Introduction

Success of a product hinges on providing the right solution to the identified target market. All speculative analysis can be rendered redundant if the product does not appeal to the masses. Real-time feedback from customers, cannot be replaced by drawing board analysis and it underpins assurance of project viability.

This is where MVP or Minimum Viable Product comes in. An iteration of the final product that has only the bare minimum and requisite features, MVP can be deployed to get crucial feedback directly from the customers to gain invaluable insights to power the future development of the project.

Instagram, Facebook, Twitter, Dropbox, and countless others have successfully employed an MVP software development strategy to fuel their success.

Read ahead in this blog, to find out more about MVPs, the value they bring along with a case study of a successful MVP implementation. 

MVP 一 the prerequisite for successful product launch

“The only way to win is to learn faster than anyone else” – Eric Ries, author of the bestseller Lean Startup

MVPs are fast becoming quintessential to new product launch strategies. A trend that is perceptible considering the multitude of benefits that can be accrued from them.

MVPs can let companies audition the capabilities of their product to the investors before the final product is released.

Feedback received from customers provides clarity of vision for further product development. Any changes, improvements can be implemented, and unwanted features can be avoided saving both time and resources. 

A product developed with customer inputs has a greater chance of a successful launch with a mass audience appeal. 

Let’s have a look at a real-world example of how an MVP software development strategy was implemented successfully to meet desired project goals 

UNI-Diamonds 一 First B2B diamonds trading marketplace 

UNI Diamonds is an Israel-based B2B diamond trading platform that facilitates the search, comparison, valuation, bidding, and trade of diamonds, by providing verified all requisite information and market data of diamonds over a secure ecosystem and offers custom functionalities to aid the sale of the precious stones. The multi-vendor marketplace also provides white-glove delivery of the valuables.

Building such an impressive eCommerce platform, took a collaborative and iterative approach. The idea for building such a website was borne out of insufficiencies in the offline trade of valuable gems. Offline trading of diamonds lacked transparency, and it was further compounded by the inability of the buyers to verify the source of the diamonds they wanted to purchase. Indiscernible rate lists were also a significant buyer pain point.

UNI Technologies, the fintech firm that owns UNI diamonds, wanted a customized secure platform with requisite functionalities to provide a solution to all pain points of the diamond trading industry.

Additionally, it wanted to showcase the platform in the upcoming Hong Kong Trade fair to gain traction amongst the target audience at the earliest and seize the opportunity while it presented itself.  

UNI Tech partnered with FATbit, a custom software company with proven eCommerce expertise in the global space that delivers analysis-driven solutions by implementing contemporary technologies. Moreover, the company adopts Agile methodologies which meant efficient delivery within the short time frame with a collaborative and iterative effort. FATbit offers MVP development services to gain product traction and insights.

FATbit utilized its acclaimed multi-vendor solution Yo!Kart to build a customized marketplace for UNI Tech. By conducting in-depth research of the diamond trading market, the steller company identified pain points of the existing offline setup and gained extensive domain knowledge which included essential information that impacts the sale of diamonds.

All the data was poured into developing high-fidelity prototypes. An iteration that paved the way for the identification of appropriate technologies and possible bottlenecks, and propelled the project forward.

Using the prototypes, FATbit implemented a cross-team incremental approach to fast-track the development of the MVP. The project was completed on time, in a span of just a few weeks.

UNI tech was successful in showcasing the diamond platform at the Hong Kong trade show in 2018. 

Insights gained from the MVP were implemented and scaled into high quality and secure platform for diamond trading complete with premium logistics with a renowned logistics provider.

Subsequently, UNI Technologies has successfully delivered seven-plus digital tenders and trade shows on a global scale.

Read more: MVP Development Companies For Startups

Conclusion

MVP development is the prelude to a successful product launch. A quintessential learning experience that provides invaluable insights towards developing products and services that people want.

Time and resources saved are a bonus, considering a competitive ecosystem demands products built with a specific purpose to define a niche that they target.

An MVP first strategy along with able support from FATbit propelled UNI Technologies to create a segment-first, online diamond trading platform, defining a niche and fueling success.