A multi-vendor eCommerce marketplace is an online platform enabling several third-party vendors or sellers to sell their products to curated audiences in a single place. An excellent parameter of a multi-vendor marketplace is that it acquires a large customer base and offers opportunities to merchants to sell a wide range of products to their customers.
Moreover, multi-vendor marketplaces are getting popular. For instance, Amazon, Etsy, eBay, etc., are some well-known multi-vendor eCommerce marketplaces.
As the digital transformation occurs, this is the right time to move to the online market. So, if you want to leverage the enormous benefits of a multi-vendor marketplace, you must be wondering about its development cost.
This blog will take you through the multiple parameters that affect the eCommerce development cost of the multi-vendor online marketplaces.
Factors Affecting Development Cost of Multi-Vendor eCommerce Marketplaces
Since the development process of multi-vendor eCommerce marketplaces includes a lot of tasks, technology stack, designing, prototyping, third-party integration, etc., cost estimation cannot be depended on any single factor.
Therefore, to understand the development cost of multi-vendor eCommerce marketplaces, it is necessary to understand its multiple influencing parameters.
- Business Requirements
Businesses and vendors have different demands, and the developers have to fulfill each of their requirements, which end up integrating multiple features and complex use cases. This can also increase the development stages, resulting in varying costs.
- Marketplace Size
Any app or website needs various services like hosting services, file storage, backup, etc. These services will impact the development cost. These parameters are essential aspects of development as they determine the size of multi-vendor marketplaces.
- Feature Complexity
The features are also the prominent factor that influences the development cost. Features like payment gateway integration, shipping services, and chatbot require third-party integration, resulting in increased development costs.
You can read our multi-vendor eCommerce marketplace development guide to learn how a multi-vendor marketplace works and its admin, user, and vendor features.
- UX/UI Designing
UX/UI design is an essential aspect of multi-vendor eCommerce marketplace development. Your app and website performance ultimately depends on how smooth your platform’s user interface is. Depending on the design complexity and features, it can cost you around $10,000 to $80,000.
- Tech Stack and Development Process
The technology stack you implement impacts your marketplace performance. Thus, it is crucial to consider it in the development process. The choice of technology will also influence the marketplace development cost.
For instance, the platform you choose to develop your multi-vendor eCommerce marketplace will have a different development process, resulting in modified development costs.
Some of the well-known Multi-Vendor eCommerce Platforms are:
- Magento Marketplace
- WooCommerce Marketplace
- Dokan
- Multi-Vendor Marketplace – PrestaShop Addons
Moreover, the front-end and back-end costs will range from $50,000 to $200,000 or more.
Conclusion
How efficiently you handle the development process of the multi-vendor eCommerce marketplace impacts the performance of your eCommerce website. And the cost is an essential parameter to consider for developing any website or application.
We hope this blog helped you understand the costs of building an online multi-vendor marketplace. If you want to establish a profitable eCommerce marketplace with the right features, you can hire an eCommerce development company. They will assist you in taking your business to greater heights with the best solutions.
