Tarun Nagar 
Do you want to build an online marketplace website? If yes, you are at the right place. This blog will present all the critical considerations you need to begin scoping, planning, and introducing or launching a new online marketplace.
An online marketplace is an e-commerce website where sellers offer their products on a common storefront. Experts predict that by 2027, the global marketplaces industry, which has been expanding continuously for more than ten years, will account for more than 20% of total consumer expenditure. Hence, if businesses consider building an online marketplace website, now is the perfect time.
If you also want to build an online marketplace, read this blog. It will provide you with an overview of how to build a website for an online marketplace step-by-step.
What is an Online Marketplace Website?
An online marketplace website refers to a site built on an online marketplace platform. It serves as the front-end portal through which users can search for products posted by merchants. Additionally, the website provides access to chat services, payment hubs, and shipping choices.
A custom web development company plays a critical role if a business wants to build an online marketplace website. The company helps build online marketplace via more advanced and flexible marketplace website development, enabling the creation of a successful multi-vendor marketplace business.
Markets Stats of Online Marketplace Websites
The size of the e-commerce market was estimated at USD 24029.23 billion in 2021, and it is expected to increase at a compound annual growth rate (CAGR) of 11% from USD 26673.64 billion in 2022 to USD 62415.2 billion by 2030.
Source : Statista
With an average of about 4.8 billion visits per month as of April 2023, Amazon was by far the most widely used online marketplace globally. With around 1.2 billion visitors, eBay ranked as the second most popular purchasing website.
Top 5 Online Marketplace Websites
While there are numerous marketplace online websites where you can sell your product, it can be quite challenging to decide which is the most suitable for your business.
However, you can also build your own marketplace website to stand out. Here is a list of top online marketplace websites that help you understand what facilities you should consider to build an online marketplace website.
1. Etsy
It’s an online marketplace with a fantastic, bustling community of designers, artists, and crafters who sell their unique handcrafted and vintage goods.
2. Shopify
It’s an e-commerce platform that helps merchants develop and manage their own online stores and connect with different sales channels, including social media sites.
3. Alibaba.com
It’s one of the leading online marketplace for services that connect buyers and sellers worldwide. It offers a range of products, from clothing to electronics, facilitating international trade.
4. Amazon
It’s a versatile e-commerce platform popular for its vast product selection, competitive pricing, and convenient delivery services. Such facilities cater to diverse consumer needs worldwide.
5. Flipkart
It’s one of the best marketplace apps and websites, offering various products, from fashion to electronics, providing a seamless shopping experience with exclusive deals and fast delivery options.
7 Major Steps To Build An Online Marketplace Website
When it anyone wants to build a marketplace app, a common question comes to the entrepreneur’s mind: “How to create a marketplace website?” Online marketplace development involves some critical steps. The development process of marketplace websites can seem like an adapting task.
However, as per the online service marketplace industry, the process can be completed quickly with the right steps, mindset, and tools. This blog section has covered every step you need to know to create a marketplace website.
Look at the critical marketplace website development steps:
- Conduct Market Research
- Choose the Right Tech Stack
- UI/UX Design
- Website Development
- Testing and Quality Assurance
- Deployment of the app
- Maintenance and updates
1. Conduct Market Research
It’s the first stage to build an online marketplace website, where you need to understand customer behavior, market trends and competitor’s strategies. It involves collecting data to identify the target audience, their preferences, and pain points that can guide the direction of your project. It enables you to make informed decisions while building a marketplace website.
2. Choose the Right Tech Stack
For several reasons, choosing an appropriate tech stack to build an online marketplace website is critical. The chosen stack directly impacts your website’s scalability, ensuring it can grow with increased users.
Hence, to effectively anticipate potential future integration, assess prevailing trends, and address your website’s unique needs, collaborate with some technology experts with comprehensive knowledge about marketplace development.
3. UI/UX Design
This stage is focused on building a visually appealing and user-friendly interface, enhancing the overall user experience. For this segment, you need assistance from a marketplace app development company that can translate conceptual ideas into tangible layouts, prototypes, and wireframes.
A well-designed UI/UX not just attracts the users but also increases engagement and retention. Hence, it contributes to building a thriving online marketplace.
