When we consider the evolution of the world’s economy, the major role played in recent years is by the marketplace. This is one of the concepts that are behind all the changes that occurred to the world’s economy in previous decades. It is marketplace startups that are booming now, and they are trying to eat entire industries out there. More than anything these companies have found great success in recent years. They are here to change everything and mainly the status quo of the market.
There are some marketplaces that are completely based on the idea of the involvement of the independent seller’s rather classical businesses. Hence, they may be disrupting the sphere completely. This is the right time for startups that are looking for opportunities and willing to create a marketplace app of their own.
The marketplace is usually not understood completely. Here you need to understand one thing that the goal of the marketplace should be defining the customers and their pain points. The next step is to build an online platform that is highly convenient. Through this online platform, the startup should get satisfied enough when it comes to seller needs.
Marketplace apps and types
It is very important to define the marketplace app. Through this, it is possible for you to develop strategies that are highly successful. There are two options when it comes to creating the marketplace app.
- One is, you can create a marketplace app mainly for goods
- Another option is, you can create the one for services
The first option is the one that usually comes to your mind when you think of the marketplace. Some of the examples are Amazon, Etsy, eBay, AliExpress, and Alibaba.
Product design and some tips
- Giving high attention to live support is very important when you are designing the product. The main reason behind this is, customers usually come up with questions related to policies, refunding, and shipping
- For the success of your marketplace app, you need to be very good at UI, product screen and even the functionalities that you are providing. Through this, even sellers can upload best HD photos and they should also be given place to fill in all the required information
Marketplace for services and some tips
- Here the most important thing is the functionality of the marketplace when it comes to geolocation. Irrespective of the product shipping place, customers always demand the best service. Hence the map with perfect looks is very important for an app
- Along with that, background checking another most important thing that you should be given high importance. This will help in minimizing the fraud that could occur in the marketplace.
Understanding the vertical and horizontal marketplace
- When it comes to the vertical marketplace, it is the place where users buy services and products of similar type. Here the sources from which they buy will be different
- Whereas in the case of the horizontal marketplace, customers are offered with different services and products with certain similarities
Along with all these, there are many other things that you need to understand before creating a marketplace. Cost, tech stack, buyer’s flow, and seller’s flow are some of them.