With whopping 225,679 Corona cases around the world, businesses are experiencing a hard whammy. Business operations are affected around the globe. It started with factory closures due to shortages of components and crimping availability of goods and turned to shut down of schools, colleges, workplaces, gyms and public places. Not only this, but China and Italy have also locked down entire cities to curb the spread of this deadly disease.

The outbreak of the virus started from China where the current number of cases is80,928 and now it is increasing at an exponential rate in countries like the USA and the UK. Apart from badly damaging the tourism and aviation industry, Corona is now impacting IT industry as well. With work from home and self-quarantine becoming essential measures to prevent the spread of the virus, major IT companies are finding it hard to meet the deadlines.

How to Ensure Productivity in Corona-times?

The current Corona-time has escalated the need for setting up the offshore remote development team to make sure that your project delivery is on time. Earlier, companies were skeptical about hiring remote developers, but the past few months have clearly shown that having developers working for you remotely keeps your work pressure at check.

With remote working becoming a buzzword, it is important to understand which country could be the perfect option to set up an offshore web development team in such a Pandemic situation.

China, UK, Italy and India, have always been the preferred names when it comes to hiring developers. However, with the current number of positive cases in China, Italy and UK, all three countries could not be considered as a reliable option.

Number of Corona Cases in Countries which are regarded as Best for Remote Development Centre

As it is clear from the above-presented image, India could be the best option to build your remote development team in the present-time where the rest of the world is majorly affected by this deadly Pandemic. With Visas banned, cities in lock-down and international flights canceled, the current situation in India is highly under control. Moreover, the Indian government is taken all the precautionary measures by reducing the number of public transport facilities and increasing quarantine facilities. Hence, in the present time hiring a remote development team in India could be the best option to fill in for your sick resources.

What are other factors that make India the best Option for Setting Up Remote Development Team?

According to the recent forecasts, almost 80% of the world’s Business Process Outsourcing will be catered by the Indian companies by 2022. There are a plethora of reasons why major companies all over the globe are planning to establish their offshore development center in India. Let’s have a look at some of them:

  • Availability of skilled human resource:

Surveys suggest that almost 3.1 million graduates add up to the Indian workforce every year. It is expected that by the end of 2020, India will approximately have 2.2 million skilled IT professionals. The pool of these IT professionals is English speaking, which is a major boon.

  • Privacy Regulation and Data Security:

India has strict policies for Privacy Regulation and Data Security. The Information Technology Act, 2000 mainly emphasizes on these two factors. As per the Act, if there is a breach of the law, the company and the associated personnel will be subjected to financial penalties and imprisonment.

  • Government Policy:

There are stringent IT-related policies in India that support operations and yield maximum benefits. There are policies about investment and taxations; there is service tax exemption for SEZ units and other such benefits that are aimed at promoting IT services in the country.

  • Price Flexibility:

According to the NASSCOM report, outsourcing to India can save approximately 60% of the cost. The reason behind this is the cost difference between the domestic market in India and other countries. Companies can save on salary and other employee benefits by outsourcing.

  • Best Infrastructural and Technology:

India has state-of-the-art architecture in major cities of the country. Modern India is well developed with state-of-the-art ISP, telecom and cellular network in all major cities and towns. Clients are offered best software solutions, which are developed using the latest technology.

Moreover, developers in India offer customized solutions for various applications such as business process re-engineering, system mitigation, e-commerce, legacy system maintenance and much more. Remote development service providers maintain uninterrupted communication channels with clients through high-speed bandwidth via satellite connectivity, fiber optic networks and submarine cables.

  • Favorable Time-Zone:

Indian outsourcing companies offer quickest time-to-market due to the benefits gained by different time zones differences. The 9-hour time difference between the USA and India provides companies in the USA an opportunity to get their work completed earlier than expected.

The time-zone of India makes it a favorable outsourcing option for major countries of the world. And, the best part here is that there is a single time zone i.e. GMT+5:30 across the whole country, which is quite unusual.

  • India is 3 hours and 30 minutes ahead of Europe
  • India is 9 hours and 30 minutes ahead of the USA
  • Singapore in 2 hours 30 minutes ahead of India
  • Australia is 4 hours 30 minutes ahead of India

Time is also a competitive advantage for the companies that are working round the calls and wanting conference calls.

Indore in India come under those cities which have zero recorded cases of Corona Virus and is safely running all the business. Based in Indore, the swiftly developing IT hub in India, Graffersid is providing clients with unwavering IT support along with taking all precautionary measures to prevent our developers from getting affected.

The professional team of web and app development experts at the company deliver cutting edge IT solutions to clients from multiple business domains. The company is known for developing products which received funding from leading names such as Y Combinator, Google Incubation USA and BlueChilli Australia. If you have a startup idea in your mind but not finding a way how to bring it forth or you are looking for offshore development and looking for resources that can give you consistent support, then talk to the experts today.

Graffersid is offering a limited period offer to its partners who are looking to hire web or app developers for a minimum 3 months period.

Have more queries on how to find and hire the right remote development team? Our next article will provide you with the needed answer.

A hiring software developer is a daunting task, and it has become more intimidating amid Corona times. Earlier, you have to write down answers for queries like what is the vision of your company, what are the current projects that you have in-hand, what is the hiring budget and so on. One more dilemma that every entrepreneur and business faces while hiring developers is between in-house vs remote developers.

In such a situation where the world is fighting with Corona Pandemic, and cities are locking down, having remote developers is the best backup plan. Setting up a remote development team in countries like India, which have managed to keep Corona in-control so far would be the right option to keep your productivity intact. India with 192 cases, has already adopted all the precautionary measures to prevent Italy-like situations.

Apart from the least number of Corona cases among other countries, India also has experienced and skilled resources when it comes to web and mobile app development. With whopping 10, 345 Engineering colleges across the country, India accounts for 2.2 million skilled IT professionals. Moreover, the pool of these IT professionals is English speaking, which is a major boon.

Which is Cheaper: Hiring in-house developers or remote developers

Above-image can help you in comparing the expenses you have to bear while hiring in-house developers in the USA or the UK and salary that you will be paying to remote developers in India.

Costs of Hiring In-house team?

Salary of Developer

According to the App Association, the average salary of a software developers is around $100,000 per year. Multiply that by the number of people you want to add to your team.

Other Associated Costs

Apart from the salary, there are lot of other costs associated with having an in-house team. Have a look:

  1. Recruiting Expenses:

This will include having in-house recruitment team or outsourcing this task to recruiting agencies.

  1. Employment Taxes:

Employment salary varies depending upon the industry and various other factors. This will include workmen’s compensation premium depending on the category of your employee.

  1. Benefits:

Basic salary and employment taxes are minimum-in most of the cases you are also required to provide some benefits. Typical benefits for a $50,000 salaried employee cover life insurance, and health coverage. Other benefits could include long-term disability insurance, dependent care assistance, tuition reimbursement and dental plans.

Read More: Benefits of Hiring Dedicated Developers

  1. Working Space:

When you are hiring in-house developer, you have to also consider the expenses that will include rent of working space. Moreover, you have to provide your employees with a computer and uninterrupted Internet connection, which will increase your cost further.

  1. Training Cost:

Every other day there is new technology in the market. And, to make sure that your company is aligned with the latest technology, training session at workplace becomes quintessential. The cost of these training sessions will also add up to the cost of hiring in-house developers.