4. Website Development
During website development, focus is placed on designing an intuitive user interface, implementing robust functionality, and developing engaging content. It involves coding, content creation, graphic design, and user experience optimization with business goals and user needs.
Moreover, ensure that you build an online marketplace website with exemplary features such as a loyalty program, shopping cart, payment gateway, and more.
5. Testing and Quality Assurance
At this phase, you are responsible for identifying and addressing the eros, bugs, or usability issues before launching your website in the market. Hire dedicated developers who can conduct numerous tests, including usability, performance function, and security, to ensure your website is stable and reliable. Feedback from the testing also improves the overall quality of website and user experience.
6. Deployment of the app
This phase involves launching the website into the live environment. Here, you need to monitor the performance continuously to ensure optimal performance post-deployment.
You should hire website developers for this phase, as the process includes installing, configuring, updating, and enabling one website that makes the software system available. Experience and in-depth knowledge of ecommerce marketplace developers will help you provide a valuable experience to users.
7. Maintenance and updates
These are ongoing responsibilities to keep the website optimized, secure, and up-to-date with changing market demand and technology. Regular maintenance involves monitoring performance metrics, fixing bugs, and addressing user feedback.
Updates may include adding new features, implementing security patches, and improving existing functionalities. By staying proactive in maintenance and updates, you create marketplace websites that remain competitive in the long run.
Interested in a chatbot demo, pricing, or more info? Fill out the form our expert will contact you shortly.
-
Chatbot Demo
-
Cost to Develop an app
-
Industry Report
-
Case Study
Must-Have Features to Build An Online Marketplace Websites
Are you wondering what makes your website successful? The features! Building a marketplace website requires a thoughtful combination of user experience, strategic planning, and functionality. Hence, when creating an online marketplace, check the following fundamental features critical to your website’s success.
Features For Buyers
- Simple and Easy Navigation System
- Easy Checkout
- Order Tracking
- Mobile -Friendliness
- Customer Review
1. Simple and Easy Navigation System
This feature allows buyers to easily visit website pages and also boosts their chances of purchasing from a specific online store.
2. Easy Checkout
Build an online marketplace website that facilitates an easy, speedy, and frictionless checkout process for users. This will ensure a positive online buying experience.
3. Order Tracking
Customers are always curious to know when their ordered product will arise. Hence, the feature helps them check their order status on a specific website.
4. Mobile -Friendliness
This feature makes it simple for users to browse and make purchases while improving their experience. Hence, ensure that your website provides user-friendly services.
5. Customer Review
Build marketplace platform, enabling users to submit their reviews for their ordered products. This will help build trust, and conversion rates will rise due to these reviews, assisting prospective buyers in making decisions.
Features For Sellers
- Profile Creation and Listing
- Import/Export
- Inventory Management
- Option for Product Promotion
- Shipment
1. Profile Creation and Listing
Create marketplace site that enables users to create profiles. Once sellers have agreed to all the marketplace platform’s terms and conditions, they can update or list their product inventories on the website.
2. Import/Export
The feature of web development marketplaces allows sellers to export/import data from/ to their virtual storefronts from tax categories to selling products.
3. Inventory Management
With this feature, sellers can effectively manage their inventories and orders and promptly update the status of their products.
4. Option for Product Promotion
With this feature, sellers can use various marketing techniques to advertise their products and boost sales. Some techniques they can benefit from are offers, discounts, and mail subscriptions.
5. Shipment
Provide sellers with the authority to decide how products are supplied. If they choose to work with a shipping company, they should choose one that offers advanced shipping capabilities, order tracking, schedule delivery, and a pick-up location.
Features For Admin
- Order Management
- Reports and Analytics
- Payment and Refund Management
- Content Management
- Logistic Management
1. Order Management
It enables the admin to control criteria like the overall quality of an order, the date of order delivery, and the time for product delivery. It also allows the admin to control weekly order volume, order by location, etc.
2. Reports and Analytics
With this feature, admins can see a range of performance reports. Using findings or analysis enhances the marketplace app’s clients’ experience, and sales are raised.
3. Payment and Refund Management
Build an online marketplace website that simplifies management by accepting user payments and managing sellers’ payouts. The admin can approve refund requests from customers who want to cancel or return items.
4. Content Management
By adding banners, altering content, filters, product categories, and more, admins can quickly customize the platform.
