How to Build an Online Marketplace

Over the last decade, businesses have shifted from a pipe business model to a platform model. In this new model, the company isn’t the sole generator of value; platforms enable participants to cocreate value alongside other platform participants and exchange it among themselves. As a result, the retail industry has been disrupted by online marketplaces — e-commerce platforms that enable interactions between customers and producers. The benefits marketplaces bring to businesses are numerous and include lower investment requirements, faster scaling, and multiple options for monetization.

This article outlines the essentials of building an online marketplace, including choosing the business model, marketplace type, technology stack, functionality, and software developers
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