In case of remote team, the training of employees is handled by the company you partner with. It becomes their job to train the employees on the latest technology in the market.

  1. Other Expenses:

Apart from this, there will be other associated expenses such as electricity and the Internet. Expenses like birthday celebrations, 1-year completion rewards, bonuses, trips and parties to motivate employees.

When you choose to hire remote developers, you need to worry about any such expenses.

Cost of hiring remote developers?

The only costs associated with hiring developers is the cost of recruiting the employees and the salary of the developers based upon the per hour charges. Other than this, you need not spend any additional amount on birthday celebrations, electricity or the Internet connection.

Also, there will be no health and insurance benefits and training costs associated with a remote development team. Once you have hired a team, you only require to coordinate with them for project updates. If you are looking to collaborate with the team in India to set up your remote development team in India, then let’s have a discussion over a call. Graffersid is based in Indore, India, which is still safe from the impact of Corona. Indore with 0 cases of Coronavirus is taking all the measures to prevent the virus from spreading in the city. Having a remote development team in Indore is the most reliable amid Corona times where another country is locking down all the major cities.

To Find and hire remote development team is highly daunting task and it has become more challenging with the spread of Coronavirus. Countries like China and Italy, which are known as a source of expert developers, are largely affected by this deadly pandemic. The cases of COVID-19 positive are also increasing exponentially in the USA and the UK. And, this is impacting the productivity of IT companies to a great extent.

India, being one of those countries which has all precautionary measures and is consistently fighting to curb the spread of Corona pandemic, can be the name to bet upon for hiring remote developers.

Finding Remote Development Team: How to Start

Before you hire developers for your startup, here are a few things to consider:

  • Define your business goals:

Communicate about the project in detail. Clearly describe what your project is all about, what problems you aim to resolve with your product, the problems that you are planning to solve with initial MVP and so on. Determine the main goal of product, break it down into smaller milestones and set rough deadlines for those milestones.

  • Plan the budget:

 Budget can be the pitfall for any project. So, it is crucial to plan the budget properly, until the very last penny. Define what is the size of initial capital and also look for the areas where you can save money. Also, make sure you have already prepared the list of investors whom you are going to show MVP beforehand.

  • Evaluate the skill set for the project:

While hiring remote development, it is also important to know whether the team you are hiring is working or have past experience on the technology. Identify the expertise and skills that you need for the project. Also, ascertain whether you need only the developers or also Project Managers and Quality Analysts.

  • Collect information about offshore location:

There are number of countries to choose from while hiring remote development team. However, the outbreak of Corona virus has put a limit to your options. For a certain period of time, it could be risky for your business to seek a developer in China or Italy. India, is by far the best country in terms of IT resources. Moreover, the current situation of Corona is also in complete control, which again makes India the right option to look for a remote development team.

What are the Sources to Find the Remote Developers?

You can find developers for startup via the following sources:

  • Recommendations from people
  • Find the offshore development agency
  • Networking on meetups, conferences and hackathons.
  • Searching for teams or developers at freelance portals
  • Search for team or developers on LinkedIn

Read more: 5 Design and Development Tools to Boost Productivity of your Remote Team

How to Hire Remote Development Team?

How to find and hire the right development still remains a big question. Here is a checklist to follow:

  • Find if the developer or outsourced team has proven track record:

Check the rankings on website such as Clutch and go through their profile on LinkedIn, find out the clients with which they are currently working. If possible, get the reviews from their previous clients.

  • Make sure they are working on the latest technology:

Ask questions and learn on which technology they are currently working. Also, ask which latest technologies they know and how many developers in their team are working on trending technologies like Node.js and Django.

  • Ask the company about their workflow:

Find out how they interact with their current clients, what is the workflow and how they allocate project to developers. Ask if they are flexible enough i.e. if they can add more members in the team depending upon the project.

  • Check if the team is asking you queries:

If your remote development team is saying that they are able to fulfil each of your requirement, then it is an alarming sign. You can use modern project management tools such as Trello, Jira, Slack to track their work. This will help you track the progress of your team.

  • Insist on frequent deployment:

Ask your developers to show you the demo of MVP at end of each sprint, typically on a weekly or bi-weekly basis.

Finally, make sure that your team:

  • Understands your instructions and tasks that you are allotting to them. Make them comfortable so that they can ask questions. Better try to solve them issues at the beginning and try to sort them out when it gets too late.
  • Understand your business goals clearly
  • Holds past experience.

Read more: Benefits of Hiring Dedicated Developers

In the Nutshell

Recruitment strategy to hire offshore developers becomes crucial at this time. You need world-class developers, and at the same time you need to invest in the company for the long-term. That’s what having remote development team: a permanent workforce which is completely devoted to, employed by and for your company.

And that’s what we do: Graffersid is a web and app development company focusing on principle: building the most effective team for our customers while making the whole process as easy as colleague next door.

If you are ready to pull ahead the competition and establish your own development team, then let us answer all your questions.

Book a free consultation by reaching us over the mail or call. We can’t wait to hear from you.

The increasing cases of Corona virus in every country has made governments worldwide to shut down cities and towns. IT organizations are preparing more of their workforce to work from home as COVID-19 is spreading exponentially in countries like the USA and UK. Several companies including Cargill, EY, Apple, Amazon, have curtailed all the essential business travel. IT companies in Tier-1 cities around the globe are following work from guidance to prevent the spread of disease. Therefore, demand for hiring Remote Developers is increasing.

To prevent Corona from hindering their product development, companies are going remote. And, this has given a more boost to already trending remote working. More and more employees are working in remote positions for full-time. Companies are also embracing this new work culture, increasingly using flexible work options to entice employees.

But, the question here is what the solution is if you want all your remote developers to work together at the same time to avoid communication issues. This is difficult to achieve if you are hiring your Python Developer from India and Quality Analysts from some other part of the world. To make sure your team has a clear understanding of the project and working in sync, it is better to outsource your web development requirement to the offshore development team.

Should I outsource my development or hire in-house developers, this has been an old and global faced by startups and big businesses globally.

Here, we are bringing you reasons why it is better to work with a software house located remotely.

1. Cost Savings:

Whether it is nearshoring or hiring developers offshore, every type of outsourcing is financially attractive. In a recent survey, it has been found that business which outsources development experience cost-cutting of approximately 20%. It is because of the different labor costs in different countries. 

When you decide to hire in-house developers, you have to handle acquisition and retaining costs as well. In the end, they can always quit, and you have to start the whole process again from hiring to training the persona about undergoing projects.

Savings are not only limited to labor costs in each country but by hiring a remote development team, you can also save the expenses related to the whole recruitment process and hardware that he would need to perform his work.

2. Significant Time Savings:

By hiring remote developers, you can save your crucial time and focus on the core of your business. What’s more, you would need not spend this time worrying about the project and take some appropriate steps of course. To make sure that your cooperation with the outsourcing partner is effective it is important that you should mutually agree on:

    >
  • The methodology of the work
  • The overall flow of the work and external tools that would be used for communication
  • Project timeline
  • Project milestones

Hiring remote developers gives you time to meet other deadlines on which you need to juggle. By outsourcing, you would not need to bounce between the tasks and bend your schedule to fit into short timeframes. 

Moreover, partnering with offshore software development means you don’t have to invest time in training the in-house developers. If you lack expertise in a particular domain, hire an outsourcing team that can quickly deliver you the product. This is the reason why world-known companies such as Google go this route to cope up with their tasks

3. Developers’ Personal Development:

When it comes to hiring in-house developers, you have to take care of the personal growth of web development. And, again this will lead to an increase in your budget. Developers in remote software houses have to remain up-to-date. 

