The impact of no-code on the marketplace Apps
One of every three custom applications we create is a marketplace App.
The marketplaces we build are diverse and focused, ranging from marketplaces for services and products as well as rental to gig as well as digital markets.
What is the reason for numerous businesses and individuals developing marketplace applications today?
In this article, we will explore the background of marketplaces and the factors that make them attractive, the business issues associated with creating one, and how code isn’t changing this.
Why are markets so popular?
1. They manage themselves
marketplace Apps offer a remarkably efficient business model when compared to other companies that are dependent on inventory.
In a marketplace Apps seller are the ones selling the goods. This can benefit the company owner, in two important ways:
- You don’t need to keep track of or manage inventory
- You’re not in charge of the execution of your orders
People visit a marketplace due to its capacity to bring together a variety of sellers under one roof.
This is why marketplaces on the internet can draw greater amounts of potential buyers than the total of each site’s visitors individually, encouraging more sellers to sign up.
This results in a more efficient purchasing experience for the buyer and allows products to be purchased from multiple retailers through one checkout procedure.
Once the purchase is made it is the seller who is accountable for making sure that customers get their goods but not necessarily the site owner.
2. Marketplaces generate their network effects
When this stage is completed and a stable base of sellers or buyers the task of finding customers for your online marketplace apps is more simple. Buyers bring sellers, sellers bring buyers.
As you grow the recruitment process, it is made much simpler for both parties to the equation.
Here lies the biggest restriction that market apps create for new businesses: how to start.
There are many options for building marketplace Apps
Marketplaces can be a tonne in complexity. However, the technical aspects of building your company do not have to add to the complexity.
Since the introduction of a set of tools that are designed to assist non-technical entrepreneurs, entrepreneurs can concentrate more on “hard-to-expand” elements of their business instead of the technical aspects.
1. The conventional approach to the development of the past
In the past trying to test an idea were forced to choose any of a variety of options. They could try to find an engineer co-founder in hope that they might be interested in developing the idea.
But even when they are the most inspiring founders, they’d be required to surrender between 30 and 70 percent of their equity to see their concept implemented by somebody else.
Alternatively, they can learn to code themselves. However, this is usually not a good fit for the timeline or reality for the majority of entrepreneurs.
In the end, they can outsource their development to a standard software development company.
However, doing this before finding a product that is market-ready will require huge amounts of capital to finance the growth of a company that may need to pivot at some point in the future.
2. The options for building your marketplace Apps today are to use no-code
There’s no reason why a founder who isn’t a technical expert should be forced to concentrate on constructing technological solutions that have been solved hundreds of times before.
This is particularly relevant in the phases before the fit between the product and the market is determined.
To address this specific problem to address this issue, the “no-code” movement that addresses this issue “no-code” trend has emerged to offer tools that redefine the notion that software engineering.
In simple terms”no-code” lets you transform concepts into a functional product with the least quantity of effort and money.
Certain software tools have been incorporated into everyday usages, such as Squarespace as well as Brisk Logic Dreamweaver.
In the past few years, a variety of different tools are being launched that allow developers to create far more specific, and even more powerful apps. They include:
1. The tools that are available off the shelf (3 hours)
Sharetribe is an application that lets you create a marketplace by using their off-the-shelf products.
If you’re just looking to try out your idea in the quickest way you are able, you can start a marketplace operating in just a few hours.
This video does an excellent job of helping users who are new to Sharetribe learn about Sharetribe. If you follow the steps you could get an MVP of your marketplace apps online in just 30 minutes.
But, creating your own marketplace using an off-the-shelf building tool means that you’re completely limited to the features that the program offers.
If you’re trying to create something that has the exact specifications you’re seeking We suggest looking into visual development.
2. The tools for visual development (4-6 weeks)
The tools for developing visuals are a type of tool that does not require code and enables anyone to create applications that meet their requirements without the need to code.
If you are looking for something similar to a two-sided market, we recommend going to Bubble.
Bubbles are the technology we utilize at Brisk Logic to develop services for clients that include single-founder startups, Fortune 50 corporations, and everything in between.
The bubble is simple to utilize and allows you to create faster, taking your concepts from concept to application in a matter of weeks rather than months.
It lets businesses accelerate their development process as the process is cut down and any member of your team can make adjustments to the marketplace Apps you’re creating.
3. Find a company that doesn’t require a code
While traditional development firms can be costly, a new category of development companies that take advantage of the movement to no-code to lower costs and speed up time-to-marketplace Apps have come into existence.
Find out more about the advantages of working with an agency.
At Brisk Logic, We have seen the benefits tools such as Bubble can offer those trying to develop new products.
We build products for our clients using no-code tools to ensure that costs are less and timelines are shorter and your ideas are able to be implemented and improved to the maximum extent feasible.
We’ve been developing without code since 2015 and have a thorough and battle-tested method for the software we create.
