While it’s critical for successful marketplaces to have a good user experience and functional platform, many marketplace companies today don’t have major technological breakthroughs. They succeed based on finding the right niche, growth mechanisms, and network effects to hit escape velocity for a successful business.
However, each marketplace has unique characteristics based on their product or service offerings, customer base, and geography. Building a marketplace requires extensive customization to adequately serve the needs of each side and build trust and convenience. Some companies may need scheduling or booking capabilities while others need identity verification or special insurance. This makes it difficult for there to be a SaaS tool that works for building any kind of marketplace in a similar way to how Shopify created a tool for launching eCommerce companies.
No-code platforms, on the other hand, are becoming an ideal option for getting a new marketplace idea off the ground. They expedite the development process by creating a visual programming interface that is approachable to those without a more traditional programming background and by having reusable tools and integrations that can be seamlessly added to an application. With a faster time to development and lower costs, companies can get their products into market faster and rapidly iterate on their path to product-market fit.