Are you interested in building your own digital marketplace? But do you have a clear enough idea as for how to build an online marketplace that would outshine many of its competitors? Then the following guide is just what you need. Let's start from the basics.
How to Build a Marketplace Website
It may now seem that creating your own marketplace is not as difficult as creating some web application. To some extent, this is definitely so. Nonetheless, when we are talking about marketplaces, you need to be prepared for facing a wide range of problems that can ruin your venture from the very start.
You might be confronted with such questions as what model of marketing to choose and how to attract both merchants and customers. What's even more important is the question of how you will retain them. All these issues are very important and should be considered before starting your own business. There are many other problems faced by startup entrepreneurs and it is not always easy to deal with them effectively.
In fact, there are several steps that you should take in the process of building your own marketplace. Here are the basic ones.
Steps of creating a marketplace
- Choose an online platform for your marketplace website. The options are multiple. One of them is Sharetribe. It offers a credible and cost-effective way for businesspeople to launch their own marketplaces. That's because creating it from scratch by hiring web developers is likely to cost a big fortune, while such platforms as Sharetribe will help you save substantial capital.
- Choose an online marketplace niche. The success of renowned digital marketplaces is explained by the fact that they offer services in a particular niche. This means that the first thing you need to do is to think of what kind of industry segment you would like to work in. Without it, your website would have no target or direction to follow, so make sure you think of a specific segment that you'll stick to when creating your solution.
- Choose a Minimum Viable Product (MVP) for your website. When you are only starting your business, we suggest that you concentrate your effort on an MVP so that you have a small part of the chosen industry segment to start from. By creating an MVP marketplace, you won't feel overwhelmed by how much you have to do. Instead, you'll stick to only one idea or concept that your entire marketplace will be based on.
- Calculate the expenses and focus on the results. At this point, you need to think of how much it will cost to build a resource and focus on what you want to get as a result. After you establish your startup budget and find out how much this venture will cost you, it is necessary to think of what you want to achieve with the help of your marketplace. The ultimate goal of any digital marketplace is to unite sellers and buyers within one particular niche and help them sell or buy products and services. That's why you need to thoroughly think of what your aspirations regarding the marketplace are.
- You can build your project on an existing platform such as Sharetribe that provides many readymade features. This is the quickest and by far the cheapest way of developing a marketplace.
- You can build your marketplace from scratch but this will require both much time and considerable financial investments. However, if you choose this option, you'll get a chance to customize your website to your individual needs, which cannot be achieved using a Sharetribe platform or any other similar technology.
Have you heard about the latest word in the world of cryptocurrencies? It is the Bitcoin; bitcoin is a digital cryptocurrency that is used as a medium of exchange between person-to-person. This famous bitcoin system came into existence in 2009 by an individual or a group of individuals named Satoshi Nakamoto. Earlier its invention, bitcoin's value was negligible, and people used to provide bitcoins to others as appreciation reward or to buy things.
People were unable to fix its value because there was no demand. There was no demand because people were unable to understand the technology used in it. The blockchain technology that records all the transactions made with bitcoin in a distributed public ledger that is open for all. The distributed public ledger can be accessible by every person in the world. In the year 2013, the advocates and developers started working on the blockchain technology and understand the whole process. Since then, the popularity of bitcoin has started increasing.
Today's time, it is much preferable by people compared to fiat currencies because bitcoin is a decentralized currency. Decentralized means no banks or government bodies are involved in the bitcoin system. The decentralized system makes it easier to make transactions all around the world, and the blockchain technology provided methods to secure the bitcoins from fraud. The bitcoins are virtual and therefore stored in a wallet, i.e., a digital wallet.
What is a Digital Wallet?
The digital wallet is a wallet used to store the virtual bitcoins. This keeps the bitcoin secure and allows the user to keep track of all the made transactions. The digital wallet can either be a web-based wallet or a hardware wallet. This means that the wallet can either be operated on a computer desktop, mobile device or can be kept safe by storing the private keys. The traders need to understand the digital wallet, and can those who want to learn trading can visit different platforms like this trading app But is there any surety that the digital wallets are safe?