Your offshore development company will invest in conferences, workshops, courses and books to keep the developers and project managers aligned with the latest technology.

4. Shared Working Hours:

The time difference is another advantage of outsourcing your software development project. It is actually a blessing for businesses as it lets your team available for the clients for maximum hours of the day. While your in-house employees are in their deep slumber, developers across the ocean can ensure an uninterrupted workflow. 

India is the only nation in the world with a single time zone over the entire country. Also, India shares a friendly time difference between all the major countries of the world. The country is 3 and half hours ahead of Europe, 9 and half hours ahead of the USA. Also, the country shares quite a good time zone with Singapore and Australia as the former one is 2 hours and 30 minutes ahead of India, and the latter one is 4 hours 30 minutes ahead of IST.

The advantageous time zone of the country let development companies in India provide clients with round the clock support.

5. Access to Global Talent:

Outsourcing allows businesses to reach professionals that are in a short supply of projects. When hiring an outsourcing agency, you get access to a wide number of experienced developers.

Here experience means not only the seniority level or how much knowledge programmers hold of coding. The experience here also means how people work together, manage the project and contribute to the success of the project.

Outsourcing can fit into any phase of the project and in this way, you will get all the required resources for the project such as developers, project manager, UI/UX designer, content writer, marketing specialists, all in one place. Building this type of team online would consume a lot of time.

Apart from this, there are also other benefits of hiring remote developers such as better risk management, staffing flexibility and more. The importance of choosing the right remote developers cannot be overstated. Working with well-regarded and experienced software outsourcing company has helped many companies to expand beyond their initial startup stage. However, to make sure that you are building a team that helps you to grow, rather than wreaking havoc, it is important to know what are the common problems associated with outsourcing as well as their solutions.

Here are the 5 most common outsourcing problems, along with the solutions:

1. Quality of Service:

Most of the business fear of quality services while hiring remote developers in another part of the world. This can be manifested in the coding abilities, quality of outsourced talent or the final product itself. Inexperienced outsourcing companies focus on savings at the cost of hiring the most qualified engineers. These newbie programmers often make silly mistakes that hinder the overall performance of the software.

Solution: Performing adequate due diligence before signing a contract with an outsourcing firm can make you prevent such issues. Any potential vendor should be thoroughly researched and you can also go through the work they have delivered earlier.

2. Cost Overruns:

Handing off-key development responsibilities to the novice team can lead to cost overruns, along with other problems. The inexpensive hourly rate that is appealing might exceed your budget if developers are taking too long to complete ordinary tasks.

Solution: The easiest way to avoid cost overruns is to work with a well-respected outsourcing firm that is known for providing quality services. They can bring in experienced managers to help you with the planning process. The company that already has developers working as a remote team can deliver your services in a stipulated period of time.

3. Mismatched Expectations:

It can be frustrating to spend your time and money and get the unsatisfying final product. Unclear goals and lack of understanding of the process can make outsourcing partners believe that they have grasped the client’s ideas, even if they have a different interpretation of the project.

Solution: The way to avoid mismatch expectations is to insist on clear and regular communication from the beginning of the process. Go for the company that is over-communicating and putting on a lot of questions to be on the same page as you. Also, it is better to set key milestones throughout the project to solicit feedback.

4. Communication:

The language barrier is one of the common challenges that are associated with hiring a software outsourcing service. The hurdle in communication can lead to a decrease in product quality, misaligned expectations and frustration from both sides.

Solution: There are several ways to avoid this problem. You can consider setting up your remote development team in south-east Asian countries like India where the workforce is educated as well as possess the required English skills to communicate flawlessly with the client. 

5. Time Zone Issues:

Time zone is also one of the major concerns that the company faces while setting up a remote development team. A huge difference in time zone can lead to communication issues and you have might have to sacrifice your sleep to learn the current status of the project.

Solution: To avoid time zone related issues, consider hiring the remote developers in a country with a favourable time zone. Setting up a development team in India is one of the widely preferred as India is the country with a single time zone all over the country. Also, as mentioned above, India has a favourable time zone, which overlaps with the working hours of many other countries like the USA, Canada, Australia, the UK and other Asian regions.

In addition to this, there are tech companies in India that handle client queries 24*7. The project managers working with the tech companies in India assist the client and provide project updates round the clock.

Conclusion

Working with the remote team online is not much different than working with a team in person. Follow the work procedures that you have decided and show enthusiasm for the progress of development. Try to remain genuinely involved with your team and create goals to make sure everything is going according to the plan. The overall success of the project will depend upon the response you provide to your team.

Now, you must be thinking that which countries can be your best bet for remote developers amid Corona times. Don’t worry; we will be coming up with the answer soon.

Till then, make sure you are safe and preventing the spread of Corona at your workplace.

From Facebook to Amazon and Twitter to Google, the rise in the number of COVID-19 cases has prompted companies all over the world to ask employees to work from home and switch to remote development.

And, it is true that soon working with the remote development team would become a normal scenario after the recent announcement by the World Health Organization that coronavirus has reached Pandemic status.

Major countries like the USA and the UK are affected greatly by the spread of the virus with cases rising to 1.5 million and 2.5 lakhs respectively. It is hard to determine when these countries would return to their normal working with people leaving their homes and working from their workplace. In such a situation, transitioning to the remote development team to countries like India has become a viable option.

In such a scenario, making a smooth transition to a remote development company in India will keep you backed with top talent and enable to meet the client deadlines even in a situation where your developers are on sick leave. India has successfully controlled the rising Coronavirus cases to a great extent, hence the companies are constantly working remotely.

Here is what to keep in mind for a successful transition to a remote development team.

1. Define Remote Work Policies:

Despite having all the necessary resources to hire remote employees, the majority of managers fail in getting the desired results. The main reason behind this is they don’t have all the necessary procedures in place. Before making a transition to a remote development team, it is important to outline expectations and discuss them with everyone on the team.

These policies depend on the team size, however, it will include:

  • Availability: This means defining the business hour and deciding on the schedule at which you want your team to be available online.
  • Data Management: Which tools they will be used for storing and sharing the data securely.
  • Tools: Let them know the tools that you want to use for communication and tracking their tasks.
  • Productivity: How the team will measure the progress on projects and monitor results.

Embrace the tools: With the technology at your behest, managing a remote development team is not a challenging job any more. With the right tools in place, team collaboration and communication becomes a piece of cake. So, before making a switch to remote development, arm your company with the right set of tools.

2. Communication:

Communication becomes an important aspect while working with the remote development team. Communication should be painless to understand the queries and needs of your team. Email is not a convenient option to understand the project status and challenges the team is facing, hence it is better to opt for tools like Slack and Skype. These tools come with video call options and also let you organize conversations by channel, project or topic.

3. Project Management:

Project management is a key task for the organizations working remotely. Setting up a cloud-based management tool is the best option that lets everyone access the file and information whenever required. These tools also let you organize projects between different departments. Trello and Basecamp are commonly used tools for project management. For document sharing, GoogleDrive and DropBox are the common options.

4. Productivity:

How to know if your remote developers are working? This is one of the major concerns while hiring a remote development team. Most companies try to access their remote development team based upon the number of tasks completed, rather than a number of hours they work each day. However, it is possible to keep everyone on task. Time tracking tools such as TimedoctorTick and Timesheets are the best option is such a case. You can monitor projects and simply monitor how long they are taking to complete particular tasks.

