A Minimum viable marketplace is a platform that provides a single interaction between its two sides or in other simple words, the Minimum Viable Platform may be defined as the minimal solution that can solve your users’ core problem better than existing solutions. In the case of marketplaces, you should have a really good idea about the problems that your users are facing and how to solve them. One can only verify the value of their market or product by launching a marketplace and seeing if users are using it for transactions or not. The actual test is whether users will use your platform to interact with other users. Only then will you know that you are truly providing value through your platform.
An MPV is one of the most essential elements of constructing a marketplace and is a minimal model of your marketplace business. It allows validation and expands the commercial enterprise concept so you may be positive that you’re constructing a successful business (and now no longer losing time on the wrong thing). It consists of simply sufficient functions in order that early customers can offer feedback. You may expand your market after having feedback. Thanks to the use of an MVP, you may now keep away from doing all the useless work. You also discover any faults quicker (related to your product) in comparison to if you do not install an MVP.
You can now build your marketplace MVP without any worries. The essential features of any marketplace MVP may include User accounts, Listings, and a way to pay and get paid. Some important points on building an MVP are as follows:
Do Market Research
The number of organizations at the marketplace in the area of interest that you are going to enter, their size, marketplace share, and statistics, as these will be your direct competition. Do research on who their customers are and what they are searching for. These users can probably end up being your loyal customers so you need to analyze as much as you may about them. Age, gender, needs, preferences, etc.
Define The Value That Your Marketplace Offers
After finalizing what type of product or service you are going with on your marketplace, now you have to define the values that you can offer to your customers as well as to vendors. Unique ideas in this category are going to make you win from your competition. Such as making sure that your customers know that you will be providing safe and sound online transactions, a smooth user experience, a broad range of cost-effective products, and even some discount offerings too. This will turn the users into your potential customers.
Selecting A Business Model
Now, this part is main as it is going to bring the cash in. there are various famous methods which may include:
- Commission where you can get a part of the profit from every deal made done.
- Subscription in which both buyers and sellers in order to get the full range of features, have to pay a certain amount of money (per month).
- Payment for a listing in which for big deals, a seller has to pay for placing a listing on the website such as selling an apartment or a car.
- Ad placement in which a vendor can pay a little extra for it to be shown at the top of the list.
Make A List Of Features Of Your MVP
Finally, create a list of features that will be considered to be the core of your future product. There are many important ones, some of them may include:
- Personal profile (with basic settings facility)
- Activity history
- B2B interface (for vendor)
- Rating system
- Messaging system (for the user and vendor)
- Payment system (provide multiple options)
- Back-office reports, stats, and metrics
- Reviews and a reference system
- Pop-up notifications. And wish list (for users)
- Searching feature
Be Focused
At the start, you may have limited resources and you ought to narrow your efforts. You can start by taking it slow in small segments and once you have gathered a secure backbone, you might expand.
Benefits You May Get With An MVP
- Finding out whether or not you’ve selected the important features and functions correctly
- Ensuring that the audience is interested in your offer
- Identifying which functions can emerge as more famous than others
- Locating out the project’s flaws and imperfections getting the database of the potential audience for the start







