Business Advantages of Marketplace like Kickstarter

The marketplace is not a new term we all have come across while searching through an eCommerce site or any online shopping platform or even in various social handles like Facebook. In a recent survey, it has been observed that more than 50% of sales happen through the marketplace. With the evolution of the marketplace platform, the entire business model has stepped into a new era.

These days marketplace giants like Amazon, Airbnb are running successfully and have opened a new window to both buyers and vendors to connect and interact and to generate more business. Marketplace concept is not only limited to product selling but a variety of services from various domains is also found in marketplaces and crowdfunding marketplace like Kickstarter is also gaining much popularity lately.

In this article, we will give you a comprehensive guide to developing a marketplace like Kickstarter, but to do that first you need to have a basic idea of the marketplace.

What is a Marketplace?

A marketplace is an innovative concept that has changed the entire business model by bringing multiple vendors and buyers together under one roof. Marketplace like Kickstarter allows the vendors to sell their variety of products to a specific group of targeted customers. It has abolished the geographical barrier and lets a vendor interact with a customer from any part of the world. The promotional activities are taken care of by the marketplace owners while vendors can solely focus on sales. This model helps sellers to get global exposure and each time a sale generates through the marketplace a part of it goes to the marketplace owner as a commission.

Kickstarter is one such marketplace that has introduced a brand new concept in the world of business that is the crowdfunding marketplace. Let’s have a look at the internal model of these marketplaces.

What is Kickstarter?

Established in the year 2009, Kickstarter gives new meaning to the concept of the marketplace. Here a creator can raise funds to give a shape to his creation. It is a crowdfunding website that allows the creator to share their ideas to the platform and if people like it they will pledge for crowdfunding to give it a shape. Suppose you want to organize a concert and upon publishing your detailed ideas on the platform like-minded people will help to raise the fund to make it happen.

What are the advantages of a Marketplace like Kickstarter?

As Kickstarter is a crowdfunding platform for creative minds they only accept projects that come within the category of art, comic, design, film, fashion, game, food, and dance. Some of the biggest benefits of Kickstarter are as follows.

Kickstarter reviews your project to make it more appealing: One of the best features offered by Kickstarter is their valuable review process which enables a user to change and positively modify their project to make it more appealing to the public. A thorough review process is done before publishing the project. Once it has been reviewed then it is published.

It offers free exposure till you get full project funding: Kickstarter is free and offers a free exposure of your brainchild to a global creative crowd until you get full project funding. Once full project funding is available then only charges will be applicable.

More than 40% of projects get convenient & initial funding: It has been observed that more than 44% of projects get the funding which is extremely valued and promising for new & young creative minds.

No need to worry about the ownership of your project: Kickstarter ensures that the ownership of the project remains unchanged which is a good sign for any creative mind.

Important features to consider while creating a marketplace like Kickstarter

While building a marketplace as Kickstarter one should keep in mind the requirements of both the creators and investors. So it should have enough proper features to attract both of them and a convenient function to transfer funds. Another important aspect of a Marketplace like Kickstarter is the role of an administrator. Let’s check some of the following features required for each set of users to build a crowdfunding marketplace.

For creators

The following are the features needed for creators

• A proper registration process that requires mail ID and password and also has the options to register with Google, Facebook, or other social handles.
• The registration process should include a proper login feature and the creator must be able to change or modify the credentials
• The user should be able to create a profile, build and submit the project, manage it, see the progress and be able to raise funds.

For investors

The following are the features needed for investors in a Marketplace like Kickstarter

• A registration process that includes mail ID and password and also has the options to register with Google, Facebook, Twitter, and Apple, or other social handles.
• A proper login feature where the investor must be able to change the necessary details as per the requirements and modify on demand, and also able to create a profile with all the necessary details.
• The user should be able to create a profile, build and submit the project, manage it, see the progress and be able to raise funds.

For administrators

Administrators are the backbone of a marketplace; they manage both the creators’ and investors’ profiles while taking care of the transaction and also handle the projects and help in review and feedback. So to complete this huge task they need complete access to the following sections of the website

Admin: Administrators need their separate account to log in and while building a Marketplace like Kickstarter this feature should be included to keep the transparency.

Account: The administrator must have the access to review the profiles of both creators or investors and should be able to deactivate or suspend any account in case of any unethical steps taken by any of them.

Investment: The administrator should have the authority to review any transaction or mode of payment and will also be able to check payment details or be able to review any failed transaction.

Project: A Marketplace like Kickstarter must give complete authority to the administrator to check and review any submitted project and should be able to terminate any project if it violates the platform’s rules.

Customer care: A part of customer service is done by administrators and they should be able to view and solve queries from both the investors and creators.

What to look for before hiring a web design company for a marketplace like Kickstarter

The marketplace is an interesting yet complex process and to build a marketplace like Kickstarters one should have an in-depth knowledge of its features, business model, and design. So before hiring a web design company you must look into the following aspects

Experience: It is the first thing that you must look for while hiring professional web designers. It’s better to hire a web company that has previous experience in developing a marketplace as it is not just any online store rather it is a multi-vendor platform.

Experience in handling the latest technologies: The digital world is evolving daily with cutting-edge tools and technologies. So, hire a web company who are well versed with all the latest technologies as well as having expertise in traditional methods.

Professional Approach: No matter how much experience a company has or how long they are working in the field what is important is a professional approach. Without it, the entire discussion won’t be fruitful. A professional web design company will help you to solve all your queries at any odd hours and will give you satisfactory explanations.

Budget: It is better to discuss your budget before hiring a web company to design a marketplace like Kickstarter. Also, discuss what services will be included within the said budget and whatnot.

Time to finish the project: Set a definite time frame before giving the project to a web development company. Moreover, a professional web company like us will always submit the project within the mentioned time frame and will always try to give their best.

Customer service: Any web development company must have a well-equipped customer support team who will work round the clock to assist you.

Whom to Approach for Building a Marketplace like Kickstarter?

AT & T Software is one such highly recommended name in the IT industry that builds superficial marketplaces and provides value to the customers as well as the business owners. The super-trained team has unique ideas and lots of special inputs and we allow personalization of Marketplace like Kickstarter.

The fair pricing policy is one great thing that makes discussing your requirements worthy as we offer you the complete value of every dollar that you spend. Get in touch with us over an email or our contact details and reap the benefits of a Marketplace like Kickstarter

Hope this article will give you proper guidance to build a marketplace like Kickstarter, always hire a reputed and professional web designing company, or can also hire us to fulfill your requirements.