs is the level of difficulty and time spent in the development of a feature. It is expressed in the per-hour rate.
For example, if the market has a simple user interface it may take 30 hours at $25 per hour then this feature will add $750 to the total cost. Similarly, adding more features will keep adding the cost to the total cost.
Another way of calculating the cost is the Hourly Based estimation. Hourly Based are calculated based on the overall human effort required to complete a task. It includes the time required, the complexity, and the level of uncertainty involved in the job. hourly based estimation is a more realistic method.
As it considers factors like complexity and uncertainty, there may be chances that a task takes a long time to complete but yet has lesser cost than a shorter task.
Marketing Place Web and App Features:
An online marketplace has several features. Following are some examples of the features that any market will have:
Home Screen and User Interface
It consists of color combinations, different windows, common display items, and selection keys for other features to enter.
Visitor Options
When a visitor appears on the home screen, a simple design can offer a visitor to register and then log in. A more advanced design may allow the visitor to shop without logging in.
Further, there is an option of providing the facility to the visitor to select items from the display window itself.
Similarly, a multilevel site may even allow the user to register and login as a seller. All these user features will have several forms and inquiry forms of different types.
Security Options
An online center needs to have appropriate security features. The user interface may require a visitor to log in through Google accounts or Facebook or other social accounts. It may require the user to have passwords and other security features like guess questions, DoB, or other personal information.
Sharing to Social Networks
Given the popularity of social media nowadays, this feature will be useful to both buyers and sellers as well as the platform owner. Social media sharing creates additional advertising for your market and promotes your brand.
Wishlist
This feature will be useful not only for users but also will increase the chances that this product will be bought using your platform. And, as noted above, sharing such wishlists to social networks will attract a new audience to your platform.
Payment Option
It is the most important feature of an online marketplace. A simple online mart has to have at least one payment method. But a better site may have multiple payment options. A site that allows sale by users will always have the features so that the seller may redeem his earnings out from the site.
To summarize, if you are planning Market Place app development company Atlanta then remembers that the more sophisticated the site becomes the more hourly-based it requires to be created. It will increase the cost of the online market accordingly.
The hourly rate or the rate per hour varies from country to country and from time to time.
If this sounds good to you, feel free to connect with us at sales@universalstreamsolution.com. Our experts will soon contact you to define the path of transforming your brilliant app concept into a stunning reality.
Jignesh Vagasiya
Jignesh Vaghasiya is CEO at Universal Stream Solution LLC. USS LLC provides the best Mobile App Development and Web Development Service.