Marketplace software development

We are a marketplace software development company specializing also in blockchain outsource software development, outstaff development and tech consulting. For over five years we have been offering market software development services. Boosty Labs is a world-class fintech and cloud engineering team with several years’ background of practice that combines consulting, strategy, design and engineering at scale. Mainly in marketplace industry software development, finance, real estate, distributed ledger and cloud technology.
Cooperate
1617375283588.png

The reasons for software development in the marketplace industry

01.

High competition on the site.

02.

Fewer opportunities for communication with the buyer.

03.

Promotions and special conditions sometimes have to be agreed upon.

04.

Routing payments within one site.

05.

The need to establish a process for connecting new sellers.

01.

High competition on the site.

02.

Fewer opportunities for communication with the buyer.

03.

Promotions and special conditions sometimes have to be agreed upon.

04.

Routing payments within one site.

05.

The need to establish a process for connecting new sellers.

Application of blockchain technologies in the marketplace industry

Today, approximately 2/3 of all retail purchases on the Internet are made on 4 sites: eBay, Amazon, Etsy, Alibaba. Each of these projects is a marketplace - a platform for the provision of goods and services, where suppliers and buyers have the opportunity to use ready-made online services.

Such concentration of great power in the hands of several organizations, expressed in the above statistics of purchases on the Internet, forces all platform participants to trust its operator and increases the risks within the infrastructure of such operators. This circumstance is of particular importance in the framework of cross-border electronic commerce, where at the moment there are no effective mechanisms to ensure legal protection of consumers.

The use of blockchain in online commerce can optimize the functioning of marketplaces, increase the level of healthy competition in this area, and also make it possible to introduce new services. Let's take a closer look at some of the advantages that the wider use of blockchain in this field of activity implies.

The impossibility of changing or losing data about user transactions. The immutability of data in the blockchain will not depend on the platform operator or the state of its infrastructure. In any case, the user will be able to obtain reliable information about his financial transactions, which can help to protect his rights and interests.

The inability to remove reviews and ratings from marketplaces. This information about goods is traditionally in demand among buyers, however, operators can delete reviews that they do not like in their own interests. The use of blockchain makes this impossible, and consumers receive objective data about goods and services. And this will increase customer confidence in projects with such a data delivery system.

Reducing the cost of automating payments in e-commerce. These cost savings are possible through the use of smart contracts. Within the framework of the blockchain, this tool allows you to carry out settlements on pre-agreed points (for example, calculating a fine for delay, etc.), as well as help in resolving disputes and rating those who represent the parties to the transaction. These features are especially useful for cross-border transactions.

Creation and distribution of 3D product images. Online commerce is complicated by the fact that before buying from a client, it is difficult to touch the product, examine it from different angles, study its shape and depth. Oftentimes, the same wallets and similar items are returned because the shopper was not aware of the shape of the bottom of the bag. However, creating truly high-quality images is costly and often not cost effective for small stores. Blockchain allows developers and users to create, distribute and monetize more representative 3D product images through a peer-to-peer network - without the involvement of third parties.

Optimization of the distribution of goods and services thanks to a decentralized platform. On such platforms, suppliers of goods and services can directly advertise their products to users. This will help you find your customers and sell your products faster.

Software development services for the marketplace industry

1618393827263.svg

The need to spend time looking for clients

Solution: a built-in order routing system: by region, index and other parameters of the distributor's location, as well as a built-in configurator and access to the setting of certain parameters, so that all that remains is to correctly establish logistics and ship the goods.

1618393844364.svg

Lack of information about the popularity of certain services

A solution that lets you know which marketplace services are popular and track email requests for additional services. Knowing which services are popular will help you improve your service and focus on the services that matter to your tenants.

1618393860656.svg

Residents have a hard time finding affordable services

A solution which lets the residents easily find affordable services. Residents receive services in just a few clicks using the built-in email or link application system.

1618393877494.svg

It takes time and money to develop your own architecture

Solution: a payment platform that is easily adaptable to any business task and allows you to get a ready-made infrastructure under your own brand.

Benefits of marketplace industry software development solutions

Customer retention

CRM system responsible for the formation of a customer base.

Automation

An accounting software for the marketplace that keeps records for the day, week, month and quarter, sales analytics, allows you to see the weak links in the business and eliminate errors.

Marketplace development

Creation of an MVP marketplace (Minimum Viable Product) – a version that includes all the necessary basic options, for example, matching goods from price lists of suppliers with the platform catalog or with reference cards. This and many other priority features are included in the development and implementation of solutions based on a powerful platform from Boosty Labs. Moreover, these options are selected taking into account a specific project, niche and the needs of the company (or users of the future trading platform).