5. Security:

For data security reasons, it is important to have an information security policy in place before transitioning to remote work. You can ask your remote team to create passwords using LastPass and update them on a frequent basis. Sensitive information should be stored in a secure platform like Box and you can connect using VyperVPN while connecting to public networks.

Here is a list of tools that help you manage the remote development team without any inconvenience.

6. Maintain Company Culture

Positive company culture is important for employee engagement. According to Gallup’s State of the American Workplace report, company culture is among the top five reasons why employees switch to other companies.

Many companies find it difficult to maintain the company culture while going remote. However, managers can make efforts to create a culture that distinguishes your company from other offshore development centers. For example, you can consider traveling and meeting your offshore development team once in six months or a year.

In addition to team retreat, there are also other ways you can maintain a company culture digitally. For instance, regular video conferencing, rewards in the form of gift cards and casual group discussions can make your team feel more connected.

7. Make Use of Overlapping Hours

Differences in time-zones are one of the biggest challenges while working with offshore development teams. Using overlapping hours can help in mitigating this challenge. Overlapping hours are those hours of the day during which both the in-house team and remote developers are working. For example, if you have outsourced your project to India, then shift ending time in India might overlap with the start of the shift in the USA.

8. Make Use of Agile Technology

Software development is a process that requires a high level of iteration and interaction, adopting an agile methodology for both in-house and offshore developers results in boosting efficiency significantly.

Agile methodology has become one of the most popular management strategies. For more than the last 10 years, the adoption rate of this methodology is growing continuously. 97% of respondents’ organizations practice agile development and 52% of respondents stated that more 80% than of the team are using agile practices.

The agile methodology involves breaking the project into smaller phases known as sprints. The length of the short iteration or sprint may vary. For example, a sprint may complete in one week or could take as long as two months.

9. Treat Remote Team as Partner

When you will consider a remote team as your team, it is natural that the team will work harder for you. They will willingly try to have more overlapping hours with you and might even change the schedule to match yours.

Acknowledge the hard work your remote development team members put in accomplishing your project. Spend some time in building a rapport with them. This will solidify your relationship with the team and will create a happy working environment.

Conclusion

Working with a remote development team has become the need of an hour. Amidst corona, having team operating for you from one of the least affected nations like India will back your productivity. All you need not do is adopt things as mentioned above to make sure that your remote development is aligned with your project development requirement.

Next, we will be sharing “10 Must-Have Tools to manage your Remote Development Team”

Till then, make sure you are safe and preventing the spread of Corona at your workplace.

With the number of COVID-19 cases rising exponentially in almost every country of the world, authorities across the globe are recommending social distancing as a preventive measure. Public places like malls, gyms, public pools and movie theatres everything is getting shut down, along with the workplaces. 

Many private offices are following the suit by providing work from home to employees. Sadly, managing the tasks while employees working from home is not as simple as it appears to be. You need to be super organized and arm yourself with the right set of tools. However, with the technology at your disposal, work from home is no longer an inconvenience.

Here is a list of applications that will help you manage the flow of work while employees are working from due to quarantine:

For Virtual Meetings

Following are the applications that can be used to conduct virtual meetings without any obstacles:

1. Zoom:

Zoom is an effective tool to simplify video conferencing and messaging across any device. Easy to start, join and collaborate across any device, Zoom enables quick adoption with meeting capabilities. The tool enables all-hands meetings, internal and external communication and meetings through a single platform.

Customers have reported a 92% increase in performance and engagement with the help of this video conferencing tool.

Here are some of the features of the tool:

  • HD video and audio
  • Recording and transcripts
  • Streamlined calendaring
  • Built-in collaboration tools
  • Secured, easy to scale
  • Available in affordable price

Pricing:

The Basic version of the app is available free and Pro version is available at $14.99/mo/host. The tool also has Business and Enterprise pricing plans.

2. TeamViewer:

TeamViewer is a leading all-in-one solution for remote support. TeamViewer enables you to remotely access the desktop and servers from anywhere using an internet connection. TeamViewer is completely secure and can be operated on any modern smartphone. 

Here are some of the features of the tool:

  • Remote Device Control
  • Cross-platform access and VPN alternative
  • iOS screen sharing
  • Mobile Device Access
  • Flexible File Sharing
  • Remote Printing

Pricing:

The Business for Single User is available at $18.18 per month. Premium subscription of the application is available $35.69 per month and corporate subscription at $84.18 per month.

Read More: 5 Design and Development Tools to Boost Productivity of your Remote Team

For Work Management

1. Trello:

Trello has got boards, lists and cards, which enable you to organize and prioritize your work in a fun and flexible way. Trello makes it easy to collaborate on projects from beginning to end. You can easily dive into the details by adding attachments; due dates and more directly to Trello cards.

Here are some of the features of the tool:

  • A detailed and quick overview of front/back cards
  • In-line editing and data filters
  • Automated email notification
  • Easy, drag-and-drop editing
  • Information retrieval and backup

Pricing:

The starting pricing of Trello is $5/user and the application also comes with the free trial.

2. Asana:

Asana is again a widely popular work management platform that helps you organize your work in a way that is best for you. Asana lets you set priorities and deadlines, follow projects and tasks through every stage. With Asana, you will be in a consistent track about the status of your work and keep everyone aligned on goals.

Here are some of the features of the tool:

  • It allows you to create tasks, subtasks, milestones, task assignees and sections.
  • Easily know where your work stands with reporting.
  • Permission and privacy controls
  • Allow you to tie your communications based on team, projects and tasks
  • It can be easily integrated into other tools.

Pricing

The basic version of the application is free of cost, whereas the Premium version is available at $10.99 and the Business version is available at $24.99. For the Enterprise version, you can contact the sales team of the tool.

Read More: How to Make a Smooth Transition to Remote Development Team

Document Management

  1. Quip:

Quip has completely transformed the way enterprises work together by delivering modern collaboration securely any device. Quip lets you transform processes like Mutual Close Plans, Account Planning and Case Swarms. 

Here are some of the features of the tool:

  • You can Quip’s documents into offline modes, can give permissions to different users and also check the version history
  • Quip provides spreadsheets that come with collaborative editing, are mobile-ready and can be embedded into docs.
  • Slides in Quip come with real-time co-editing, connective live data and feedback polls.
  • Quip also offers 1-on-1 chat options, you are allowed to comment on anything and also have team chat rooms.

Pricing:

The Starter plan of Quip is available at $10/user/month, Enterprise plan at $25/user/month and you can request a quote for a more advanced plan.

2. Dropbox:

Dropbox lets you organize traditional files, cloud content, web shortcuts and Dropbox Paper docs all into one place. Personalized suggestions are also provided by the application which lets you find files and folders easily and you don’t have to spend your much time searching.

Here are some of the features of the tool:

  • Enables to store and access files from anywhere
  • Cloud content and Microsoft office can be directly edited in Dropbox
  • Plan meetings with calendar integration
  • Use note-taking templates

Pricing:

The basic version of Dropbox is available at $9.99/month, whereas the Professional version is available at $16.58/month. There is also a Standard and Advanced version of the application available for teams.

