You must have heard about a B2B marketplace somewhere but if not, let us give you a very simple definition, to begin with. So, a B2B marketplace is a digital platform that allows companies to connect with other organizations in order to conduct business in one place. B2B marketplaces are great platforms for companies to buy and sell products in bulk.
B2B simply stands for “business-to-business,” and companies involved in this business model provide products or services to other businesses rather than consumers. Moreover, a B2B marketplace functions entirely online and creates a streamlined transaction between two companies or businesses.
Many industries opt for B2B marketplaces to do business online: one of them is fashion. A B2B fashion marketplace app development has gained significant momentum in recent years and has proven to be quite successful as well. Take Zilingo for example, which is a much-talked-about marketplace for bulk buying among many fashion marketplaces.
This Singapore-based startup has been in the news ever since its inception. Developed initially with the intention to bring big and small businesses and vendors together, it eventually became a B2B player.
The widespread success of Zilingo gave wings to the dreams of many entrepreneurs and fashion enthusiasts. Today, many budding entrepreneurs wish to develop an app like Zilingo. Getting some insights into Zilingo’s journey and business model would be like a cherry on the cake for these tech enthusiasts. Also, it would help them initiate their own marketplace app development journey.
So, let’s have a quick look at Zilingo’s journey and note down important points that might help you outline a business model for your own marketplace app. Let’s go!
So, what is Zilingo all about?
When two like-minded people with similar business interests met at a friend’s party in 2015, the meeting eventually led them to become business partners. Ankiti Bose and Dhruv Kapoor teamed up in 2015 to solve a problem using technology, and that led to the birth of Zilingo.
Zilingo is a fashion marketplace for bulk buying in Southeast Asia which initially started with around 1500 sellers in Thailand and Singapore. These sellers were selling clothes, accessories, bags, shoes, and beauty products to the customers. Zilingo aimed to bring these sellers under one roof and thus, started the journey of Zilingo to become a B2B market player in the fashion industry.
In the last four to five years, Zilingo has evolved into a supply chain that enables different brands, sellers, wholesalers, distributors to come together and get access to financing, logistics, and everything included in an eCommerce ecosystem.
Let’s have a glimpse at the recent accomplishments of Zilingo-
- 4000 partner factories and merchants in 10+ countries
- Zilingo turned a unicorn in 2019 and valued at around $1billion
- In January 2020, it achieved a transaction flow of $100 million
- In 2019, Zilingo achieved the milestone of seven million active users
- It has received funding from investors like Sequoia Capital and Temasek Holdings.
Main features of a B2B fashion marketplace that you must know
If you want to develop a B2B fashion marketplace app like Zilingo, you must be aware of the main features of a B2B marketplace or platform. Let’s discuss these features for you.
A good B2B marketplace allows multiple vendors to operate in one place and easily manage their profiles. The organizations in a B2B platform can handle their profiles, content information, pricing, and role management.
Security and confidentiality
A B2B marketplace, like any other platform, protects the private and sensitive information of the organizations to maintain confidentiality. It makes sure the organizations feel secure while using the platform.
B2B sellers require complete control over their eCommerce pricing configuration. This includes personalized pricing, real-time pricing integrations, and the ability to let the suppliers set the MSRP of the actual price.
A B2B marketplace supports the vendors approved by the internal stakeholders. The B2B marketplace should support buyers’ workflows and whitelist their primary vendors.
Search navigation is a crucial aspect of a B2B marketplace app. A B2B marketplace enables users to filter and search for specific vendors. The right B2B marketplace has easy-to-use search functions that filter sellers by brand, price range, and products in stock.
Flexibility is a must in every B2B marketplace. The buyers and sellers of a B2B marketplace need flexible and customizable platforms that allow them to edit their purchase orders and change order processing practices.
Effective vendor management will result in the rapid growth of a B2B marketplace. Managing the vendor data is possible through an integrated CRM. Moreover, this CRM is a great addition to any B2B marketplace.
What are the essential steps to make an app like Zilingo?
First and foremost, to develop a thriving B2B marketplace, hiring a mobile app development company with expertise in the B2B marketplace is essential. When you hire a team that understands your project well, half of your worries disappear right there.
Thus, here is a guide to choosing the right software development company for your
next B2B project.
When you have an experienced mobile app development team by your side, the next steps go
- Market research and analysis
- Preparing a lean canvas model
- Prototyping and wireframing
- App design and development
- Testing and deployment
Skeptical about the cost to develop an app like Zilingo? Let’s discuss some cost-related facts
The most important question about a B2B fashion marketplace app is how much it would cost to develop a successful app. The overall cost sways from one app development project to another depending on a number of factors. Exploring these factors will help you with an estimated budget to ensure a smooth app development.
You must note that the developers’ hourly rates are different in different countries. Thus, you can get an estimated cost by multiplying the total hours of development with the development rates of the mobile app development company you hire.
Lastly, if you hire an Asia-based software development company, developing a feature-rich B2B fashion marketplace would cost you around $20,000 to $50,000.
B2B marketplace apps enable small vendors to earn their share of success through technology and digital media. A B2B marketplace app is an excellent choice for a fashion business. And you are just a few steps away from developing an app like Zilingo of your own. The first among those steps is hiring mobile app developers who understand your vision.
Initiate your B2B fashion marketplace app development with a skilled software development team by your side. If you still haven’t found a professional team of app developers, we might be the right choice for you. Share your project with us, and let us take it further.