Preparation for scaling 

If the marketplace has record rates of demand among suppliers and buyers, then it is possible to prepare it for scaling, and also to automatically detect the readiness of an MVP for growth by introducing an accounting system – a billing module. This option is possible thanks to the modular B2B platform from Boosty Labs.

Logistics

Logistics Support Analysis (LSA) built into e-commerce systems allows in automatic or semi-automatic mode: control the quality of order processing at different stages; track every order continuously; monitor the quality of suppliers' work: set a rating, rank suppliers, and so on; check the quality of preparation and dispatch of orders to the intermediate or final delivery point, and many more important logistic issues.

Design and interface

A box-based marketplace solution based on the Boosty Labs platform makes it possible to implement each of the design directions (typical interface, creating an improved template,  completely personal or corporate design). The customer also has the opportunity to independently develop an interface on his own technology stack and with integration via Boosty Labs API.

Digitalization trends in the marketplace industry

The role of digital marketplaces

Traditionally, to buy a product, we went to the store, spent time searching and bought what we managed to find, not what we were looking for. It was important for the buyer to see and touch the product. Modern users, born in the era of digitalization, want to buy goods from the comfort of their couches, using interactive interaction. Now on the Internet, quality goods at an affordable price with home delivery are becoming almost the standard. At the same time, the needs increase, and the buyer wants to find everything at once in one place. This applies to both the b2c and b2b markets. Analytical and technological, logistic tasks (convenient reliable delivery, interaction between participants and counterparties) and issues of trust come to the fore for trading platforms.

First, the digitalization of trade is increasingly important for consumers. Secondly, the transition of trade to the digital space makes it possible to reduce logistics costs, and therefore prices, as well as provide access to a wider range of goods and services.

In the marketplace paradigm, small companies or individual entrepreneurs become noticeable players in the market and get the opportunity to scale their products and services more by entering local and regional markets. In the current economic conditions, the development of small and medium-sized businesses as a whole will be much less effective without digital trading platforms.

Unlike a conventional electronic store, marketplace technologies provide opportunities for the development of cooperation of a wide range of participants, including logistics services, financing, insurance, and interaction with government agencies.

Thus, the marketplace is not only a technological platform, but also an information resource that allows companies outside the information infrastructure to get it on demand.

An important point to note is ensuring financial security for both suppliers and consumers. The marketplace must guarantee the fulfillment of obligations undertaken by all parties and act as a kind of quality controller of the goods and services supplied.

The digital sales channel around the world is becoming the mainstream for more and more products. According to Statista, the turnover of global Internet sales in 2017 amounted to $ 2.3 trillion, and by 2021 it is expected to almost double, to $ 4.5 trillion, while the share of e-commerce in total global retail sales will increase from 10. 2 to 17.5%. According to Forrester Research, the addition of an e-commerce channel has increased the annual revenue of 89% of B2B companies.

Digital platforms, including those offering “everything in one window” (such as Alibaba), work effectively in different countries. For example, in the US, stores are gradually turning into showrooms, and most purchases are made online. In countries such as China and India, the creation of marketplaces is an important part of the strategy for the development of local economies.

Technological success factors of the digital marketplace

Proper organization of the digital marketplace is extremely important. This implies the creation of a unique positive customer experience, including an intuitive interface and navigation, convenient contextual search for goods and services, the ability to form the best offer for customers, for example, based on an analysis of purchase history or according to wish lists.

You also need access to services from mobile devices, uninterrupted operation 24/7, quality control of goods and services and fulfillment of financial obligations of participants, a wide range of marketing and sales tools. It is necessary to provide a number of other services that use digital capabilities that are not available in the formats of offline shopping centers.

Separately, the need for predictive analytics tools should be stipulated, which allows one to assess demand and price conditions for various categories of goods and services, taking into account the influence of external factors. When transferring all operations to the marketplace, it is important to ensure, among other things, the integration of the marketplace systems with the back-office systems of counterparties. The site operator must provide a convenient and safe-to-use interface for connecting and operating suppliers of goods and services for both small companies and large businesses.

At the same time, it does not matter for the site itself what exactly to sell – a real product or a digital, say, a cloud service.

Evolution of marketplaces in the coming years

Successful sites will track and take into account the data of their customers as much as possible. Multivariate analysis of the behavior and needs of market participants will be implemented using the mechanism of neural networks. This technology will become mandatory for e-commerce in the medium term.

In turn, blockchain technology within the trading platform allows ensuring the efficiency and safety of financial interaction. Actually, the platform itself will help in the future to work out the use of smart contracts, the use of virtual currencies, as well as build a reliable and fair rating system for suppliers and consumers of goods and services.

The marketplace can also become a kind of supervisory mechanism that monitors the risks and potential opportunities of suppliers, performers, and consumers. A trusted site will prevent abnormal situations by guaranteeing the delivery of services or goods.