How quickly can you launch your online marketplace? Wouldn't you want to know? Let's find out (before you fall asleep there).
Why focus on launching as soon as possible (wouldn't you rather wait till everything's "perfect")? Well, here it goes, coming at you hard and fast in a blink of an eye.
- It gives you faster time to market: The no-brainer response. The faster you launch your marketplace, the sooner you can generate revenue. Get that customer base going. Get that revenue churning. Get that money going. Faster time to market gives you a first-mover advantage (no, we're not talking about a moving business - just the first one to the market)!
It gives you faster time to market: The no-brainer response. The faster you launch your marketplace, the sooner you can generate revenue. Get that customer base going. Get that revenue churning. Faster time to market gives you a first-mover advantage (no, we're not talking about a moving business - just the first one to the market)!
- It allows for early feedback: Launching your marketplace quickly will enable you to gather customer feedback early! You can make those adjustments to improve the user experience before it becomes a big deal (and your PR goes all wonky on you).
- It allows you flexibility and scalability. Launching an online marketplace as soon as possible will enable you to pivot or adapt to market changes. It also allows you to scale up their operation as needed. Especially important as the market evolves (and we all know change is faster than ever today).
Famous marketplaces or software used quick launches to gain an advantage. Here are a few.
Uber started a "minimum viable platform" for black car service - it was called UberCab (ah, really?), and it was launched in 2010 (UberCab or Uber, which one do you like better). They only had a few cars available in San Francisco, and the app was only for the iPhone (of course).
Uber started a "minimum viable platform" for black car service - it was called UberCab (ah, really?), and it was launched in 2010 (UberCab or Uber, which one do you like better). They only had a few cars available in San Francisco, and the app was only for the iPhone (of course).
As you well know, UberCab was later rebranded to Uber. The minimum platform launch allowed them to understand their target market quickly, validate the business model and get real-world feedback on features and overall product design. Yes – win!
Another one, Dropbox, is a file-sharing and storage service that allows users to easily store, share, and access files from anywhere. Drew Houston, the founder of Dropbox, initially created a minimum viable product (MVP) of the service as a simple video demonstrating how the file-sharing service would work.
How did Drew do it?
- He created a screencast, a video demonstrating how the future Dropbox service would work, and he put it online.
- He generated interest in the service. This video was the first version of the service that potential investors saw, and it sure played a role in attracting early adopters and funding.
- The video demonstrated how easy it was to share files with others (unique to Dropbox at that point).
- This simple demonstration was enough to generate a lot of interest. And, more importantly, it helped Drew Houston to secure funding for development (win again)!
Well, let's get you some ideas on how to launch and save yourself some money quickly. Sound good? Here we go.
Fast Track Your Online Marketplace with Pre-Built Solutions
Use pre-built solutions (ahem, unashamed plug, Yclas is one of them).
With pre-built solutions, businesses can avoid investing in expensive development resources and instead focus on customizing the platform to their specific needs (again, ahem, Yclas is a marketplace platform that can be customized). Using pre-built templates, you have the added benefit of launching the website quickly.
With pre-built solutions, businesses can avoid investing in expensive development resources and instead focus on customizing the platform to their specific needs (again, ahem, Yclas is a marketplace platform that can be customized). Using pre-built templates, you have the added benefit of launching the website quickly.
An online marketplace that launches quickly using pre-built solutions like Yclas and Shopify can benefit from reduced development costs. You will save a crazy amount of money and, more important, headaches (always keep the Tylenol full and topped off). And dramatically reduce your risk (so your partner doesn't freak out on you). All good stuff.
Here's the proof:
- 70% of new applications built by organizations will use low-code or no-code platforms by 2025, according to Gartner.
- 50+ million items, that's how much Envato Market, a marketplace for pre-built themes, images, and creative things, sold in 2018.
Want to use a pre-built solution?
- Compare prices and look into if the platform takes a commission rate; if so, how much
- Ensure good support; many pre-built solutions also provide extensive documentation and tutorials to help you through the process
Get Out In the Market Quickly with a Safer "Soft Launch"
Utilizing a soft launch is another way to launch quickly.
Instead of making the launch a big massive thing with a long lead-up (that makes you skip all your social engagements for the next year) – do a soft launch!
Instead of making the launch a big massive thing with a long lead-up (that makes you skip all your social engagements for the next year) – do a soft launch!