Information and statistics on the Novel Coronavirus are changing every hour, spreading worry and chaos along with the illness. In order to prevent the spread of the coronavirus as well as misinformation associated with it, employers need to have an open dialogue with the employees about the spread of the disease. It becomes a moral responsibility of every organization to discuss the potential impact of the virus and what precautionary measures to be taken to prevent the spread of the disease.

As it is said, “prevention is better than cure”, here, in this article, we are sharing the top tips to safeguard your workplace from getting hit by Corona.

Let’s dive in:

1. Encourage Frequent Hand-Washing for Employees and Visitors:

The best way to prevent the spread of the illness is to keep your hands clean and avoid touching your nose, eyes and mouth. Wash hands with soap and water for 20 seconds properly by rubbing and lathering the backs of the hands, cleaning between fingers and nails as well. To remind employees that they wash their hands regularly, please put signs around the building, especially in public areas such as the pantry and washroom.

2. Use Alcohol-based Sanitizer:

Keep alcohol-based sanitizers at multiple places, depending upon the strength of your workplace and ask employees to use it before returning to the desk after tea and lunch breaks.

3. Routine Environment Cleaning:

Centers for Disease Control and Prevention (CDC) has recommended to routinely clean and disinfect all the frequently touched surfaces in the workplaces such as countertops, doorknobs and workstations. Workplaces should be cleaned regularly and using top-notch cleaning agents. 

Also, it is suggested to provide employees with disposable wipes so that commonly used surfaces can be wiped down frequently and the risk of virus spread can be reduced further.

4. Encourage Sick Employees to Stay Home:

It is recommended by health professionals that employees who are showing symptoms of acute respiratory illness stay home and not come to work until there are no more signs of fever or for at least 24 hours. 

It is suggested to employers to encourage the sick employees for staying at home by offering them paid sick leaves. Sick leave policy should be flexible and align with public health guidance. A sick employee with symptoms of cold and cough could infect other healthy counterparts, which is why it is better to promote social distancing in case someone is sick.

5. Know the Travel Plans of your Employees:

It is recommended to cancel all the upcoming work-related travel plans, especially to countries like China, the UK, and Europe, which have the maximum number of reported cases. 

Moreover, if your employees are visiting any of the heavily affected countries due to personal reasons, strongly suggest them to cancel plans. Employees who have a recent international travel history should be given work from home and should be directed for self-quarantine for 14 days.

6. Encourage Work from Home:

Encouraging employees to work from home has become quintessential as there is an exponential rise in the COVID-19 cases around the world. Sick employees coming to office/ workplace for jobs may impose a major risk on the health of others working with them. Hence, it is crucial for employers to consider how to decrease the impact of the spread of acute respiratory illness in the workplace and encourage employees to work from their homes.

Read More: Here are 6 tools that help you manage work from home without any inconvenience

7.  Consider Hiring Additional Resources: 

If you have a certain project which is needed to be completed on deadline and that is the reason why you are unable to provide sick leaves, then you should consider hiring freelance developers. Hiring additional resources would ensure that you can meet up the client’s deadlines without taking any chances on the health of your employees.

8. Switch to Remote Developers:

Several countries around the world have been shut down to curb the spread of the pandemic. Such a scenario of the complete shutdown is greatly impacting productivity. Business owners and project managers are finding it difficult to get the project completed in a committed period.

Under such a situation, a remote development team can be your saviour. Setting up remote development in countries like India where the spread of the virus is highly under control can help you in meeting the deadlines of the project. 

Although hiring freelancers can also be the option to get your development project completed on time. However, freelancers can disappear at any point in time and show a lack of commitment towards the project, which makes it daunting to work with freelancers. 

In contrast to this, hiring remote developers simply means reducing the burden from your shoulder. Hiring a remote development team provide you with an opportunity to choose from a wide international talent pool of coders. They will be working just like your in-house team; the only difference would be they will be operating from a safe working environment and at cheaper prices.

This was all about the tips to reduce the risk of the Coronavirus at your workplace. Also, we have provided you with safe and cheap alternatives to your in-house team that will help you in meeting the project deadlines in the present situation of work-from-home and quarantine.

If you enjoyed this article, please do let us know by sharing your valuable comments.

Stay tuned as soon we will be coming up with an answer to the question that you already have or might be coming to your mind, i.e. How to Make a Smooth Transition to Remote Development Team.

Till then, make sure you are safe and preventing the spread of Corona at your workplace.

On Wednesday, 11th March 2020, The World Health Organization declared the rapidly spreading coronavirus outbreak, a pandemic. WHO acknowledged that the virus is likely to spread in all countries around the globe. 

According to the director-general of WHO, the situation will worsen and the number of infected cases, the number of deaths and the number of affected countries is going to climb.

The virus has now spread in more than 100 countries worldwide, infecting 120,000 people and killing more than 4000 of them.

The outbreak of this respiratory illness also poses a threat to the economies of the world. The virus is rippling through travel, energy and financial markets. The companies are closing offices, throttling air travel across the globe and asking employees to take work from home in affected areas.

As a result of pandemic increasing rapidly all over the world, many countries and regions have imposed quarantines and entry bans for citizens or visitors of the most affected areas of outbreak. 

The rising number of infections and deaths from the novel coronavirus in countries like USA, Italy, United Kingdom, Australia, China, South Korea, Japan and Hong Kong are rising drastically. This has imposed governments, school and companies around the world to take more effective measures to rein in the virus’s spread. The moves are causing companies to accelerate the trend of work from home. 

Major tech companies are adopting quarantines, travel cancellations and work from policies to curb the rising cases of Coronavirus. The outburst of this pandemic has lead various startup organizations to hold up on their development project as the techies in major countries are given work from home. Not only this, but startup founders are also finding it risky to hire development partners in countries like the United States, Australia and the UK, where the number of virus-affected people is increasing at an alarming rate.

Here are the Number of Corona cases in Major Countries

How Tier-1 Cities of the World and Major Tech Companies are Fighting the Battle?

Major web development outsourcing markets like China, USA, UK, Australia and UAE are adopting work-from-home to prevent the rise of cases in the regions. The Tier-1 cities across the world have shut down colleges, schools, public places like malls as well as workplaces to control the spread of disease.

Globally recognized micro-blogging and social networking service, Twitter has made working from home mandatory for employees around the world in response to COVID-19. Earlier this month, Twitter was strongly encouraging work-from-home, but after the official declaration that COVID-19 is a pandemic by WHO, the company has made working from home a compulsion.

Apart from Twitter, other large tech companies namely Apple, Microsoft, Google, Amazon, and Lyft have also issued similar guidance to employees in various regions. In addition to this, global conferences like MWC and E3 have also been canceled or moved partially online owing to the global health emergency.

How does this Pose Challenges on Early-Stage Startup?

In such a scenario where employees are being directed for work from home and quarantine is prevailing around the world, bringing a new application or web product into existence has become highly challenging for startup ventures. This could be a perfect time to launch your product in the market, especially if you are planning a digital product that can ease up the lives in the present state where people are restricted from traveling. However, the unavailability of all the members who are inter-dependent in a development team can give rise to miscommunication which might result in issues in new development projects. 

Read More: Hire Dedicated PHP Developers to Develop Successful Web Application

What Could be the Alternative?

Fortunately, with countries like India, where the spread of disease is under control and no death cases due to COVID-19 to date, there is still a ray of hope for enthusiastic entrepreneurs who initially planned to give a kick-start to their startup business in 2020. India is taking all the preventive measures to thwart the spread of disease. All those who have come in contact with the affected persons are quarantined and their health is being constantly monitored in every affected region of the country. 