This means that you’ll have the top infrastructure that is standardized through our relationships with hundreds of clients, as well as the benefits of full customization to meet your marketplace App need.
Strategies to create your own marketplace app
The most significant feature of the no-code movement is the capacity of founders to devote their time to creating the distinctive elements of their business and then tailoring the products to meet the needs of their customers.
After getting the technicalities gone here are some suggestions on how you can increase the size of your marketplace Apps.
1. “Blue Ocean” to bring down the buyer’s side
If you are able to create an underground marketplace App, opening to a whole new category of previously inaccessible buyers through the marketplace you’ve created, then you’ll find vendors waiting to sign up.
There are myriad possibilities for companies operating on marketplace Apps.
Instead of looking to create a market that competes with existing companies, successful marketplaces create completely new markets both on the buyer and supplier sides.
The goal of bringing completely new customers into your business is part of what’s referred to as the “Blue Ocean strategy“.
To create a “blue ocean” for your company (as opposed to “red oceans” where competition is fierce or “bloody”) Businesses do not just aim to beat the other businesses, but also transform the competition into a non-issue by the increase in value to customers.
When they do this they create entirely new marketplace Apps for their own businesses.
Examples: Live Theaters to Movie Theater
An excellent example is a transition of the world from live performances to cinema theaters.
The 1905 year was when the whole concept of cinema theaters was conceived in the hands of Harry Davis. Davis didn’t focus on creating a superior live performance.
Instead, he created “nickelodeons” which were buildings that had multiple screens that cost 5 cents per hour to view recordings of films at any point of the day, and targeted low-rent areas.
By doing this the entrepreneur created a completely new marketplace App, one which was completely unobtainable to the live-play business prior.
This is why it’s essential when planning to build out your marketplace Apps that you don’t only focus on your primary market, but rather on the entire market that you can address.
Does your market allow for the market to grow?
If yes, you’re to be onto something.
2. Concierge MVPs try out new processes repeatedly
If you’re just beginning to build your market the precise procedures to handle each requirement that your customers might need aren’t well-known.
At this point, it’s best not to create everything, but instead, manage everything by hand. One way to check this is to use an instrument known as”the “Concierge Minimum Viable Products“.
Concierge MVPs are designed to replace technical processes that are complex by humans.
The goal is to avoid the necessity of investing time and money in creating features that users might not need or want. When hypotheses are evaluated and verified after which only then can entrepreneurs roll out new features.
Example Marketplaces – – Brisk Logic
If we want to see an example of a marketplace one can take a look at Brisk Logic
Brisk Logic was focused on attracting the shadow market – a hidden of units available for rent previously unavailable – to build an entirely new business.
However, the founders were able to come up with an initial hypothesis that listings with top-quality professional images would attract more reservations. From the Lean Product Playbook by Dan Olsen:
“They manually contacted hosts to provide them with professional photography, and they also sourced photographers to work with the hosts.
It was only after verifying that this method actually brought more bookings to hosts with professional photographs that they set about building out the system.
They were able to automatize the process so that instead of having photographers recruited by employees
The system will automatically ask hosts whether professionals’ photography would be something they’d prefer to avail of and then connects them to photographers in a seamless manner.
New opportunities for markets
Due to the rise of development that doesn’t require code we’re seeing more of the following kinds of marketplaces being created:
1. Digital marketplaces managed by a manager
As with the previous part on the shadow market, we can see a massive commercial opportunity for marketplaces that focus on services normally carried out offline.
The home care market, as well as the upskilling market, are two areas that have untapped markets that are addressable.
Even though services in this area generally have more regulation, the capability to effectively navigate these areas is simply the result of creating more of a moat around your company.
The U.S. restaurant industry alone generates more than $800 billion in sales each year (Source). But wholesale food consumers rely mostly on offline systems to meet their food-sourcing requirements.
Marketplaces online which connect food distributors with local businesses are something we’d like to see and may aid in tackling issues such as the fact that one-third of the food that is produced for human consumption is destined for the trash (Source).
The potential of B2B marketplaces isn’t exclusive to the food sector.
3. Niche marketplaces
We’ve covered a lot of how to build a market that can grow with this post. But not every business has to be constructed to be scalable.
Niche Marketplaces are designed to meet the long-tail requirements of very few customers, and they work efficiently. While most marketplaces will be designed to serve fewer people than Lyft will ever hope to attract.
The fewer cost structures that are involved in the construction of these marketplaces ensure that they will remain viable and profitable companies.
Are you ready to create your own marketplace without any code?
If you’re looking for complex functions for your product on the marketplace Apps, but you need to launch quickly without the expense of hiring professional developers Brisk Logic is able to help.
A lot of our customers are coming to us because they began building using Sharetribe and later needed further customization. or they realized that Bubble was too time-consuming and required a lot of energy and time to master.
If you’re looking to launch Apps that are custom-designed and production-quality quickly, contact us to discuss your idea now!