Every budding entrepreneur has one main goal is to start a multivendor ecommerce platform like Amazon, eBay, etc. The success and the reach of the multivendor marketplace platform is unbelievable and this has made all aspiring entrepreneurs turn toward developing a multivendor store.
While planning to develop an ecommerce platform the foremost thing that comes to our mind is the cost. The cost for developing a multivendor marketplace platform is the million dollar question that arises before we get into the development stage. Is it easy to give a random figure as the cost for building an ecommerce store?
There are many factors that influence the cost and one needs to have a clear understanding about all. Only then he can plan his building process. Now let us figure out all the factors that are to be considered and that influence the cost to build a multivendor marketplace platform.
Type of ecommerce business model
There are several business models that are available in the ecommerce industry. According to the business model, its features and modules depend. The business model can be Business to Business (B2B) or Business to Consumer (B2C) or Consumer to Consumer (C2C).
If the business is for customer service then you may need to have additional third-party API to be integrated. The working time varies as per the requirement. This will influence the cost of the development process. By analyzing all these factors you need to plan your budget accordingly and should start the development process.
The development team
The team you select to build your multivendor marketplace platform determines the cost factor. Some may prefer to have freshers to develop their multivendor marketplace platform. This can save your money but at the same time you may not be confident about your product.
If you are running an enterprise and plan to develop an enterprise ecommerce platform then by all means you need to go for an expert in this field who can understand the complexity of the platform and can come out with a perfect outcome. Still there are many freelancers available in the market. You need to spend more time finding the one who can understand your requirements and deliver the best.
Multivendor Ecommerce building platform
The platform you select to build your marketplace has a major role in determining the cost. There are many open source platforms available that can be used for free. But you cannot expect more features in it. If you need additional plugins then you need to purchase it.
There are many factors you need to check with the platform. The platform should be SEO-friendly and also mobile-friendly. It should come with SSL certification for data protection. The platform should be easy to install and set up. You should be able to get proper support from the platform providers. If you prefer a leading platform then it will cost a lot.
Multivendor store design and functionality
The cost for developing a multivendor marketplace platform depends on the functionality and the design you choose. The user-interface should be more user-friendly that will provide a seamless shopping experience to your customers. A high quality design has the capability of attracting more audience to your multivendor ecommerce platform.
There are many functions that are needed for an enterprise-grade multivendor platform. Some of them like real-time tracking, simplified third-party API integration, advanced reports and analytics and many more. These advanced functions will cost you more and it depends whether you need them for your business model.
Testing process
Testing has the crucial role in building a successful multi vendor marketplace platform. It cannot be taken for granted as it will affect the reputation of your platform. Every feature needs to be tested and if the complexity of the platform is high then the testing time will be high. Obviously it will influence the costing of the development process.
Multiple services will be integrated in any multi vendor marketplace platform development process. It includes location mapping, tracking, communication channels, payment gateways, and many more. Each phase needs to undergo testing in order to deliver a hassle-free shopping experience to users.
Hosting and security
Any multivendor ecommerce platform will tend to hold huge customer data. Being online they are prone to hackers. Being an owner of the multivendor platform it is your responsibility to ensure safety of your users’ data. The server you have for your hosting has the key role in delivery security to your platform. There are many hosting server providers available in the market.
You need to select an efficient hosting provider who can offer multi-layer security for the smooth and uninterrupted service. According to your business model and the traffic you gain, you need to choose the hosting plan. If you prefer shared hosting they are cost-effective. But if you go for dedicated hosting then they are costly. Compare the pricing with other hosting providers and choose the best that suits you.
Updates and maintenance for ecommerce platform
Periodic updates are mandatory for any multivendor marketplace platform. You need to check with the latest technology advancements and should implement them in your platform so that you can deliver a perfect service to your customers. You should also revamp the API integrations on a regular basis.
The platform should be maintained properly to keep away from hidden bug and other development related issues. You need to build a contract with your online marketplace software development agency and should get proper backup support in updates and maintenance process. For this you need to enter an annual maintenance contract and the pricing varies from company to company.
Conclusion
Apart from the above mentioned key factors there are many more minor aspects involved in the costing process. You need to have a detailed analysis before you start your multivendor marketplace development project. Always have enough funds so that you development process will not be interrupted due to financial issues. Spend wise and build a perfect multivendor marketplace platform that can survive well in the ecommerce market.
