• # Sheikh Aziz
  • # 15 December, 2023

Online Marketplace Development Dubai – Ultimate Guide

Developing an online marketplace is a competitive undertaking as there are many marketplaces already running. You need to make your marketplace stand out in terms of user convenience and uniqueness. This means offering a well-planned platform to give you the best possible chance to succeed.

Online Marketplace Development

We will guide you about how to go about developing your online marketplace, or what is usually known as a digital marketplace. This is a website or app for buyers and sellers to trade goods. You provide the platform, moderate sales, and offer a payment and delivery solution to users. This basically means that you will develop a platform like Amazon or Mumzworld and then market it so that sellers start to use it to sell their products. Don’t take it easy though! There is a lot of hard work involved in every stage of marketplace development.

Our ecommerce app developers in Dubai have extensive experience working on online marketplaces web and app development projects. They are well aware of the stages involved in online marketplace development. Here are some stages to be aware of

Research Stage:

  • Structure Check:  You need to know if you want a B2B, B2C, D2C, C2C, or a P2P marketplace. All of these have different structures and requirements.
  • Feasibility Check: You need to assess your idea and see if it will work and is needed by enough people to justify the effort (and cost) involved. DOES your idea solve a problem that many people face?

Done: By now you should be clear about how you will structure and position your marketplace.

Not Done: If you are still confused, you need to revisit your research.

Design Stage:

  • Pick a Model: You need to decide which revenue model (monetization) you will use. Most common ones are subscription, commission, listing fee, or freemium. The best monetization strategy depends on multiple factors, like the niche of the marketplace, target market, and competitors.
  • Payment Options: You need to pick a payment system that supports the marketplace structure, and revenue model. Ideally, there should be multiple payment options so that users find it convenient to use your platform.
  • Crunch some numbers: Funding and budget for the website/platform should be formalized as you finalize a domain, hosting, and content according to your needs.

Done: By now you know how much it will cost to develop a marketplace, AND how you will structure and position your marketplace. YOUR potential revenue streams should also be finalized by now.

Not Done: If you don’t have clarity about structure, revenue models, and positioning, you’re not done with the design stage. It is also okay to revisit your research steps if you come across new market intelligence.

Launch Stage:

  • Develop a MVP: You launch a basic version of your marketplace. Called MVP for Minimum Viable Product, this is a basic version of the marketplace which will be used as a trial run to check market response.  Hosting, CMS, domain, and scalability are all key issues to resolve here. Beta testing of the site is also important, If you need MVP build on ecommerce platform you may consider hiring our shopify developers in Dubai.
  • Launch MVP: Once testing is done, your marketplace should open for a soft launch to get real-time feedback from the target market.

Done: Never! Once user feedback starts to come in, you need to improve your platform and resolve issues users identify. Then you start to expand its reach and user base.