Precision-Driven Custom Marketplace Development Company

Online marketplace development includes refers to developing an online aggregate platform where multiple sellers, manufacturers and vendors can sign to sell their products and services. Online marketplaces can be of multiple types, including sales marketplaces, rental marketplaces, service marketplaces, digital marketplaces and peer-to-peer marketplaces.

An eCommerce marketplace builder is a readymade software with all essential marketplace features right out of the box. It helps entrepreneurs decrease the development cost and reduce the overall time-to-market (TTM). Regardless, marketplace builders may not be suitable for all business ideas or business models. In this case, it is best to proceed with the custom development approach or opt for a builder that provides customization options.

Some of the biggest marketplaces in the world are Amazon, eBay, Walmart, Etsy, Rakuten, Shopee, and Lazada. All of these marketplaces have millions of users, and some are even generating revenue in billions.

There are two feasible ways to develop a marketplace with both having different benefits. This first way is the custom development approach. It offers the maximum customizability and the choice of tech stack. The other option is using a readymade marketplace builder, which might reduce the development time but does not provide the choice of tech stack. We would recommend consulting with technology experts like FATbit to figure out if you should opt for custom development or select a readymade marketplace builder.

Building a full-fledged marketplace that connects multiple vendors requires a comprehensive range of features, with the list expanding to but not limited to vendor management, commission management, master catalog, inventory tracking, admin dashboard, vendor dashboard, multiple payment gateways, and more. Some features will vary depending on the marketplace. For example, a rental marketplace will require rent-centric features such as a booking calendar and rental security deposit, whereas an online tutoring marketplace will require a whiteboard and one-on-one online video conferencing. To get a proper list of features for your marketplace idea, get in touch with us.

The cost of custom marketplace development varies on every project and your requirements. A complex marketplace with multiple pages can cost anywhere between $20,000-$50,000. Smaller marketplaces can cost $10,000 - $20,000. If you are using readymade software, such as a low-code solution or an eCommerce marketplace builder, the costs can decrease to $1,000 - $5,000.

There are many reliable and proficient marketplace development agencies in the world. Each of them has their own expertise, making it difficult to handpick one and call it the best custom development company. However, you can figure out which marketplace development company is the best for your requirements by checking out their portfolio, and reviews, or even having a discussion with their consultants and reviewing quotes.

FATbit Technologies is a trusted name in the marketplace development space, known for delivering tailored, scalable, and robust marketplace solutions.

We have launched a wide range of marketplace builders to develop B2B marketplaces, B2C marketplaces, rental marketplaces, peer to peer marketplaces, tutoring marketplaces, and more. All our marketplace builders are fully customizable and come at a one-time cost. You can visit this page to learn more about FATbit products.

FATbit Technologies has gained immense experience in custom marketplace development. We have been in operation since 2004 and have been developing marketplaces since they weren't even popular. Our dedication to the marketplace development niche has given us broad-level experience. We understand the various requirements of different entrepreneurs and our consultants can appropriately guide you on what works best for your marketplace idea. Thus, the marketplaces developed by us are precise, scalable, and suitable for long-term growth. To provide you with complete peace of mind, we also free technical support, onboarding training, and thorough documentation.

Online marketplaces leverage multiple revenue generation models, which makes them highly profitable. These revenue models can include commission charges, subscription packages, ad networks, featured listings, and more.

No, we do not levy any overhead costs once the marketplace is developed. However, in case of any third-party software integrations that come with monthly recurring costs or payment gateway costs, those are to be paid by the marketplace founder.