Everything You Need To Know About Marketplace Apps

Just like eCommerce app development , the development of online marketplaces have made shopping an exceptional experience for users. It has become extremely relevant and necessary, given that the pandemic made people close doors of their shops and houses. Platforms such as eBay and Amazon are primary stakeholders of online shopping and have set standards of success for anyone wishing to take advantage of this big online business opportunity. And what better way to get started and make use of its potential than a customized marketplace app? Through this blog, let us delve into everything we must know about marketplace apps.

What Is A Marketplace App?

A marketplace app serves as an online extension of an actual traditional marketplace. It is a platform similar to classified app development, where both sellers and buyers join together in massive numbers for the smooth exchange of goods. Usually, the items are delivered straight to the customers’ doorsteps or are made available for pickup. 

A marketplace app is slightly different from an online store in terms of the types and size of products they offer and how they advertise themselves and solve most of the issues faced in online buying apps.

Types Of Marketplace Apps

Almost any kind of ecommerce platform or app that targets ecommerce businesses can be considered a marketplace app. Here are the major types of marketplaces.

Horizontal Marketplaces

These marketplaces sell many products and services to various industries to a wide range of customers. The concept of a one-stop-shop is followed in this marketplace, enabling customers to fulfill their various needs from a single platform. The most famous horizontal type marketplaces are Amazon, eBay and so on.

Vertical Marketplaces

In this type of marketplace, products based on a specific niche are made available. It offers a wide range of products of the same category from different vendors. This type of marketplace enables customization when compared to horizontal marketplaces. Etsy, which sells vintage and handmade products, is a good example of a vertical marketplace.

Marketplaces based on the target audience

Marketplaces are also categorized based on the target audience and can be business-to-business (B2B), business-to-customer (B2C) and customer-to-customer (C2C). 

• In the B2B marketplace, wholesale suppliers sell their products to retailers at a wholesale rate. Walmart and Alibaba are well-known examples.
• In the B2C marketplace, sellers sell goods to consumers, including Amazon, Flipkart and more.
• In the C2C marketplace, consumers can sell items to other consumers, including apps like Etsy.

Why Marketplace Apps?

With the pandemic affecting the economy negatively, it is extremely important to find a safer alternative to keep the economy alive, and marketplace apps are the best choice in hand. It provides retail stores and almost any business a better and more productive way to continue their respective ventures despite the new normal’s limitations. 

With more marketplace apps coming into existence, consumers can fulfill their needs and satisfy the shopaholics in them. In addition, marketplace apps ensure that all the required products are within arm’s reach, making them more convenient and effective for the consumers.

Features You Must Include In A Marketplace App

To develop a marketplace app that is more likely to succeed, ensure the integration of the below features into the app.

Hassle-free Registration Process

Making the first step, i.e., registration, an easy process, helps retain many users in a marketplace app. Therefore, ensure that the registration process is as simple, fast and easy as possible, allowing consumers to quickly get going with your app.

Social Media Integration

Since social media app development and its usage have increased greatly, integrating it into your marketplace apps is a great way to let users use your app. Apart from a one-touch login facility, users must also be able to access the app with a few clicks from social media platforms like Facebook, Twitter, Instagram and so on.

Advanced Search Options

With effective and advanced search options, users can customize their search results, making your sale of goods more effective.

Voice Search

This feature is soon to transform the search for products and services. First, however, optimizing this feature must be done so that the product’s info stays compatible with the voice search parameters.

Add To Cart

This feature enables users to select items they like and save them for future buying.

Multiple Payment Choices

Each customer finds different payment options convenient and safe. By providing multiple payment options, users can choose according to their choices.

Push Notifications

A feature that enables users to get reminders is essential to keep them involved in a marketplace app. By integrating push notifications that provide great reminders like offers, missed out products, price drops and so on, users will return to the app, retaining consumers.

Rate And Review

Providing a feature that involves customers helps to add genuineness and trust towards the sold products and services. Customers can also make better decisions regarding the products that they buy, thus increasing satisfaction.