As a measure of prevention, the Government of India has also banned the visas till 15th April 2020. The country has also declared that all incoming travelers, arriving from or having visited China, the Republic of Korea, Italy, Iran, France, Spain and Germany shall be quarantined. The strict policies and precautionary measures by the Government have limited the spread of disease to only 11 states and 73 people, among which 17 are foreign nationals.

Thus, India is amongst the few left nations where the spread of COVID-19 is strictly under control. This clearly shows that currently, India can become your reliable partner for the development needs. Moreover, the state of MP in India not holds even a single case of COVID-19 and is safely running all the business, schools and businesses. The precautionary measures by the state government have restrained the infection till now and hope to hold back in the future also.

Read More: Why hire a remote team for your software development project?

What are the other factors that make India the best option for outsourcing the development project?

According to the recent forecasts, almost 80% of the world’s Business Process Outsourcing will be catered by the Indian companies by 2022. There are a plethora of reasons why major companies all over the globe are planning to establish their offshore development center in India. Let’s have a look at some of them:

  • Availability of skilled human resource:

Surveys suggest that almost 3.1 million graduates add up to the Indian workforce every year. It is expected that by the end of 2020 India will have approximately 2.2 million skilled IT professionals. The pool of these IT professionals is English speaking, which is a major boon.

Stem Skills Globally
  • Privacy Regulation and Data Security:

India has strict policies for Privacy Regulation and Data Security. The Information Technology Act, 2000 mainly emphasizes on these two factors. As per the Act, if there is a breach of law the company and the associated personnel will be subjected to financial penalties and imprisonment.

  • Government Policy:

There are stringent IT-related policies in India that support operations and yield maximum benefits. There are policies about investment and taxations; there is the service tax exemption for SEZ units and other such benefits that are aimed at promoting IT services in the country.

  • Price Flexibility:

According to the NASSCOM report, outsourcing to India can save approximately 60% of the cost. The reason behind this is the cost difference between the domestic market in India and other countries. Companies can save on salary and other employee benefits by outsourcing.

Average Salary of Developer
  • Infrastructural Availability:

India has state-of-the-art architecture in major cities of the country. Moreover, India IT companies make sure that they have an uninterrupted communication channel with the clients.

  • Favorable Time-Zone:

The time-zone makes India make it a favorable outsourcing option for major countries of the world. The best part here is that there is a single time zone i.e. GMT+5:30 across the whole, which is quite unusual.

  • India is 3 hours and 30 minutes ahead of Europe
  • India is 9 hours and 30 minutes ahead of the USA
  • Singapore in 2 hours 30 minutes ahead of India
  • Australia is 4 hours 30 minutes ahead of India

Time is also a competitive advantage for the companies that are working around the calls and wanting conference calls.

Read More: Benefits of Hiring Dedicated Developers

Made up your mind to hire IT development resources in India? Here are top IT companies in India, you can consider getting in touch with:

SeekNEO

SeekNEO IT Solutions is a premium design agency, based in Bangalore that utilizes the latest technology to provide the best results to their clients. The company is dedicated to provide clients with web design & development, software development and app development solutions.

  • Location: Bangalore
  • Team Size: 25-40
  • Specializes in: Software Development, Web Development, Online Marketing
  • Companies Served: Topgear Fitness, Pepper Grand, Vibrant Sunrise, JK Logistics
  • Client Base: Australia, USA, Europe
  • Contact: info@seekneo.com

 

Graffersid:

Graffersid, based in Indore, is handing out sophisticated IT solutions as well as mentoring and consulting services to startups. The professional team of web and app development experts at the company deliver cutting edge IT solutions to clients from multiple business domains. The company is known for developing products which received funding from leading names such as Y Combinator, Google Incubation USA and BlueChilli Australia. If you have a startup idea in your mind but not finding a way how to bring it forth or you are looking for offshore development and looking for resources that can give you consistent support, then talk to the experts today.

  • Location: Indore
  • Team Size: 30-50
  • Specializes in: Web Design & Development, App Development, Ecommerce Development
  • Companies Served: Kratos, KargoLogic, Abbott, Tooreest, Tooreest
  • Client Base: USA, UK, Canada, Dubai, Australia, Singapore and India
  • Contact: hello@graffersid.com

Currently, Graffersid is offering a limited period offer to its partners who are looking to hire web or app developers for a minimum 3 months period.

 

Pi Technologies:

Pi Technologies is Indore-based IT company dedicated to provide clients with distinctive solutions to various technological advancements. The team at Pi Technologies can provide you with effective web design and development solutions. The company also specializes in delivering app development services.

  • Location: Indore
  • Team Size: 15-20
  • Specializes in: Web Design, Web Development, ERP Software
  • Companies Served: Edulogic, Market Social, Powermach Pumps, Console Dude
  • Client Base: USA and India
  • Contact: info@pitechnologies.org

 

Nexevo Technologies

Based in Bangalore, Nexevo Technologies built websites with inspiring design, engaging writing and amazing features. The team at Nexevo Technologies provide clients with custom web and app development solutions. The company utilizes futuristic technology and work with self-derived strategies.

  • Location: Bangalore
  • Team Size: 30-40
  • Specializes in: Web Development and Mobile App Development
  • Companies Served: USA, France, Australia, UAE and Canada
  • Client Base: Asian Heart Institute, Skiva, Master Mind Books
  • Contact: info@nexevo.in

 

Mind My Web

Based in Delhi, Mind My Web is again amongst the top IT companies providing web design and development as well as e-commerce development solutions. The team of technologists and marketers at the company helps businesses in achieving success by developing up to the mark products.

  • Location: Delhi
  • Team Size: 25-30
  • Specializes in: Web Development, WordPress Development, Mobile Development
  • Companies Served: The Chopras, Art for Concern, My Chef Book, Medtalks
  • Client Base: USA and India
  • Contact: info@mindmyweb.com

Every business startup begins with high hopes and investor confidence. However, there are certain odd circumstances that can either make a business startup or mar its success.

According to various studies conducted recently, a number of business startups capitulate due to a myriad of reasons, one of the most common being lack of budget. Capital is the basic ingredient for any business to thrive. Without adequate finance management, business startups tend to fall down, and this malignant obstacle often causes early-stage startup owners to seek for financial backup.

If you are also one of those entrepreneurs who are finding effective ways to raise funds for your startups, then you are in the right place. In this blog, you will find everything right from what is funding to how to raise the funding at various stages of your startup.

Let’s dive in:

What is Funding?

Funding refers to the capital that is required to start and run a business. It is a financial investment in the company for manufacturing, expansion, office spaces, product development, inventory, sales and marketing.

Many startups choose to not raise funding from external sources and are funded by their co-founders only, which prevents debts and saves them from equity dilution. However, as the startups grow large and scale their operations, they look forward to raising the funding.

Difference between Equity Financing and Debt Finacing

Why is Funding Required?

There are one, a few or all of the below-mentioned reasons for a startup to raise funding. As an entrepreneur, you should be clear about why you should raise funding and you should also have a detailed business plan before you approach the investors.

  • Team hiring
  • Working capital
  • Prototype creation, product development
  • App/Website development
  • Raw materials and equipment
  • Licenses and certifications
  • Legal and consulting services
  • Marketing and Sales
  • Office space.

