The eCommerce space has been evolving expeditiously. New startups innovate to get customer’s attention while established online businesses like Amazon pioneer customer-centric business strategies to offer the buyer a tailored and superlative shopping experience.
In this competitive ecosystem, the success of a new online business venture hinges on engineering a customer-focused product, proffering a solution to the customer’s needs, giving them a reason to prioritize the platform for their shopping needs.
A minimum viable product or MVP is an iteration of the final product that has sufficient features that makes it deployable, and gain real-time insights from the customers. The invaluable feedback then sets the course for future development of the project, in accord with the target market.
Let’s find out more about the benefits of employing an MVP first strategy and five top companies that excel in providing marketplace MVP.
Marketplace MVP 一 An eCommerce imperative
“We are not competitor obsessed, we are customer-obsessed. We start with the customer then work backward” Jeff Bezos.
MVPs bring multiple benefits to the table, underpinning their significance in marketplace development. Discussed hereunder are some of those benefits.
MVP tests project viability: All boardroom speculations and market assumptions can be stultified if the target customers don’t find the marketplace features useful. An MVP can help ascertain the pragmatism in the project, and judge whether the product indeed adds value to the customers.
Pitch the marketplace potential to the investors: Audition your business plan to the investors, garnering their attention with the future prospects of your idea.
Accelerates development: With the knowledge of necessary features, project development proceeds faster avoiding redundant features in the marketplace. Moreover, time is also saved as the marketplace launched is developed after getting customer feedback and no changes will be needed as an afterthought.
Saves Capital and minimizes risk: Tailoring your marketplace to customer-defined requirements minimizes risk. The product developed is sans redundant functionalities, saving resources that would have gone into developing them. Moreover, with a customer-defined product, there is a maximum chance of customer adoption, leading to eCommerce success.
Focus on learning: MVP development emphasizes value addition through validated learning, testing assumptions, and readying a product that is best suited to add value to the users.
Top 5 marketplace MVP development companies
Multiple benefits underpin MVP as an essential component of business strategy. Enlisted below are the top MVP development companies.
- FATbit Technologies: FATbit is a custom software development company that has been providing robust and affordable services and readymade eCommerce solutions since 2004. Implementing Agile practices to push iterative and incremental development; FATbit excels in MVP development services. The company also offers mobile app development, CMS development, IT consultation services, and more.
FATbit follows research-driven development valuing customer feedback. The company has worked for a global clientele and received good reviews. It is rated 4.9/5 on Clutch, 4.9/5 on DesignRush displaying good customer service. FATbit has also been credited for its work by getting featured in top business publications like Forbes, INC, Business Insider, Nasdaq, HuffPost, and more.
- Classic Informatics: Classic Informatics is a MVP development company that offers scalable digital products for SMBs and enterprises. It also engineers digital commerce solutions that let companies build quality online stores. Moreover, the company offers inbound marketing solutions, MVP, and CMS development. The company has expertise in using a wide range of industry’s leading technologies and frameworks.
- Intelivita: Intelivita offers mobile app development, AR and VR services, and MVP development. The company has worked with clients all across the globe delivering customer-centric robust solutions. Intelivita follows a stepwise approach in their work. The company uses AR and VR for future-ready solutions. Their focus is on delivering an aesthetically pleasing user experience.
- UIG Studio: UIG studio is a leading MVP development company that provides mobile app development, MVP development, and GIS software development. The company provides full-cycle product development delivering robust solutions.
UIG studio delivers intuitive and inclusive UI/UX in its solutions by focusing on the human element. The company is known to engineer solutions with a collaborative effort with clients.
- Digiteum: Digiteum offers web, mobile, and MVP, and IoT development. The company offers full-cycle software development. They also work with AI and chatbots and offer them with their software solutions. Digitium utilizes a broad range of technologies to deliver quality services and products. The company works collaboratively with the client offering time-bound project completion with quick responses to any changes that may be required.
Successful implementation of MVP development by FATbit Technologies
The goal of MVP development is to test assumptions, prioritizing the user’s requirement, and testing the pragmatism in the product as visualized by the developers. In other words, it is asking the end-user about the product before it is launched in the market. The feedback received from the user adds value and shapes the development of the product.
Source: FATbit, Clutch
The Agile work ethic at FATbit Technologies emphasizes iterative, cross-team development. In such a process, MVP is a quintessential milestone that provides crucial feedback to achieve the company’s objective of developing a customer-centric product.
The focus is on learning at each stage, tailoring the product to best market fit. The company works to analyze the product requirements as shared by the client and judge the requirements of a prototype with essential core functionalities and bare minimum design. Moreover, it makes the MVP scalable and customizable to facilitate future growth.
FATbit fast-tracks project development to provide the client with MVP at the required stage and at affordable costs.
A prime example of the benefits of MVP software development is the work FATbit did on UNI diamonds, an online marketplace for the trading of diamonds. UNI Technologies wanted a secure and functional eCommerce platform that facilitates the search, comparison, valuation, bidding, and trade of diamonds.
Moreover, the company wanted to showcase the product at an upcoming trade fair in Hong Kong.
In a span of just a few weeks, FATbit delivered an MVP to UNI technologies. They worked on their customizable marketplace solution Yo!Kart to engineer the MVP.
Uni was able to showcase the MVP in the trade fair, auditioning their eCommerce platform in the industry and accumulating precious feedback in the process.
Moreover, the marketplace MVP was scalable. This meant that UNI technologies was able to build a successful online business around the diamond trading platform. The marketplace has continuously added features and functionalities, meeting the demands of the growing business.
MVP brings forth multiple benefits, helping in the development of customer-centric products with fewer costs, lesser time, and most importantly minimum risks.
Experienced MVP development companies can gauge an appropriate development stage and provide you with MVP with core functionalities and minimalist design, within the stipulated time frame.
FATbit Technologies, a software development company that follows Agile methodologies to the core, works collaboratively with the client to engineer ideal MVPs.
Saurabh Thakur is an accomplished marketing analyst with a track record of success in SEO, Branding, ORM and eCommerce. He uses his skills & expertise to help entrepreneurs to establish their business, and in connecting with their target audience. Saurabh helps businesses to grow with white label partnership programs. He is always up-to-date on the latest trends that make him more energetic & profitable.