Launching to a small group of users first, you can test the platform, gather feedback from early adopters, and iron out any bugs or issues before you blow the rest of the world away with your major launch (here we come).
Conducting a soft launch with early adopters also assists you in getting traction for your platform before the official launch.
- 5% - 10% of launches are soft launches, according to Lucid.
One company that leveraged the feedback they got from users early with a soft launch was Canva. When Canva launched in 2013, they didn't make it immediately available to everyone.
One company that leveraged the feedback they got from users early with a soft launch was Canva. When Canva launched in 2013, they didn't make it immediately available to everyone.
Here are things Canva did:
- Canva built a community of 50,000 people who are asked to join a waitlist and reserve their usernames.
- Canva created a buzz and interest within the design industry and related groups that require design assistance.
- Canva contacted blogs, podcasts, and events to provide them with "early access"; in return, they asked them to post feedback.
This initial phase enabled the team to improve the product with the help of this initial group of users. The team consisted of designers (who frequently provided suggestions for new features) and prosumers (who encountered difficulties if the user experience was confusing).
This soft launch/beta phase helped the company to identify and fix bugs, improve the user experience, and gain early traction before the official launch. Nice – save face!
This soft launch/beta phase helped the company to identify and fix bugs, improve the user experience, and gain early traction before the official launch. Nice – save face!
What can you do to soft launch:
- Identify and invite your target audience
- Brand it as an "exclusive pre-launch" group
- Gather feedback from them in a group meeting
- Identify and fix the bugs as they come
- Improve the platform based on the input gathered before the official debut comes around
Start With a Small Online Marketplace, Scale into a Big Online Marketplace
Staying focused on a minimum viable platform gets you out of the door (there were some examples previously).
A minimum viable product/platform (MVP) is a version of your online marketplace with enough components to make early customers happy and provide feedback for future development.
A minimum viable product/platform (MVP) is a version of your online marketplace with enough components to make early customers happy and provide feedback for future development.
An MVP is there to validate a market need.
- 42% of start-ups fail because of a lack of market need, according to a study by CB Insights.
Airbnb is a well-known online marketplace connecting hosts with spare rooms or properties with travelers looking for lodging (unless you have been living under a rock, you know them). It was a company that leveraged an "MVP."
The company was founded in 2008 by Brian Chesky, Joe Gebbia, and Nathan Blecharczyk. They started by creating a minimum viable platform (MVP) to validate their concept - a simple website that allowed hosts to list their spare rooms or properties and travelers to find lodging. That first website was called airbedandbreakfast.com.
The founders of Airbnb started by testing the MVP with a small group of users, primarily friends and acquaintances, in San Francisco. They used their feedback to improve the platform and then expanded to other cities.
The founders of Airbnb started by testing the MVP with a small group of users, primarily friends and acquaintances, in San Francisco. They used their feedback to improve the platform and then expanded to other cities.
As the platform grew, the team at Airbnb added more features and functionalities based on customer demand, like search filters and improved security features. Airbnb has grown to be a global platform with over 7 million listings in more than 220 countries and territories.
The MVP approach allowed Airbnb to launch quickly and efficiently and provided valuable feedback that helped to improve the platform and make it more user-friendly. This approach also helped them to reduce the risk of failure and grow their user base effectively.
The MVP approach allowed Airbnb to launch quickly and efficiently and provided valuable feedback that helped to improve the platform and make it more user-friendly. This approach also helped them to reduce the risk of failure and grow their user base effectively.
How can you start?
- Use an MVP approach (see definition)
- Get the minimum functionality deployed to test if there is a need in the market
- Quickly launch your "minimum" platform to the market as Airbnb did
Summary
Launching an online marketplace as soon as possible is crucial to validating your idea.
Several ways to achieve this include:
- Use pre-built solutions such as Yclas, Shopify, BigCommerce, and Magento.
- Soft launch your online marketplace for testing, gathering feedback and making improvements before the official launch (if you don't want to fail, please soft launch, you will be happy you did).
- Create a minimum viable platform (MVP), a product with enough features to fulfill the needs of initial customers (you can validate your idea early).
What are your thoughts?
- Have you participated in any beta-testing phase/soft launch for a website?
- What other ways can you think of for an online marketplace to launch quickly?
- Are there features from your favorite online marketplace that you wish they would include or fix?
