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1. Pick the right development team
Choose experienced developers with adequate domain
knowledge to save costs. They should custom build
solutions and suggest suitable tech stack to fulfill
your needs.
Minimize
prototyping
Build an MVP for your users
before full-fledged software
development. Use their feedback
and plan on enhancing the
product. Devise unique strategies
to market the product.
Focus on a Specific
Niche
Target a specific industry to
narrow down your audience,
bringing greater value with lower
expenses. This helps in increased
product segmentation and
promotes cost-efficiency.
Keep it Simple
Go for a simple and well-focused
product development process. Build
a product with the necessary
features, that will be useful for an
average consumer.
Perform Through
Research
Conduct extensive research on
your target audience to
understand their requirements.
Segment them on the basis of
their preferences to come up
with a cost-effective model.
5 TIPS TO BUILD A COST-EFFECTIVE
ONLINE MARKETPLACE SOLUTION
Building an multivendor online marketplace
platform?
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