The answer to this question is that it completely depends on the users. Every digital wallet contains a bitcoin address, a public key, and a private key. The public key is used to send the bitcoins, and the private key is the set of keys that needed to be keeping safe. Without private keys, not even bitcoin owners can access the bitcoins. If the wallet owner loses the private key set, no one in this world can recover those keys, not even Satoshi.
Let us know some top-notch ways to store the bitcoins safely:
The hardware wallet includes the parts of hardware similar to USD sticks that can be carried around. These wallets are known to provide complete anonymity to make the transactions. With bits of hardware, no personal data of the user can get leaked. The users who even lose the wallet can easily recover their funds by the use of a seed phrase. But if the users lose this type of wallet, they will lose their bitcoins as there is no way to recover it.
Desktop wallets are the offline wallet and are also known as cold storage. The desktop wallet provides a huge number of benefits to the user when compared to an online wallet. The best thing about desktop wallets is that these are easily accessible from all over the world. With desktop wallets being accessible from anywhere, they are prone to potential hacking.
The desktop wallets are only accessible through private computers; the security keys get stored on the personal computer. This means the expose of the security key is eliminated. But still, there are risks of getting the personal computer hacked or getting infected with malicious attacks.
A paper wallet is considered the best and safest way to store the bitcoin. Before using it, it is imperative to have complete of this wallet because it is advanced. The users can easily generate the paper wallet using plenty of dedicated websites. Generating wallet offline provides higher security. These can easily be stores because they don't require much space but offer great anonymity.
Statistics reveal that mobile shopping makes up a huge chunk of e-commerce payment in the retail sales industry. Experts projected that by 2021 more than 50 percent of retail sales done in the e-commerce industry will be made via mobile devices. This goes to say that it is crucial to have a mobile payment processing gateway that works well with the mobile app that you are looking to develop. If you are an app developer, here are some of the things that you should know about online payments.
Security Should Be a Top Priority
Security is of utmost importance and more so now that there are certain regulatory changes. In the past, U.S. law dictates that banks should be held responsible for any loss when fraudulent transactions occur. In turn, the consumer will be absolved from most of its legal liabilities except for a small portion of the overall amount of loss. However, with the emergence of the EMV feature for credit cards, it has become more difficult for dishonest people to commit fraudulent transactions. This also leads to a shift in legal liability. The professionals behind https://www.docomodigital.com/ recommend that if you are looking to develop an app with an online payment gateway, better make sure that it ticks all the boxes in the security checklist. According to the recent changes in the law, the onus is now on which side the EMV was not enabled, whether it’s the issuer or the merchant.
Make Use of SDK
You will need an SDK if you integrate a payment gateway into your app. Every payment provider should be equipped with this software development kit or SDK. The best thing about integrating a payment gateway is its ability to help you take control of the transactions, security, and any other aspects of payment operations. Although some of the details regarding its integration vary based on the kind of dev tools and platform you choose, the basic scheme is still the same. App developers that incorporate payment methods will greatly simplify the entire payment process. This is beneficial not just for customers but for app developers as well.
Know More Than Just the Basics
The payment gateway serves as the API that you use when charging a customer’s payment card. The payment processor wherein you have your merchant account will take care of the payment process. The use of this two-part process is important for added security. Some developers refer to straightforward payments as a happy path wherein a company will make successful attempts at obtaining payment from customers. However, there are also times when happy paths lead to declined payments, incorrect billing information, and refund requests. This is when integrating online payments becomes a bit more complicated not only from a workflow point of view and the user interface. Integrating payment capabilities into your app could mean entirely different things. You have to identify first what kind of app you are developing. Is it something that consumers download? Or, is it an app for businesses to download? Are you planning to sell something to app users? Or, is your app helps other companies process payments? Knowing the answers to these questions will help you better come up with a comprehensive set of mechanics involved in the payment system process.
