Building an Online Service Marketplace

The past decade, many successful service marketplace platforms have been launched & have gained tremendous responses from the audience. An online service marketplace facilitates service seekers and service providers to buy and sell services through the platform. 

Every service marketplace website will offer a wide range of skills to customers at their doorstep. They are more profitable and simpler to manage when compared with other ordinary eCommerce platforms.  The reason for making a profit is there is no need to maintain any inventory and there will not be any shipping charges that every seller needs to bear when dealing with an online service marketplace. 

Interesting facts about service marketplace platforms

  • Fiverr, one of the leading online service marketplace platforms has received more than 1 million transactions every month.
  • In, Us, more than 43% of the workforce are freelancers and self-employed who have tied up with any of the service marketplace platforms.
  • 42% of the adult population in the US, widely gets services through online service platforms.
  • China is the most revenue-generating country in the On-demand food service business. 
  • By 2025, the expected on-demand app revenue will be $335 billion US dollars.
  • Netflix is the highest used on-demand video app in the US with 82% of US customers. 

These interesting facts will inspire any entrepreneur to launch his own service marketplace platform.

Ways to build an online service marketplace

More focus needed on the development side that will make your marketplace platform to be a successful one in the market. Let us find out the simple ways that will help you to build an excellent online service marketplace.

Choose your platform

The real success of your service marketplace mainly relies on the platform you select to build the service website. The platform should support all the latest technologies and should inherit all trendy functionalities. The platform should possess a perfect user interface and should be device responsive. 

Make sure your platform has all essential features that will satisfy the demands of all user groups, i.e the admin, service providers, and customers. Features can be set up according to your budget. If you are a startup then you can go with minimum or default features. If you are a corporate then you can focus on advanced features that utilize AI and ML.

DIY (Do It Yourself)

You can develop your own service marketplace platform as there are many open-source systems available. Freely download the source code and can easily start building your marketplace platform. All your ideas to bring a perfect output.

For this, you need to have some technical knowledge about the programming language and some understanding of the working functionality of the service marketplace platform. You need to test and debug the errors that are in the coding and then you can launch your platform and go live.

Outsource to an agency

If you do not have any technical knowledge or do not have enough time to spend developing your own service marketplace platform, then a better choice is to select an agency that has enough experience in platform development. The agency will have skilled personnel who can efficiently build your platform and can give better results.

All you need is your requirement to the developer & should visit for frequent demos & should inform him you need any necessary changes to be made. A high level of customization can experienced with this method. You can clearly have your service marketplace platform that fulfills all your demands and can help you to easily attract your audience.

Buy a readymade PAAS solution

Platform as a service (PAAS) is a trending marketplace solution that has greater benefits when compared to all other building options. This is one of the fastest ways to launch your service marketplace platform. You can have a custom feel as you can have all features that needed for your online service marketplace.

PAAS is less expensive than building it from scratch. This readymade solution is highly recommended for any startup and small-sized businesses that are very budget-conscious. The payment will be on a monthly basis and you can even spread your costing month-wise. PAAS is less risky to use as there is no need to have a long-term commitment to the platform. You can use as much as you can stop the subscription whenever needed. 

What is the cost of developing a service marketplace platform?

Many factors are taken into consideration while estimating the cost for developing a service marketplace platform.  We cannot blindly get a quote without our exact requirements being analyzed. The key factors that are taken into consideration are

  • When do you need to launch your service marketplace?
  • What is your budget?
  • What are the features to be present in your platform?
  • Who is your target audience?

All these questions need to be answered only you can frame them. an estimation to build the service marketplace platform. 

There are also other aspects you need to check. Some may prefer going for readymade solutions and some prefer to build them from scratch. There is a lot of price variation between the two. Select ready-made software, one-time investment, and less customization can be done. But the product will be cheap and affordable. 

If you go for development from scratch then you can experience perfect customization and also will be scalable. The price will be costly and it is not affordable or recommended for any startup. The time to launch the platform will be long and cannot plan for instant platform launching. You need to wait for a long time to complete the development process. 

Conclusion

We hope that the detailed analysis will help you to build your service marketplace website with all the extensive features. Make sure you have a perfect marketing plan to promote your brand in the market. Reach your audience with outstanding launching and make more leads with your service marketplace platform. 

 

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