Sources of Funding at Various Stages of Startups:

There are multiple funding options available for startups. However, the source of funding should align with the stage of your startup. It is important to note here that raising funds from external sources is a time-taking process and it can consume over 6 months to convert.

1. Ideation Stage:

This is the stage where you have an idea and working to bring it to life. At this stage, the amount of funds that is usually needed is small.

Given the fact that you are the very low stage of the startup lifecycle, there are limited sources for raising funds. Common funding sources that are used by startups in this stage are:

2. Friends and Family:

This is the best source to raise funding at the initial stage is to ask your friends and family. You can also ask them to become a part of your plan.

3. Bootstrapping:

Bootstrapping a startup means growing your business with no venture capital. It means relying on your own savings and revenue to operate. This is the best option if you have enough savings as there will be no pressure to pay back the fund or make people part of your plan.

4. Pitching Events:

This is the prize money or financial benefit that is provided by organizations that conduct business plan competition and challenges. Even though the amount of money that you will get through this is not generally large, but it is usually enough for the idea stage. But, to win such pitching events it is a crucial and unique business plan.

5. Validation/Seed Stage

This is the stage where you have a prototype ready for your startup and you are looking forward to validating the potential demand for your startup’s product. This stage is also known as Proof of Concept, where you launch the prototype of the product to determine the market needs. And, to do this, you will be required to conduct the test the product on potential customers and conduct field trials.

Common funding options that startups can utilize at this stage are:

Angel Investors:

No need to frown if you don’t have a rich-uncle and you can’t get enough cash from on your assets, you can always look for a wealthy non-relative. You can approach well-off individuals to invest in your startup in the exchange for an equity stake. These investors are known as angel investors. Angel investors are generally the ones who are successful in a particular industry and looking for new opportunities in that same industry.

There are angel investors who not only provide you with the finances to get your business off the ground but also share their experience. Moreover, they can also leverage their current contacts within an industry to open the doors for your startup. 

Here is a list of few organizations that put your business in contact with angel investors:

  1. Tech Coast AngelsMicroVentures
  2. Go4Funding
  3. Band of Angels
  4. Golden Seeds LLC
  5. AngelList
  6. Angel Capital Association

Incubators:

Business incubators are your go-to option if you have an excellent business, but need aid in terms of both money and guidance. Business incubators are organizations that are dedicated to providing services and support to fledgling companies. Business incubators are mainly run by government agencies, venture capital firms and universities with the goal of nurturing new business. They are dedicated to providing early-stage startups with networking, infrastructure marketing, and financial assistance.

Here are some of the popular business incubators:

  1. Y Combinator
  2. Techstars
  3. 500 Startups
  4. AngelPad
  5. Seedcamp

Crowdfunding:

There are crowdfunding websites such as Kickstarter, which allow artists, charities, entrepreneurs and individuals to apply for cash online. Prospective entrepreneurs who are planning to raise funding through crowdfunding need to understand the rules of the game.

Some crowdfunding asks you to raise specified goals before releasing the collected funds. If the goal is not met, funds are returned to the donors. The important thing to note here is these platforms also take a cut of the money raised to fund their own operations.

Here are some recognized crowdfunding platforms:

  1. SeedUps
  2. EquityNet
  3. Peerbackers
  4. RocketHub
  5. SeedInvest

Early Traction Stage:

Early Traction Stage is defined as the stage in which the startup’s products or services are launched in the market. Key performance indicators such as revenue, app downloads and customers become crucial at this stage. At this stage, funds are required to increase product offerings, grow user base and expand to new geographies.

Common funding sources available in this stage are:

Banks/NBFCs:

At this stage, startups can show the market traction and revenue to raise the format debt from banks and NBFCs. This is especially applicable for working capital. Here some entrepreneurs might prefer debt funding over equity as the former does not dilute equity stake.

Venture Capital Funds:

Venture Capital funds are professionally managed investment funds that are exclusively available for high-growth startups. Each VC fund has got certain investment criteria like the stage of a startup, preferred sectors and funding amount, which should align with the startup.

Venture Debt Funds:

These are private investment funds that invest money in startups mainly in the form of debt. Venture Debt Funds typically involve funding along with an angel or VC round.

Scaling & Above Stage:

This is the stage at which startup is experiencing a fast rate of market growth and boosting revenues.

Common funding sources utilized at this stage are:

Venture Capital Funds:

It is recommended to go for this approach only after the startup has achieved significant market traction. A pool of VCs may come together and fund your startup.

Private Investment Firms:

Private Investment Firms have lately started funding fast-growing startups who have successfully maintained a consistent growth record.

Conclusion:

Unless you already a high bank balance, putting together finances to launch new business demands serious planning and effort. While raising funds for your startup, it is crucial to weigh the benefits and downsides of available funding options. Make sure to check all the pros/cons of the funding option you are choosing so that you can enjoy the greatest flexibility at the least cost.

You can also consider obtaining funds from a mix of different sources. Even if you land a significant band, you may need additional cash to manage unanticipated events and expenses. Fortunately, the rise of financing sources like peer-to-peer lending and crowdfunding have brought more range of financing options for entrepreneurs than ever before.

E-commerce marketplace is growing with an average rate of 17-18% annually. People are opting to buy online over getting stuck in the traffic to hit the store in-person, which makes e-commerce a profitable investment and effective business tool. However, traditional online stores are now transforming to the peer-to-peer marketplace which is gaining incredible popularity these days. According to the recent prediction by PwC, the sharing economy is expected to rise to $355 billion by the year 2025.

The enormous success that current marketplaces like Amazon, Etsy, Airbnb and eBay have got tells that with the right idea and perfect implementation you can also be ranked amongst them. Here is a comprehensive guide for you to understand the Peer-to-Peer marketplace and how to build one such successful business model.

The blog covers:

  • What is the online P2P marketplace? How P2P marketplace is different from online stores?
  • Benefits of building a two-sided marketplace
  • Famous players in Peer-to-Peer e-commerce business
  • Essential Building Blocks to Build Peer to Peer Marketplace
  • How to Build a Marketplace
  • Typical Features for Online P2P Marketplace

What is the online P2P marketplace?

A peer to peer marketplace is an online business model which involves sharing of products and services by buyers and sellers. For example, Amazon provides an opportunity for various sellers to make their products reach consumers. Uber lets you book a ride to get anywhere. P2P model also allows buyers and sellers to exchange their roles. You can book a ride on Uber and you can even become a driver with the company. Both the user groups are free to exchange services and good in a peer-to-peer marketplace platform.

Peer to Peer Marketplace
Peer to Peer Marketplace

How P2P marketplace is different from online stores?

P2P marketplace is a two-sided marketplace where every user can have their storefront to sell products or services. More specifically, users become vendors on your marketplace and they create product listings, exchange products from their accounts, get ratings and more, which is not possible through an online store.

When it comes to technical aspects, you can build peer-to-peer marketplace software with Magento, Spree Commerce and other such e-commerce platforms. You only need to add marketplace functionality to the top of the online store to let users share their products. 

How P2P Marketplace works
How P2P Marketplace works

Benefits of building a two-sided marketplace:

1. Network effect:

You would simply require giving the first push to make your website recognizable, and rest will be done by the users. They will do the task of popularizing your services.

2. Financial benefit:

Online P2P marketplace involves earning with minimal efforts. You don’t need to find suppliers or buyers; your marketplace would be visited by both buyers and sellers. So, here you can earn a good profit without any hassle.

