Business

The cost of building an online marketplace project can start from $5,000 - $8,000. Of course, this price is valid only if you choose basic, templated solutions. However, if you want a custom-developed platform, the cost can reach from $10,000 or more.

Building a custom marketplace website normally depends on the next factors:
1. Developer hourly rate
2. Product discovery phase
3. UI/UX design 
4. Technology stack

The geographical reach of a marketplace impacts expenses. In particular, the areas affected are development costs, marketing and promotion efforts, regulatory compliance, and logistics. That’s why it’s crucial for business owners to evaluate the trade-offs and challenges associated with different geographical strategies when planning and budgeting for their marketplace.

Expenses on an online marketplace greatly depend on the complexity of the project. Apart from 4 evident factors (developer hourly rate, product discovery phase, UI/UX design, and technology stack), it’s necessary to consider platform updates, user acquisition and retention, regulatory compliance, and customer support services.