5. Logistic Management
This feature helps in logistic management and provides status updates on orders and shipments to customers and sellers.
How Much Does It Cost To Build An Online Marketplace Website?
When developing a marketplace website, you must know how much it costs. Although the process of marketplace website development is costly, it is an excellent decision for a scalable and reliable business.
On average, the cost to create a marketplace like Airbnb can be between $8000 and $25000. However, this cost can be changed as per the marketplace website’s complexities as mentioned below:
Online Marketplace Website Types and Complexity
Based On Complexity |
Estimated Cost |
| Simple Website | $9000 – $16000 |
| Moderately to Complex Website | $16000 – $20000 |
| High-end (highly) Complex Website | $25000+ |
It’s just an estimation to know the exact cost to make a marketplace website and get a consultation from the website development company. Discussing with a professional will help you with a better approach, and their advice will help you customize a budget per your project’s requirements.
Factors Affecting the Cost to Build an Online Marketplace Website
Now that you know the web development cost, however, you need to be careful because several factors may impact the development cost. Hence, when creating a marketplace, consider the following points:
- App’s Complexities
- Features and Functionality
- Chosen Platform (iOS and Android)
- Security Compliance
- Developer’s Experience
1. App’s Complexities
The app’s complexities are critical in determining the cost to build an online marketplace website. These include elements such as a number of user roles, customer features, integration of third-party services, and so on.
2. Features and Functionality
The range and complexity of functionalities and features you want to include in your website will directly impact the cost of creating an online marketplace. If you’re going to integrate advanced features for your website, more resources, energy, and time will be required, which will impact the cost accordingly.
3. Chosen Platform (iOS and Android)
Android and iOS are two key platforms, one of which allows you to create an online marketplace. If you build websites for Android and iOS platforms, it will increase the cost. Alternatively, if you opt for a cross-platform development framework, it will reduce the cost to build an online marketplace website.
4. Security Compliance
Implementing robust security measures to protect user data, sensitive information, and transactions is critical for any online marketplace. Compliance with data protection regulations may also impact the cost of building an online marketplace website.
5. Developer’s Experience
Developers’ experience and expertise influence the cost to build an online marketplace website. Developers with high skills command a higher rate to deliver a desired outcome quickly and with limited resources. Less experienced developers require more time and resources to attain the desired result, impacting the cost accordingly.
How Much Does It Cost To Maintain an Online Marketplace Website?
The cost of maintaining an online marketplace website varies depending on various factors. These factors include the platform’s complexity and size, features offered, security measures, hosting expenses, and customer support requirements. On average, the cost of the online marketplace website can be around 15 to 20 % of the overall development cost.
Moreover, regular updates and improvements to the website’s functionality, user interface, and mobile responsiveness are critical to staying competitive in the market.
Hence, you are advised to seek assistance from a website development company. The experts will help you keep your website functional for a long time and guide you on how to maintain it at a low cost.
Are You Ready to Build Your Own Online Marketplace Website With Dev Technosys
The industry is seeing a rise in online marketplace platforms because of their ability to link businesses globally. The market is developing faster since novel technologies are being introduced regularly. As a result, businesses wish to take their business globally and create E-commerce marketplace to attain their business goals.
If you also want to build an online marketplace website, consider a website development company to take your business to the next level. Dev Technosys is an online marketplace app development company that provides its clients with the best website development services.
So, what are you waiting for? Share your project’s requirements and begin the development process to gain business heights.
Frequently Asked Question
1. How Much Does It Cost To Build a Marketplace Website?
Cost to build marketplace website can range from $8000 to $25000, depending on customization, features, design, and maintenance cost.
2. How Long Does It Take To Build An Online Marketplace Website?
Time to build an online marketplace website typically takes 3 to 10 months, influenced by features, testing, deployment, and so on.
3. How Is the Marketplace Different From The E-Commerce Platform?
Marketplace connects several sellers with buyers that foster a range of services and products. Whereas, e-commerce platforms primarily sell products directly from a single seller.
4. How Can An Online Marketplace App Development Company Help To Build An Online Marketplace Website?
An online marketplace app development company offers expertise in strategy, design, development, and maintenance. Hence, it ensures seamless functionality and user experience that tailored to marketplace needs.
