One of the enjoyable hobbies that attract the majority of smartphone users is mobile games. The number of smartphone users has drastically expanded, and 62% of users, per Admob, download games within the first week of purchasing their device. The popularity of mobile games has increased more than traditional games because of technological advancements.
Number of mobile game users worldwide in 2021
What Are Marketplace Apps?
An online marketplace serves as a platform where buyers and sellers can come together in great numbers. It serves as a bridge between various groups, provides a workable setting, and provides essential assurances. An online store is slightly different from a marketplace app.
A marketplace app is designed for quick and simple shopping on a tablet or mobile device. These apps vary in terms of the kinds of goods they provide, their sizes, and how they market themselves. Marketplace apps like Amazon address every drawback that users of online shopping apps have.
How Does Online Marketplace Work?
Through apps like Amazon, online marketplaces bring buyers and sellers together. They connect buyers and sellers to facilitate transactions while functioning as digital intermediaries. Customers can choose what they want to buy, and vendors can provide them with a variety of goods.
Due to the convenience it provides, Amazon is boosting digital economies all around the world. Online marketplaces have turned into the cash cow for various businesses by generating liquidity from commissions, value-added services, and advertising. In terms of accelerating online traffic, these platforms have surpassed all other web segments.
Types Of Marketplaces
Below mentioned are the main types of online marketplace apps:
Horizontal Marketplace
A horizontal marketplace offers a wide variety of goods and services to clients from numerous markets. This market adheres to the idea of a one-stop shop by accommodating all client demands in a single location. The most well-known markets in this area are those Amazon, eBay, and AliExpress.
Vertical Marketplace
A vertical market is one that focuses on a particular niche. A variety of products from various vendors that are all of a similar sort are offered in this kind of marketplace. A vertical marketplace can so increase customization and set itself apart from others that sell a variety of goods. A good example of this kind of online store that typically offers handcrafted and vintage goods is Etsy.
Must-Have Features Of Online Marketplace App
Seamless Registration Process
An easy-to-register process lets the users retain many users on your platform. Make the registration process easy and small so users don’t need to wait patiently to use the app.
Social Media Integration
Apart from the one-click log-in facility and social media integration with login, the process lets the users get access to your app with only a few clicks through Facebook, Twitter, Gmail, and other social media platforms. It helps the users to get access easily.
Advance Search Options
Let the users search in the way they want. Implement advanced search options in your app like a voice search option, search with a pic. With this users don’t have to type everything they can easily find what they are looking for.
Add To Cart
Add this feature for your customers who don’t buy products immediately but save them for future buying in the cart. It helps you to increase your sale rate.
Multiple Payment Options
Every customer has their own way and comfort to make payments. Provide them with multiple payment options- credit card, debit card, UPI, or Cash on delivery.
Push Notifications
Push notifications to keep reminding the user what deals they are missing. This is the best way to get the attention of your users. In a festive season when Amazon put things on sale and exclusive offers push notifications are the best way to get the user directly to your eCommerce app.
Ratings And Reviews
Through it, users put genuine feedback about the product which encourages and helps other users to buy that product. Moreover, it helps consumers to understand the things that your need to work on.
How To Develop A Marketplace App Like Amazon?
Let’s have a look at the development process of a marketplace app like Amazon:
Research And Planning
When creating a marketplace app, you run the risk of making mistakes if you don’t do enough planning and research. When building a marketplace app, consider the wants and needs of your users, choose the things you want to sell, and categorize them accurately so that users can locate them quickly.
Platform To Launch The App
The next step is to pick the best platform to release your app on. The two most popular options on the market are the Apple App Store and Google Play Store. Choose whether you’ll utilize a single platform to target consumers specifically or a variety of platforms to target a big number of users.
Decide The App Features
The future potential of your software is determined by its features. Make your software simple, hassle-free, and appealing in addition to being straightforward to use. This will assist you in turning a visitor into a potential client. To lower the cost of development, an MVP can be used to construct an app.
UI/UX Design
To entice customers and encourage them to invest in your software, UI/UX design is crucial. Maintain a straightforward app design so that consumers won’t find it difficult to access the functionality. To provide your users with a pleasurable experience, be careful to choose relaxing graphics, color schemes, and visual elements.
Choose Technology Stack
For a mobile app development project, choosing the appropriate technological stack is crucial, and it should be done with great care. Use the following technologies to create a marketplace app:
Hire A Team Of Developers
Hire a talented group of developers to construct your own marketplace app that is similar to Amazon. Business analysts, project managers, front-end developers, back-end developers, UI/UX designers, Android and iOS app developers, and QA specialists are just a few of the people your team needs.
How Does A Marketplace App Make Money?
There are several other revenue models, including affiliate revenue and revenue from transaction fees. After developing your marketplace app, you may earn money using the affiliate model by sending customers to other apps.
The only way to monetize your marketplace app is not via selling. For a marketplace app like Amazon, some typical revenue generation models have listed below:
Product Listing Fees
You can earn money from your marketplace by listing your products. This monetization strategy is utilized by various online marketplaces including eBay and Amazon.
Sales Commission
You can get paid by getting commissions from sellers for each sale. Decide on a percentage of each profitable sale. For the purpose of generating cash, marketplaces like Etsy and Amazon use this monetization strategy.
Subscription/ Membership Programs
Offering subscription-based services becomes the way to generate revenue over your marketplace app. You can sell subscriptions to your customers and customers with subscription programs are able to get exciting offers, fast delivery services, free delivery, etc.
Advertisements
Another excellent technique to make money with your app is to include adverts on it. Join an advertising network, such as Google Adverts, and use it to display ads on your app. To make money with your marketplace app, pick an advertising approach like CPC (Cost per Click) or CPM (Cost per Mile).
Partnership
You can collaborate with other online markets. To gain more awareness, new firms always search for advertising space. So, give them a space on your app and charge for the sponsorship or content that is sponsored.
Wrapping Up!
Online marketplaces are displacing physical establishments in this digital age. Therefore, now is the ideal time to develop your marketplace application and establish a network of enthusiastic customers and service suppliers. It’s time to break into the marketplace industry now that you understand how to create a marketplace app similar to Amazon.