3. Geographical freedom:

When it comes to the online two-sided marketplace, the number of users is not limited to your location. The problem of good delivery is not up to you, you just need to provide a platform on which buyers and sellers can interact. So, the potential users on your site can be from multiple locations.

4. Simplicity:

You can make the entire process of developing a peer-to-peer marketplace easier by outsourcing your project to offshore development team. The development team will not only provide you with the right assistance but can also develop an MVP, to begin with.

5. Financial Accessibility:

Launching an electronic trading platform is quite economical than investing in the development of full-fledged e-commerce or online store.

Famous players in Peer-to-Peer e-commerce business:

Airbnb:

Airbnb’s story is quite interesting. Founded in 2007, Airbnb was initially known as AirBed&Breakast. The app was started when the founders Brian Chesky, Nathan Blecharczyk and Joe Gebbia saw that there were no hotel rooms available for travelers who have come to attend the conference for the Industrial Design Society of America (IDSA) in 2007. The three set up the mattresses in the living room and created a website to advertise the room for the weekend. They found three guests through the website who paid them to spend the night in their house.

Airbnb had over 300 million guests check-ins over 10 years and the hosts registered on the app have made a business of over $41 billion.

Read Also:  Create an App Like Airbnb?

BlaBlaCar:

BlaBlaCar is a French-based ride-sharing startup that offers marketplace app which save people money and time. The app allows drivers to connect with people traveling to the same place in the country. BlaBlaCar attracted both travelers and buyers. 

Gas is expensive, the app allowed drivers to share the cost of traveling to the long-distance with someone else who is traveling to the same location. The travelers also find it more convenient to travel with drivers who don’t mind a companion and this is also an affordable option than buying expensive tickets.

Etsy:

Love vintage, unique, hand-made crafts? If so, Etsy is the best place to find your favorite vintage items. Chris Maguire, Rob Kalin and Haim Schoppik created Etsy to help people sell their crafted goods. Etsy allowed thousands of craftspeople to sell their goods in a single online store.

Etsy lets vendors create personalized online spaces to promote handmade items and in return provide vintage items to shoppers. The company generates revenue by listing fees and percentage it receives on each sale.

Here are more examples of the industry where online marketplaces are being commonly used and the key players in the industry:

  1. Travel-Airbnb, Expedia, Booking.com
  2. Education-Udemy, Coursera
  3. Ecommerce & Retail-Amazon
  4. Human Resources-Upwork
  5. Healthcare-Zocdoc
  6. Finance-Opendoor.

Read Also: How to Start a Streaming Service like Netflix

Essential Building Blocks to Build Peer to Peer Marketplace:

Peer to Peer Marketplace Strategy Planning
Peer to Peer Marketplace Strategy Planning

Here are the concepts that drive the development of peer to peer marketplace:

Peer-to-peer Business Model:

We all keep looking for the best business deals. Just like we need intermediates like broker, agent and driver in logistics, real estate and taxi respectively, we need an intermediary while booking other services or purchasing goods. When it comes to an online solution, the platform itself becomes an intermediary, letting buyers and sellers connect.

Marketplace applications are the perfect start to the sharing economy as they ended the role of intermediaries in the process. People come to this platform and it charges them some percentage. This fee or percentage is much lesser than what you pay while traditionally purchasing goods. 

Focused Niche:

When starting an online marketplace, firstly, it is important to understand where the problem is and how you can resolve it with technology through your platform. Airbnb and BlaBlaCar identified the problem that people around them were facing and targeted one niche.

If you are planning to develop a marketplace, you should find a problem and solve it using a marketplace business model. Building a sharing economy platform boils down to helping two markets connect and eliminates the need for an intermediary.

Read Also: Benefits of Hiring Dedicated Developers

Convenience and Flexibility

While developing a peer to peer marketplace platform, remember the platform should offer convenience and flexibility to the users. For example, Airbnb allows people to easily find properties available on rent from a list of accommodation options available with the pictures. You also find various filters in the application such as accommodation type, price, number of guests, trip type and more, which helps you in finding the right property easily.

Similarly, TaskRabbit is a collaborative P2P marketplace, which helps you find verified taskers that can come to your house and help you to fix your broken chain or repair clogged pipes.

Trust

Last, but not the least, trust is also an essential building block for peer-to-peer marketplace platforms. If you manage to build trust on your platform, you will be able to expand sooner and faster.

Creating trust means you should:

  1. Keep your focus on supply:
    To make sure that the platform you are planning to create not remain a buzz of a few days, it is essential to create an easy and instructive experience for the suppliers. While many people find it convenient to buy or finding things online, there are only a few who are used to shipping products or giving their space for rent.

    You can provide suppliers with some free services and can set up forums for suppliers where they can discuss challenges. 

  2. Human Touch:
    Consider establishing a customer service strategy to make sure that buyers receive their orders, expectations are met and sellers get paid. It is better to add human touch through phone calls and personal communications.

  3. Verification Policy:
    The verification policy makes users more confident while they choose your services. It is better to verify providers and sellers to deliver services at a higher level. Verification can be performed automatically or admins can check the legitimacy of service providers manually.

  4. Apply Actionable Rating System:
    Most services use star rating systems that help rate users on both the end of transactions. These ratings enable the company to filter out bad users as well as service providers, hence improving the deliverables with every interaction.

    Implementing an actionable rating and review system can also help you stop fraudulent behavior by banning users.

Read Also: How to Develop an App like Clubhouse 

How to Build a Marketplace

Possible ways to create two-sided marketplace
Possible ways to create two-sided marketplace

Now, that we have explained all the points which make two-sided platform works, let’s see how to build a platform.

You can either build a marketplace from scratch or can also use the existing solutions. This completely depends on the budget and requirements of your project.

Magneto, Spree Commerce, Drupal and Sharetribe are some of the common platforms for ready-made solutions, however adding unique feature demands for custom implementation. Some of these platforms do not fulfill the needs of marketplace platforms as they are created for e-commerce purposes, while for other solutions such as Magneto or Drupal; you are required to purchase marketplace extensions to manage content on your platform. 

Here at Graffersid, we build our sharing economy projects from scratch. This allows us to create solutions that come with unique architecture and designs.

Read Also: How to create a Fitness App?

Typical Features for Online P2P Marketplace

When building a peer to peer marketplace platform, you have to offer users an essential set of functionality. This way you allow your participants to navigate your platform easily.

Profile:

A marketplace has two users’ roles: buyers and sellers. It is required to create a different user interface for each role.

Listings: 

It will cover the services or products that you offer on your platform. Listings also work differently for vendors and consumers. When it comes to vendors, they should be able to add, revise, publish, unpublish and remove listings. While on the other hand, customers should be able to search, filter and view those listings with detailed descriptions.

Payment:

Customers should be able to pay for using your online platform. Offer users various payment options such as debit card, credit card and Paypal.

Reviews and Ratings: 

Provide users with the possibility to leave reviews and rate service providers. This will enable customers to make an informed decision when purchasing services and products. Ratings and feedbacks also create a sense of trust and accountability.

Notifications:

Notification enables users to remain updated about the current status of their orders and offers they have. For example, with push notifications, users have been updated when their order is processing, shipping and out for delivery.

Conclusion

Peer-to-peer marketplace development is limited to two solutions: build from scratch or buying a ready-made solution. Choose what’s best for your business depending upon the needs of your project, available time and budget. If you have an idea and thinking how to begin with  drop us a line for professional consulting.

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