If you are a manager, you must be able to handle the tasks assigned to your team, as well as the project team members that are tapped to deliver the requirements. This can be quite a challenging feat because you need to focus on several aspects as a manager. Fortunately, you can leverage the advancements in modern technology to ensure that you are on top of your responsibilities in managing your team at work better.
Project Management Software
One of the primary tools that you should have to manage your team at work better is project management software. This will help you plan, collaborate, organize, and deliver the project assigned to your team effectively. Go for software that readily gives you a bird’s eye view of your projects and teams. It is also best if the software has an intuitive interface that will allow you to navigate through it effortlessly and learn its features in no time. Another feature that you should look for is the ability to create custom roles to clearly define what you and your team members can access.
Task Management App
Another tool that you can use to seamlessly manage your team at work is a task management app that will help you organize your tasks conveniently. When your task list is properly sorted out, you will be able to delegate them to your team members more efficiently. In parallel to this, the digital experts behind NICE inContact suggest that you also leverage workforce management software (WFM) to help you anticipate the demands of your business. This will greatly minimize administrative efforts and ensure that your milestones are within the schedule that you have set.
Team Chat App
You and your team need to stay connected and a team chat app is a great way to collaborate and share ideas. It can also be a channel for you to keep everyone updated. In this case, choose a team chat app that is not only limited to sending text messages but one that allows you to share files with your contacts too. It is even better if your team chat app allows voice and video calls. Some chat tools even allow their users to organize conversations or pin messages which enables you to quickly refer to the information that you need.
Email Management App
Keeping up with your emails can take a significant amount of your time. For this reason, it is a good idea to leverage an email management app that will allow you to work with your team more efficiently. Most email management apps feature a notification system that sends reminders regarding emails that have not been responded to. However, there are those which can help you in communicating more efficiently with people in different time zones.
Time Tracking Software
A time tracking software proves to be beneficial when you are managing large teams or team members who are working remotely. With this tool, you will constantly be updated on what they are working on, as well as the hours that they spent in doing so. This will make invoicing effortless later on, ensuring that your staff is paid for their hard work. Depending on the privacy restrictions imposed in your company, you can use a time tracking software to determine an employee’s real-time location during work hours, as well as the active and idle times they have spent while logged on.
Note Taking App
Taking notes is important not only during your team collaborations but during research as well. For this reason, it is a good idea to take advantage of a note-taking app to ensure that you don’t miss any important information that you have discussed with your team or something that you need to relay to them. Note-taking apps also feature simultaneous edits which will allow you and your team to add notes to your common space at the same time. You can even customize the overall look and feel of your notes according to the preferences of your team.
In conclusion, take advantage of available tools brought about by technological innovations to ensure that you manage your team at work more effectively. In this case, you can use project management software, as well as a task management app alongside a team chat app and email management software. There is also the option for you to utilize a time tracking software, a note-taking app, as well as a cloud storage solution. All these are geared towards ensuring that you can handle your team and lead them into delivering what is required from all of you.
Many brands and operating systems smartphones are having different price levels that the average person is spoilt for choice. Many companies are realized the need to bring their services to their client's fingerprints, so they are developing apps that do that. The two main operating systems that most smartphone users subscribe to are IOS and Android.
These companies are approaching custom software development firms or individual developers to develop applications for these operating systems. There are some tips and tricks that will help you make your Android apps that stand out.
- Familiarize yourself with the Android framework
If you are new at development, this is the first place to begin. Learn how the different components fit and work together. It would be best if you mastered everything about the android Software Development Kit (SDK).
- Write and read more code
When you have decided which program language you will be using, start doing projects with it. Take time to visit open source libraries and browse through the documents and apps. Understand how other people are coding. You could learn better ways to code and implement features.
- Architect your apps
You may be tempted to write all your code then dump it all in one place. This is fine if it works when you test it. However, the problem comes in managing and testing aspects of the code. The better way of doing it is to separate various components of the code into layers. This makes it easier to manage and test them and to make improvements.
- Learn new programming languages
There are some programming languages supported by the Android SDK. Take your time learning some of them like Java and Kotlin. They will give you a broader perspective and can positively impact your development skills.