3 Things Your Online Marketplace Software Needs

By the end of 2020, marketplaces will account for over 40% of the global online retail market. As marketplaces give buyers many more choices, and service providers lots more flexibility over their work, the online business model is more convenient than ever. Each year, we discover a new niche marketplace that perfectly targets and serves a community: dog walkers, personal chefs, freelance artists...

However, marketplaces are also getting more complex, as simple Craigslist-style platforms are in the past (and have been for quite a while). Users expect much more from online experiences than they did even a few years ago: a clean interface, insightful analytics, and powerful automation.

As technologists, we’ve learned firsthand at Pairi that building an online marketplace to fit a target niche is difficult. It takes countless hours of software development, continuous trial and error, and is very difficult to test at scale. At the core, the technology behind an online marketplace needs to be 3 things:

Reliable: As with any software product, the system and all its dependencies need to work flawlessly. Any downtime, security issues, or glaring bugs could directly hurt your business as unreliable software may result in high costs to fix, poor user experience, and the loss of future business opportunities. All Pairi platforms are built using the same robust marketplace API. This means quicker updates, shared technical insights, and frequent attention. The stability of all Pairi platforms increase with each marketplace we add to the network.

Affordable: Many founders that are interested in outsourcing marketplace development are running a small to medium size business. Some may be just starting to scale their business, and some may be trying to test out a proof of concept. Either way, those of us that are working with a limited budget may not be willing to wait 5 months and spend $50,000 for a developer to create one, especially when the business is still in its early stages. This is where Pairi wins at just a tenth of the cost. After the upfront fee, Pairi will not make money unless the marketplace makes money.

Flexible: NOT ALL MARKETPLACES ARE CREATED EQUAL, and we agree! Though the building blocks of online marketplaces are similar (online transactions, customer discoverability, self-marketing tools), each marketplace niche has needs specific to its own community. Pairi’s expansive feature set allows marketplace owners ample customization to build a unique experience for their customers. From configuring your own email and text message reminders, to collecting deposits and waiver forms online, Pairi is committed to helping you build your business your way.

Pairi makes it 10x faster and cheaper to spin up an online marketplace. That 10x isn’t just an arbitrary multiple—we’ve found that with our paid pilot customers, we’ve been able to reduce initial time investment by over 90% while guaranteeing a level of stability, security, and support that was previously unobtainable. Taking the burden of development off their shoulders has allowed them to spend more time building their companies and improving their KPIs.