This blog talks about how you can build a minimum viable product, how do you build an effective MVP and why would be the best option for you.
What should you consider while building a MVP ?
After doing all the research, you should understand your prospect’s problems and how the market solves them. Now that the problem/solution is covered, we need to consider product/market suitability, i.e. how to supply and identify the right product to a large market. To make this possible, we need to build a Minimum Viable Product (MVP) marketplace. You should start by figuring out who your early adopters are. That is, someone who wants to tap into the multi-vendor marketplace first and provide all the necessary feedback.
We want to present them with core functionality meant to meet their needs. Only when these people start using the Marketplace will they have the valuable information they need to improve the product until it is optimal. You cannot miss this phase. Building your own MVP marketplace is essential. The worst thing that can happen to your marketplace is that you don’t offer a product that everyone wants and nobody uses it. You need to validate your marketplace from the start. This is one of the advantages of minimum viable products. Starting without this could cause the market to fail.
This is all part of the process, kind of a ‘prototype’, but we want to finish and polish it as much as possible.
It’s not perfect at this point as we haven’t received any feedback yet, but we should deliver what we promised so that feedback is based on what the market actually looks like. Publishing in an unprofessional look will automatically turn users away. This leads to bad feedback, which may have nothing to do with your core idea. We want to wow early adopters, so we put the time and effort into thinking from day one to come up with a great product that people will want to use, and then perfect it with feedback. MVP actually stands for Minimum Viable Platform (not Product) if you’re looking at building a minimum viable product for your marketplace. You won’t know if your marketplace is profitable until you launch your platform and people start using it.
So how do you develop a minimum viable product?
Unless you are a developer (most people aren’t) you should work closely with companies like Kalpas (https://kalpas.in/ ) who are as invested in your product as you are
By working with partners (like us!) you can be sure your ideas will come true. Your feedback is accurate and actionable because your marketplace is professional and functional from day one, and vendors and customers can leverage it. The Marketplace Platform is easy to manage and everything is set up automatically so you can focus on your ideas and research. We handle the coding, hosting, and payment system and your MPV is ready. Before you start, clarify what you want to learn from the launch and what information you can use to determine if your assumptions about the market are correct.
To do this, you need to define key performance indicators (KPIs) for your market and see if they are being met.
Finally, when it comes to business, MVP is a fundamental solution that solves supplier and customer problems in a way no other marketplace has ever done before. Hope you all have a great experience!
to know more visit about MVP visit https://en.wikipedia.org/wiki/Minimum_viable_product