The Strategic Advantage of MVPs: Understanding the 'Why' Behind Minimum Viable Products

Reading time: 5 minutes.

22 August 2021

Table of Content

The creation of a minimum viable product will help to reduce risks and time. You will save your resources and get an objective assessment and validation of key product features. In addition, you will generally understand whether it is worth investing in such development.

Now we will tell you the process of creating an MVP, using the marketplace example.

Why should you start by creating an MVP rather than a full-fledged product?

MVP is the version of the product that contains the most key features. For example, the main function of eBay is product demonstration and delivery, while the side functions include chat and technical support. Therefore, MVP eBay would have the functions of delivery and goods showcases, but would not have the chat and technical support.

The main reasons for choosing an MVP are low cost and quick launch of a working prototype. Even if the idea fails, budget losses will be minimal. That is, MVP reduces the risks of development failure, and also gives an understanding of what needs to be changed / removed / added by using early reviews.

Our MVP principles

All efforts of developers are aimed at reaching a specific target audience. For example, a store aims to work only in your city and only with a certain category of items.

User problems are eliminated - independently answering all possible questions, we expand the functionality and audience of our product. Roughly speaking, we try to bring the client by hand from the home page to the product payment page.

Success takes time. We periodically refine the main functions and implement additional ones, focusing not just on customer’s problems but also on suppliers. Don’t forget to advertise your MVP product!

In addition to time, the success of an MVP depends on the implemented functions that cover the needs of both parties - the seller and the buyer. It is also important that we create convenient navigation and provide the best user experience.

The main functionality of the MVP marketplace:

Buyers and sellers pages

The feature is more important to sellers than buyers. Store or vendor information must be clearly and clearly presented. The buyer wants to see full information about the store, on the other hand, the seller does not really care who and how made the order. This solution increases usability as it takes much less time to get the information you need.

Search is an important feature for the marketplace, it allows the buyer to quickly find the desired product using keywords. Sellers can use search to scout competing products.

Chat room

Messaging will allow both parties to contact and discuss a product or service. They can discuss any questions related to cost, payment method, delivery, etc.

Reviews and ratings

This function allows you to make the trading platform more reliable. It can help you instill confidence and trust in your online shopping experience. They are more likely to place an order.

There is nothing superfluous, only basic functionality

These functions were chosen for a reason, without them the Marketplace is not a marketplace. On the other hand, no extra items were added. At the start, delivery can be done manually, like many other actions, the automation and implementation of them would take too much time and budget.

Create your solution

Using this information, you propose the main idea of ​​your product, and we implement it. All you need is to contact our manager to start working with us. Together we will think over the details that will be needed in the first stages:

  • the formation of a hypothesis, the general goal and objectives of the project;
  • identification of potential competitors and references;
  • the uniqueness of your offer;

After the interview, the project will be evaluated and we will inform you:

  • the amount of time required to implement the project;
  • development cost;
  • further actions.

The team is the key to success

Layout, design, tests - we have a specialist for each task. You don’t need to understand the nuances of choosing a programming language or creating a concept - we will take care of the entire technical part.

Having distributed the tasks, we will start developing and creating an MVP, which allows you to quickly get feedback from users and understand what needs to be fixed and refined.

Development process

Cyclically modifying and receiving feedback from the project, it is necessary to reach a stage that can satisfy the future user. On it, your product will already have, in addition to the main functionality, an additional one - a convenient interface, working items delivery, technical support, a mobile application, an administrator panel, etc.

With the help of the first tests and positive results, we will proceed to the analysis and summarize the work. We will support the project all the way through its implementation and want to believe that our business is of great importance.

Getting started

As a quick reminder, we have compiled a list of actions to launch your startup.

  • Contact us in any convenient way;
  • Formulate and express your idea;
  • Together we will draw up a development plan, write down the technical assignment for each task and distribute it to the team;
  • After launching the MVP, we will test it on potential users and collect feedback;
  • Having the first positive results, we will define a further plan of action and future goals;
  • Regular communication with you will help us improve the product and finalize new functions.

Contact our team - we are ready to develop a project that will pay off at the first stages of development, which will save you time and budget.