Five Ways To Create A Marketplace Platform |
Posted: August 10, 2018 |
There are various ways to create a marketplace platform. Choosing the most suitable one is a process that depends on your skills, budget, and time limits among other things. Today we will cover 5 most popular methods of building marketplace platform, their advantages and disadvantages.
Best Methods for Creating a PlatformThe multiple approaches to understanding marketing platforms are explained by their wide range of properties. Individual platform development from scratchThis approach would be the cheapest option. Another advantage of such “independence” is the absence of necessity to purchase an expensive license. Nevertheless, with the other methods, you can better regulate the quality and speed of work by hiring a particular developing team. If you develop the platform from scratch, your team has full responsibility over the quality. Moreover, you need to take into consideration the necessity for future updates and maintenance. Hiring a development team to create a new platform from scratchThe previous approach demands knowledge and effort. By hiring a team of developers the client can take this responsibility off his shoulders while still saving f the right to make some decisions. As a result, the client gets a brand new platform. This approach has several disadvantages, the main being its cost. Developers from the US ask for $50,000 on average for this kind of product. Developing a platform on top of a ready-made solution by yourselfThis variant is perfect for those who want a quick payoff. At the same time, it demands bigger investments at the beginning for a more powerful start. This method also implies some additional costs: namely, . paying for the use of the existing solution every month or year. Paying a development team to build a platform on top of a ready-made solutionThe next option is similar to the previous one, but with involvement of third-party developers. The option works for those who are ready to pay all expenses, and do not possess strong enough development skills to take on the project by themselves. On average, hiring a team of developers from the US will cost tens of thousands of dollars, but it does save you the time. Using SaaS to create the platformSaaS, meaning “Software as a service”, is the easiest way to launch your own platform. The program allows clear interaction with the interface without going deep into the programming languages. Another great advantage is the ultimate product’s price. The customer has to pay about $1,000 for the software, which does not sound like much in the comparison with the predicted income. On the downside, the program has limited possibilities for creative potential.
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