Online shopping doesn’t require you to have a laptop or a desktop. Just by using your smart phones you can start purchasing the products you need. Users feel more comfortable in exploring the store with their smartphones. Buy and sell marketplace software is widely being used by mobile users and both the sellers and the buyers are highly benefited.
What is the Marketplace
Online marketplace is a digital platform where the buyers get an opportunity to check a product that is being sold by several sellers. The buyer can compare the products with the sellers and can purchase the one with which he is comfortable. Several sellers are interlinked or connected to a single ecommerce platform which is also termed as multi vendor marketplace platform.
How the Marketplace apps work
The way the buy and sell marketplace platform works is quite simple. Sellers get them registered with the buy and sell marketplace software. They will post their products in the marketplace platform. Now the buyers will be able to access all the products and all the sellers. They will search, compare and order the product of their choice. They pay through the app and will get their products delivered to their place.
Business Model for Marketplace Mobile Apps
The buy and sell marketplace platform has many business models. The user needs to select the perfect model that will suit his business. Let us get into detail about the business models.
Commission model – the most preferred model is the commission model. This buy and sell marketplace platform earns commission for every transaction that happens between the buyer and the seller. The commission slab is set initially with the seller by the admin and the admin can edit the commission slab whenever is needed. This is a good revenue source for the marketplace.
Subscription model – the seller is charged either monthly or yearly basis for posting their products or to selected listings they make. Some marketplace also charges the buyers to access the features of the platform. With this model the marketplace platform will get revenue periodically.
Advertisement – the buy and sell marketplace platform will sell the space in the platform to advertisers. The advertisers will pay and post their own ads on the platform. This will increase the traffic for the site and also a good source of generating revenue.
How to develop a buy and sell marketplace App
To develop a buy and sell marketplace platform you need to cover a series of steps. This will help you to eliminate the flaws and will make the marketplace platform to function efficiently.
- Analyze the market and understand the demand for your product.
- Fix the perfect business model that will suit your business.
- Get an efficient technical team to develop the app.
- Finalize the essential features that you want to have in your marketplace.
- Go for an eye-catching UI& UX design.
- Integrate the payment gateway to your marketplace platform.
- Run the app and test all the features.
- Install SSL to safeguard your app.
Features of Buy and sell marketplace App
For Buyers
- Category-wise shop listing that will help the buyers to find the product easily.
- Advanced searching options
- Clear product description.
- Special offers and discount coupons
- Track the orders.
- Multiple payment options
- Communicate with sellers.
For Sellers
- Easy posting of the products
- Upload and edit product images using the camera
- Manage all the postings
- Place offers for selective buyers.
- Easy communication with the buyers.
General features
- Email notifications for the users
- Profile verification through email
- User review and ratings
- Social media login.
- Geolocation tracking
- Advanced filtering and sorting options.
Advanced Features
- Personalization – the user should easily customize the marketplace software according to his business model.
- Inventory management – should always be well informed about the stock availability and also should prior notification regarding the shortage of stocks.
- Auto- tax calculation – once the order is placed the tax should be automatically calculated and should be displayed along with the overall payment.
- Analytics & reporting – the admin can have the key control of the app by analyzing the performance of the marketplace through periodic reporting and analytics.
- Shipment tracking – both the sellers and the buyers will be benefited with this feature as they can easily track their product.
- Loyalty programs – to retain customers, we need to provide them some special discounts for their referrals.
How much it cost to create a Buy and Sell Marketplace
The development of the whole buy and sell marketplace platform requires many aspects that determine the cost of the app.
- Complexity of the app – if you are developing an app with minimum features then the cost will be low. But if you prefer to have all the functionalities then the cost will vary accordingly.
- Design – complex designs will steal around 20% of the overall development time. When you insist more on the design factor, the cost will increase.
- Development – the major task lies on the development. Hiring an efficient team will reduce the time of development but at the same time it will cost you more.
- Deployment – deploying the app in the app store is the final stage. You will be charged to install it in the app store.
- Maintenance and support – periodic updation of functionalities and features are essential when it comes to mobile app. You always need to maintain your app and keep updated so that you may not lose your customers.
Conclusion
Never underestimate the process of developing a c2c marketplace platform. Special attention and care is needed and if any minor error occurs you may lose your reputation. Watch all your steps you make and make sure you promote your platform effectively and gain more customers.