Now that we have a clear idea of the business and business model, you can start building the platform. There are essentially three different ways to build an online marketplace.
You can develop your marketplace from scratch using the topmost modern programming languages and frameworks. The biggest benefit in this you can build your marketplace exactly as you wish with all the desired features. In case you are well versed in the developing part, this option might be best for you. Another great advantage is that you have access to all source codes and are not dependent on other software. Hence no need for licensing and subscription fees.
But it takes a lot of time and resources. And no matter how well-versed developers you are building a marketplace from scratch will take time.
Another drawback is that in order to try out features, you have to spend a considerable amount of resources developing before you can validate the feature’s usefulness or viability.
The trickiest part of building a marketplace business isn’t building the software, but actually making the marketplace work both for your customers and your sellers. In comparison to a single vendor, there are relatively fewer eCommerce platforms available for the multivendor model. On top of it, most don’t offer off the shelf solutions and require multiple integrations to create a full-fledged multivendor store.
The appropriate technology for building a marketplace needs to offer powerful application program interfaces (APIs). Additionally, like most things these days, it needs to have strong cloud-based software. Like the rest of your business, your database should be scalable and designed for multi-market use.
Other than coding a website yourself, there are only two other ways to build a marketplace i.e. launching your eCommerce marketplace through a ready-made platform or hiring a team of developers to develop a marketplace. When deciding which option to choose, entrepreneurs should consider the following factors:
Implementation: Quick, hassle-free. Because a ready-made platform can be launched immediately. There is no lag time taken in the form of wireframing, developing, testing or launching. But in the case of hiring developers, it takes a longer span for implementation since time is required for coding, development, quality assurance, and the final launch.
Affordability: The ready-made platform comes at a fixed price. Extra charges are only for extensions or customizations like themes, plugins, modifications, etc. The cost of hiring developers differs from project to project. Costs vary significantly as no single order is the same.
Free Trials And Demos: Readymade platforms often come with free trial versions that offer the basic features free of cost for a limited period of time. The demos and scripts offer full hands-on experience of the script before the purchase. Hiring a team of developers cannot have trials and demos.
Customizations: Readymade platforms are of two types: 100% customizable and stock platform which cannot be altered. A 100% customizable readymade platform offers complete freedom to the admin/website owner to modify it anyway to suit end requirements. Developers are fitted to the older model. There is no concept of stock templates. The entire script is prepared in conjunction with the needs of the user.
User Friendliness: Readymade platforms are built bearing in mind the rendering of ultimate user experience. The admin nor the users have to be tech wizards in order to benefit from the platform’s features. Hiring a team of developers is done exclusively for high-end users. It is not always user-friendly for common users.
Scalability: Readymade platforms are largely cloud-based programs. They can be scaled to any extent as and when required. Hiring a team of developers usually requires users to buy servers and other hosting equipment. The capacity needs to be increased on a fixed basis and has to be paid for even when it is not put to use.
The below diagram shows an example of a technology stack for building an eCommerce store:
Lamp is one of the best technology stack that can help you to build an application that can solve your problem.
L (Linux Operating System): World's most favored open source operating system for servers, which can be configured to handle large enterprise web applications without compromising with security.
A (Apache Web Server): The Perfect open source solution to handle large volume of web traffic without hampering network speed.
M (MySQL Database): An easy to maintain relational database managemnt system that can easily handle terabytes of data.
P (PHP Web Development Language): The language that powers Facebook, WordPress, Wikipedia, and More.
The entire LAMP stack is based on open source development model, which means that developers from around the world contibute to make LAMP, the most secure and updated platform for other to build on.
Being world's most popular web development platform, it's easier to get more developers to work on the stack and hence, maintenance and enhancement cost is much lower as compared to other technologies.
An MVC pattern, makes it easier to maintain and enhances its security by giving the developer more contol. Here are some additional benefits you get:
Testing of new features is easier Saves time as most of the code is reusable Better integration of business logic with user interface.
Clean and contolled output for better end user experience.
