In this article, we will take a comprehensive look at the actual steps involved in developing a marketplace and how you can save on each phase. Let's dive in!
Research Expenses
The first step in creating a shopping app is market research. Spending starts at this phase. When doing market research, focus on competitor analysis and consumer needs to save time and money. Understanding who your competitors are and what they offer will help you create something better. Also, to make a platform that consumers need, you must understand their expectations.
Conducting competitor and consumer analysis is time-consuming and expensive. The amount of money you’ll spend at this stage will be dependent on whether it will be a local or global analysis. You can cut costs with MVP (learn how to.. link to our article)
Products Expences
The actual cost of the marketplace building is dependent on the following factors:
- The no-code tool you choose as a base.
- Type and complexity of the marketplace.
- Size of the target audience.
- Set of features.
Must-have Features of a No-code Marketplace
To make a successful no-code marketplace, you’ve to incorporate state-of-the-art features. So, with understanding the industry standard and market requirements, make a list of features and take it from there. It should have industry-standard ones to make sure your shop brings business growth and helps your customers shop faster and better. Here’re the key elements you should include in your platform:
- Product Pages
- Search & Filter Functions
- Checkout
- Payment Integrations
- Registration
- Push Notifications
- Analytics
- Design
Product Pages
Giving your customers a thrilling user experience should be your priority. A user should figure out what you offer when opening the marketplace website. Showcase your goods or services upfront using popular navigation patterns, high-resolution images, product descriptions, and clear call-to-action buttons. Make it easy for customers to find and pay for goods.
Search & Filter Functions
To help customers find what they want, incorporate Search, Filtering, and Sorting features. Offer customers the flexibility of streamlining searches to find the product they want. Create categories and subcategories to classify products and enable shoppers to find products effortlessly.
Checkout
A complicated checkout process leads to an increased cart abandonment rate. Buyers lack the patience to go through a complex, multi-step checkout process. Building a simple checkout page that enables buyers to checkout with a few clicks to lower the cart abandonment rate. In addition, buyers should have the flexibility of checking out with or without registration.
Payment Gateway
Integrate a user-friendly payment gateway. Your payment gateway should:
- Give customers several popular payment methods like PayPal, Google Pay, etc.
- Resolve payment issues swiftly.
- Be the same across other platforms - that’s if you’ve got a website or web app for your business.
- Ensure maximum security.
Registration
Create a fast and simple registration page. Asking users to sign up using the Social Login feature enables them to reuse personal information from their social network accounts. Registration will help your organization build close relationships with users using their contact information. At the same time, customers will enjoy a customized experience from your company.
Analytics
Integrate analytical tools. Analytics provide the information you need to know whether your business is growing or not. With analytics, you’ll know where and how to improve your marketplace.
Design
This is a critical stage that determines the front-end looks of your marketplace. Your main goal should be to design a shopping website that’s visually appealing and easy to use with a simple checkout process. Style the logo, basket, and catalog of products with breath-taking graphics.
How to Cut Cost with No-code When Building a Marketplace?
The type of technologies used for the development of a marketplace affects the overall cost of the product. As expected, using a state-of-the-art tech stack costs more. An app development guide will help you figure out the right tools or no-code technologies to drive your business forward.
Choosing the right platform is key to making a high-quality marketplace with minimum expenses. There are many of them available on the market (link to our article about no-code tools). Once you decide on the no-code platform, you must customize the template and add all the key features mentioned above. The work doesn't stop here. There are other stages to consider.
Development & Testing
This is one of the crucial stages where you need experts to assess your marketplace and quality assurance before making it available to end-users. Users might spot a malfunction if you fail to execute this stage appropriately. It will result in a bad user experience and ultimately “hurt” your brand's reputation.
Launching and Publishing
Before launching your shop, ensure it has excellent features and an attractive design. Moreover, the more your service stands out from its rivals, the more the chances of your brand being successful.
Saving Time and Money with WeLoveNoCode
The app development company you choose affects the overall cost of making a marketplace. Specialists from first-world countries are generally expensive to hire. However, hiring a decent medium-sized company from other developed countries is the way to go.
