What is MVP (Minimum Viable Product)?

Coined by Frank Robinson in 2001, Minimum Viable Product (MVP) is a base product with the minimum number of features required to test market viability. It assists startups and established businesses in validating market demand and identifying product limitations. 

After gathering consumer data with an MVP, a business can decide whether to put the product in full-fledged development or switch to another business idea. 

In the IT industry, MVP software development is done to test the market viability of digital products. It also assists in attracting investors, securing funding, and resolving major drawbacks from the product.

Once the product is found market viable, it can be released into the market and completed via iterative or agile development methods.

Subject : E-Commerce

Disclaimer: The term explained above has been compiled with consideration and care after consulting multiple sources. Despite our continuing efforts, we advise- the readers should not take decisions completely based on the information shared by FATbit on its glossary section.