Makes the entire framework much easier to maintain.
JQuery-UI (user interface) contains a lot of widgets, interactions, effects etc to make your application more appealing. This is an obvious choice if you are using jQuery.
Smartphone users are gradually overtaking the number of desktop users, At Yo!Kart, we understand this, which is why we implemented such a responsive UI that provides seamless experience across all devices.
Now that we have clearly understood that launching an eCommerce marketplace through a readymade platform is the best option.
Deciding which readymade platform is the best for your business requirement is another essential step for the success of your platform. Factors that need to be looked for while deciding the readymade platform is customizability, performance, security and key features.
Yo!Kart is the best eCommerce multivendor marketplace solution for aspiring entrepreneurs to launch their business on the web and mobile. Yo!Kart’s team has thoroughly done market & competitor research to create a platform that suits the needs of SMBs, and large enterprises.
Keeping in mind various aspects of the eCommerce sector, the functionalities have been put in place. The performance and security of the system have been tested minutely to avoid any lag post-launch.
Yo!Kart has state-of-the-art features and functionalities that ease the work process of the entrepreneur, allows sellers to sell their products easily and provide customers an intuitive user experience to buy the products. This solution is completely customizable according to the needs of the business. Complete ownership of the source code (Except framework) allows the entrepreneur to customize the solution.
Yo!Kart has been trusted by clients from 50+ countries and billion-dollar startups to launch their eCommerce businesses. We provide 12 months of free technical support and free installation allowing you to focus on launching your business effectively.
This is one of the most important decisions you’ll make for your business. So it requires a lot of brainstorming and should strike a chord with potential buyers. Your domain name will be the first brand experience and serves as a symbolic placeholder for your business in the minds of users.
Availability will be the primary challenge in creating a name that sets you apart and intensively creates buzz for your business and customers.
The major quest will be to choose between branding and discoverability. Will you prioritize uniqueness from the competition or prefer to utilize market-wide keywords in your domain?
If organic search traffic will be your priority, you‘ll probably want to utilize some keywords in your domain. In most cases a mix of both priorities is best, striving to create a brand name while also using discovery related terms.
There are 330 million registered domain names (a number that’s growing 3.7% year on year). This means that standing out (and, in fact, even just finding great domain names that are available) is becoming harder and harder!
The company responsible for Wordpress.com, Automatic, has created this tool. This signified they have good experience in websites and domain names. All you do is provide one seed keyword — usually something that defines your niche and then let the magic happen. This domain name generator comes back with tens or even hundreds of domain name ideas.
Use LeandomainSearch if you don't have an idea for a domain name, and most of them are not available for registration as .com
As the name suggests, this tool has been developed by Shopify, one of the most popular eCommerce solutions on the web. This generator is similar to LeandomainSearch, though the domain names it suggests are more creative.
This one isn’t a single tool but a suite of domain name generators. The three most useful ones are: The main domain generator, the three-word domain name generator, and the rhyming domain generator.
The domain names Nameboy generates are very interesting — especially if you want to register more TLDs than just the standard .com. To get the most out of this tool, you should provide it with your main seed keyword, plus a secondary keyword that you want to combine into one domain name.
The domain name generator by BustAName takes a lot more input than many of the other tools on this list. Via its various parameters, you can control how you want to structure your domain name and what sort of elements you’re interested in.
Just give it your main seed keyword and pick whether you want it to appear at the beginning or end of your domain name. Then, pick how natural you want your domain to sound. Finally, put a limit on the number of characters in your domain name.
Choosing the right server to host your site is a critical determinant of the success of your online multi-vendor business. With visitors from all geographical locations pouring in, the traffic to your website is going to be too difficult to handle, yet your server should be robust enough to do just that.
In such cases where the traffic surge is really high, you may consider Cloud Hosting options and enjoy the following privileges:
No installation charge is required.
Cloud server installation is hassle-free.
A cloud server is adaptive enough to handle even higher traffic volumes, and so, you face minimal downtime issues.
Cloud servers enable you to access data anytime, anywhere.