Marketplace The introduction of the marketplace model of eCommerce was an evolutionary milestone in the eCommerce industry. The model allowed traditional entrepreneurs to tap on E-Commerce channels without investing in eCommerce store development, which made the ease of entry in the online market unprecedentedly viable for everyone.
Amazon, the biggest multi-vendor marketplace on the planet, is enough to explain how this model works and how it allows millions of third-party sellers to set up their storefront and access their customer base without investing in proprietary website and infrastructure development.
If you want to develop a similar marketplace website and wondering how much does it cost to build an eCommerce marketplace, this article will help you as a one-stop guide. We will discuss the fundamentals of how to start your own E-commerce Business in the marketplace model, different ways to build your marketplace, and their cost factors in detail.
Factors That Influence The Cost To Build An ECommerce Marketplace
Majorly, three factors differentiate a marketplace development project from place to place and time to time:
- Nature of unique requirements
- Ability to invest upfront or in parts
- The business model of the marketplace
Nature Of Unique Requirements
What are your requirements with your marketplace website? There are two types of requirements in any ECommerce development project:
- You need common features that are present in currently functioning websites in the market.
- You need unique features that are not present in any popular website in the current market.
If your required features are common, there is a high chance that some ready-made multi–vendor marketplace software is present in the market with them already. All you need to do is test out the popular website builders from reputed brands and analyze which one fits more into your requirements.
However, if any of your required features are not present in any of the turnkey solutions in the market, go for the ones that are most close to your needs and analyze if you can customize any marketplace software solution to add those features. Now, you can achieve this customization by coding the features into the solution, or by finding a ready-made module, extension, plugin, or add-on that you can install into the marketplace software.
Nevertheless, if either of the above two options is out of the question, the only option that is left now is opting for development from scratch. You would need to contact a reliable software development company, submit your requirements to them, and wait for a quotation.
Which Ecommerce Development Option Is The Best?
I personally do not prefer development from scratch as there is hardly a marketplace feature that you can’t find in a ready-made marketplace software by default or through low-level customization. Moreover, the cost to build an eCommerce marketplace from scratch jumps exponentially in development from scratch as compared to using a marketplace website builder. We will compare the cost in the later parts of the article.