Photo Shopping

This feature allows users to find products without knowing the brand or product name. In addition, customers can upload photos, and related products are made available.

Augmented Reality

By integrating AR technology into marketplace apps, visitors can analyze products and services visually before finalizing payment. 

Now that you have seen the must-have features of a marketplace app, here are some other features that will be useful for different people involved in the process.

Features For Users

• Product listing
• Product description page
• Favorites listing
• User profile
• Social sign-up and login
• Questions & Answers
• Add to cart
• Shipping and billing addresses
• Checkout page
• Order tracking and history
• Delivery status
• Ratings and reviews

Features For Sellers

• Social sign-up and login
• Offers and discounts
• Notifications
• Inventory management
• Settlement module
• Reports and analysis
• Feedback and seller support
• Order and return management
• Ratings and reviews

Features For Admin

• Reports and analysis
• User and admin management
• Category management
• Feedback and support
• Seller and product management
• Payment and refund management
• Discounts and offers management
• Banner and logistics management

How To Develop A Successful Marketplace App?

Follow the steps mentioned below to develop a successful marketplace app like Amazon that serves an attractive UI and interesting features.

Research And Planning

Before developing a marketplace app, you must research and plan your entire app structure. You must assess your customer’s needs and behaviors, decide the type of goods you want to sell and categorize the products precisely to ensure easy retrieval.

Select Platform To Launch The App

Selecting the platform where the app is launched is a step that requires careful calculation. With Apple App Store and Google Play Store being the prominent ones in the market, decide the platform according to the target audience.

Decide Key Features

Adding more features increases possibilities of growth in the future. Therefore, apart from the design and interface of the app, you must also focus on the key features to include in the app. Furthermore, you must ensure that your additional features make the app easier, simple and hassle-free. 

UI/UX Design

For any user, neatly navigating through the app is essential. Having a good UI/UX design attracts users and inspires them to use the app. The design must be simple and easy to go through and must also use color schemes and attractive and pleasing visuals to the users.

Choose The Technology Stack

Selecting the right set of technologies is crucial in building a successful marketplace app and must be done very carefully.

Hiring Skilled Experts

Get in touch with a mobile app development company and hire skilled developers to build your app. Getting the right team of players enables smooth and faster development of apps. Your team will require business analysts, project managers, front-end developers, back-end developers, UI/UX designers, etc.

Decide The Final Development Cost

By assessing the whole process, you can decide the closer estimation of the ultimate development cost. 

How Does A Marketplace App Make Money?

There are multiple revenue streams for marketplace apps, such as affiliate revenue and transaction charges revenue. You can get a commission for referring the consumers to other apps from your app through affiliate revenue.

Other than selling, marketplace apps provide various ways to earn money. Here are some common revenue generation models for marketplace apps.

• Product Listing Fees
• Sales Commision
• Subscription Or Membership
• Advertisement
• Sponsorship Or Partnership

How Much Does It Cost To Develop A Successful Marketplace App?

The cost of developing a marketplace app depends on many factors. It varies from organization to organization and platform that is chosen. For example, launching your app on iOS may cost more than on Android. Therefore, choose mobile OS according to your marketplace app’s budget, target audience, and business requirements.

Here are some of the main factors that impact the cost of marketplace app development.

• Size of the app development team
• App Complexity and Functionality
• Number of Platforms
• Designing prototyping and wireframing
• App UI/UX development
• Integrating features
• Technology advancement
• Location of your development partner
• Third-party integrations
• App maintenance after delivery

Conclusion

With digital transformation and technology increasing day by day, online marketplaces are replacing retail stores. Since the pandemic affected the economy massively, this transition has only grown and become more valid. Therefore, it is safe to say that this is the best time to build your marketplace app and create a community of promising consumers and service providers.

With a deep understanding of your target audience and the products you want to sell and proper research and planning, your marketplace app will likely succeed in the industry. So why wait? Get in touch with a mobile app development company and build a high-quality marketplace app for your business.