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Why Marketplace Apps are a need of the hour?

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marketplace app

Before getting started with our detailed article, we begin with the basics that leave us with the question what exactly is a marketplace app?

The simplest description of a marketplace is that it is an online platform for selling goods at reasonable prices by the sellers. The modern developing world relies on different advanced and modern techniques to manage and complete their work easily as well as efficiently.

One of the most common examples of this is online shopping. Almost everyone who has internet access relies more or less on online shopping.

Online shopping is an easy and handy method that can be opted if you want to save your time and sometimes it also provides efficient deals on certain products.

On moving ahead, we will be witnessing how marketplace apps can easily help you to set up your business, by boosting its sales to an entirely new level. Moreover, we want to ensure you how app development services follow in helping you while developing this application.

Need of Marketplace Apps

You can surf and find the best product amongst the thousands of options and choose the product that appeals to you the most. Based on the time of the year several marketplace apps offer certain deals to appeal to their customers, you can take benefit of the offers and deals and find suitable products at reasonable rates.

A large number of products are sold online such as clothes, electronics, accessories, furniture, cookery items, etc. The online platform offers various types of products that are sold as well as delivered to your doorstep, thus taking 100% care of your convenience.

Some products also have a return policy that allows you to return the product just in case there is any defect or any mistake from the end of the company. The return policy comprises certain rules that you must look into before buying any product.

Due to the growing demands and consumption of products, various small business franchises have created their place on different marketplace apps that help them sell their products. In addition to that they have the opportunity to work with different marketplace apps including product-oriented apps that sell every product. The users can surf and choose through their collections.

Such apps essentially bridge the gap between buyers and customers as the products are directly sold by the buyers, thus avoiding the middleman.

Apps such as Amazon, Flipkart, Uber and Myntra are ruling the market today. These apps provide a platform to different small and established businesses which in turn provides them with high profits through their e-commerce sector which in turn encourages the investors to increase their investments.

Look at some e-commerce market statistics

  •     In 2017, the online shopping market generated approximately $ 2.3 billion in sales.
  •     As a result of continued growth, it is expected to reach $ 4.5 trillion by 2021.
  •     The United States accounts for around 10% of retail sales through e-commerce, which is expected to grow by around 15% per year.

e-commerce market statistics

Source: Statista

The online marketplace has reached its peak in recent years. As the demand for online marketplaces grows, many startups or retailers are considering building their marketplace apps.

How to create a marketplace app?

To create one such marketplace app you should be able to determine how it will operate and which type of offers it will provide to its users.

You should have a dedicated and experienced developing team that keeps a keen eye on all the ups and downs of the development process while creating the app. You should do proper research and then choose the proper concept, performance and design that you will be moving forward with. You should choose the major features you need and it requires a lot of time, resources and patience.

Monitor the user activity

Monitoring the user activity helps to set targets and work towards achieving them. Different marketplaces differ in their user activities. Such as product, service, and hybrid marketplace.

Setting up structure

It is an important part of building up a marketplace app and is linked with the strategy you form. There are different ways to achieve it:

  • Determining the potential users and their expectations of what they offer
  • Determine which services will be offered by studying the demand at present in the market
  • Carry out different tasks in a well-managed manner

Choosing a money-making option

  • Subscription fee- it is the fee paid by users to avail of the membership offers
  • Advertising- They get paid for displaying the advertisements on their site and thus earn revenue.
  • Commissions- It charges money for each transaction carried out on the same platform.

Presence of mandatory panels

  • Administration panel- It has control over the invention, payments, and registration of users and works mostly at the backside
  • Seller panel- It has connections socially, management options, promotions, transactions and reports
  • Buyer panel- It includes registration, management, connection with sellers, shopping, reviews and payments

These features might differ according to your goals. You must opt for plans and features that work the best for your business and customers.

Development software on any existing platform might reduce the time and resources required. On the other hand, building it from scratch takes time and skilled professionals as it has to undergo all types of testing before a perfect launch.

How much will it cost to create a marketplace app in 2022?

Developing a mobile app for an online marketplace is a complicated process. It’s hard to find an exact estimate of the cost of developing this type of app. The cost of marketplace mobile app development depends on three factors: the platform on which the application is created, the size and complexity of the application, and the country where the custom mobile app development company is located. There are different rates per hour in different countries, such as:
  •  Middle East/UAE/Dubai-based app development company: $15 to $25/hour
  •  United States-based app development company: $70–140/hour
  •  East-European-based app development company: $50–140/hour
  •  Mobile app development companies in India: $12–60/hour
In addition to overhead charges, developing a custom marketplace mobile app will cost between $10,000 and $20,000 for a single development platform. Additionally, if you choose to hire an app development company located in Dubai, UAE, USA, Europe, India, etc., the cost goes up to $25,000 and $30,000 if you would like more advanced features added to your marketplace app.

However, creating an online marketplace is more reliable than developing one from an existing platform as this will be completely yours to command and manipulate as per your requirements.

Final Words

Strivemindz is a software development company with experience in fintech, healthcare, and streaming. We provide an extensive range of customized IT services and digital products to help you meet your business objectives. Using our expertise and software development services, we have helped startups, SMBs, and enterprises achieve their goals in the B2B, C2C, and B2C marketplaces.

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