The global burst of the digital marketplace in recent years has taken everyone by surprise! Technology has taken giant leaps as we move towards an era of on-demand apps that offers instant shopping platform. If you can analyze your market and target audience, launching an on-demand marketplace app can be your jackpot ticket! This excerpt is a comprehensive guide in understanding the multifaceted role of on-demand apps in today's fast-paced market.
For starters, the Uber app is one of the finest examples of an on-demand app. The success of this app is its ability to connect you with the nearest source that takes you to your destination. This concept on a larger scale transforms into an on-demand economy wherein the supply chain is managed by a robust digital solution. This economy is on the boom as it is fuelled by on-demand marketplace apps providing goods and services.
Online eCommerce marketing or the eCommerce marketplace is an online platform where various brands can sell their products. While the marketplace owner is responsible for marketing and attracting customers, 3rd-party vendors manage the manufacturing and shipping.
Popularly known as 'supplier directory', this model is quite prevalent amongst the manufacture-driven electronic stores. This model is designed to flourish the bond between the company and its buyers. The suppliers concentrate on creating an effective online sales channel to cater to the crowd. IBM and Cisco are a few examples.
Managed by a consortium of buyers, this e-marketplace is the ideal way to get the best deal from suppliers. The buyer creates an online platform that allows potential suppliers to bid. The online auction platform helps the buyer to minimize the cost and time of the procurement.
Horizontal e-marketplace is a one-stop digital platform from where you can buy anything and hence caters to the widest range of audience. On the other hand, vertical model focuses on providing the best service within a single product category. So rather than quantity, vertical model is about quality service and has a limited audience as compared to horizontal model.
Alibaba.com is a perfect example of an independent e-marketplace that is open to buyers as well as sellers. The key objective is to ensure seamless business without interfering in product manufacturing exploiting the people from both sides. Another example can be BT Trading places (www.bt.com/trading).
Various reports suggest that eCommerce retail revenues are projected to touch $4.88 trillion in 2021. This highlights the need for determining the right eCommerce audience for enhanced business tasks. Below are the types of marketplaces based on customer types:
Business to Customer
Marketplace where the exchange of goods and services from the merchant to the customers directly. Example - Uber, eBay and more.
Business to Business
Marketplace where the exchange of goods and services is between two merchants or companies. Example - eWorldTrade, Amazon Business and more.
Customer to Customer
Online marketplace wherein customers can transact goods and services. Here both buyer and seller are consumers. Example - Craigslist, OLX and more.
Easy login & share your buying experience through social accounts
Fill in & save your details for a hassle-free shopping experience
Specify your requirements to get what you exactly want
Get distinct features, benefits & specification of the product
Park your favourite items for the next purchase
Add unlimited products at one go for faster checkouts
Various online & offline pay options - select your choice
Select the currency of your choice to pay bills
Complete clarity of your shipments - all in your palms
At a Glance - check your previous orders & track the live shipment
Keep your money safe & transact without logging into your bank account
Never miss the great deals, exciting offers or lowest price challenge
Every review is authentic - read & take a uniform decision
Easy login & share your buying experience through social accounts
Fill in & save your details for a hassle-free shopping experience
Specify your requirements to get what you exactly want
Get distinct features, benefits & specification of the product
Park your favourite items for the next purchase
Add unlimited products at one go for faster checkouts
Various online & offline pay options - select your choice
Select the currency of your choice to pay bills
Complete clarity of your shipments - all in your palms
At a Glance - check your previous orders & track the live shipment
Keep your money safe & transact without logging into your bank account
Never miss the great deals, exciting offers or lowest price challenge
Every review is authentic - read & take a uniform decision
The new-age way to maximize your sales - be social!
From business to contact details - keep data at one place
Easy to check & refurbish your stocks as per demand in the market
GST & invoice declarations and calculations - all in one place
Update your shipping policies so that the customer has a complete idea
You are global - select the countries where you want to sell
Attribute selling is the options available for product like colors, sizes like s, m, l, xl etc
Easy to check and be aware of the status of every order received
Manage and analyze the performance of all discount & offer schemes
Check and control the live status of your shipment delivery
Complete freedom to select your preferred mode of payments
Avail the ease to manage your finances with a multi-currency option
Interact with customers as per their local language based upon their geo-location
The new-age way to maximize your sales - be social!
From business to contact details - keep data at one place
Easy to check & refurbish your stocks as per demand in the market
GST & invoice declarations and calculations - all in one place
Update your shipping policies so that the customer has a complete idea
You are global - select the countries where you want to sell
Attribute selling is the options available for product like colors, sizes like s, m, l, xl etc
Easy to check and be aware of the status of every order received
Manage and analyze the performance of all discount & offer schemes
Check and control the live status of your shipment delivery
Complete freedom to select your preferred mode of payments
Avail the ease to manage your finances with a multi-currency option
Interact with customers as per their local language based upon their geo-location
Check out the commission details of each sale from your dashboard
Never miss out on any alert that can hamper your business
Track the response of each promotion to strategize your marketing plans
Monitor every order that gets cancelled or returned
Complete overview of business in one single screen - easy management
Multiple language options help you to maximize engagement
The system manages and calculates the finance as per your choice
Managing the inclusion, exit and cancellation of sellers - All at one places
Check out the commission details of each sale from your dashboard
Never miss out on any alert that can hamper your business
Track the response of each promotion to strategize your marketing plans
Monitor every order that gets cancelled or returned
Complete overview of business in one single screen - easy management
Multiple language options help you to maximize engagement
The system manages and calculates the finance as per your choice
Managing the inclusion, exit and cancellation of sellers - All at one places
Updated profile that is assigned to the seller or the store
Update of the status of orders in real-time helps quick delivery
Delivery history along with current location helps in tracking
Speak with the delivery boy to ensure faster and customized delivery
Notifications of every successful delivery - for the seller as well as the buyer
Select the apt payment mode for correct entry in the book of account
Option of choosing the language of your choice for better understanding
Helps in analyzing the rating & overall performance of the individual
Updated profile that is assigned to the seller or the store
Update of the status of orders in real-time helps quick delivery
Delivery history along with current location helps in tracking
Speak with the delivery boy to ensure faster and customized delivery
Notifications of every successful delivery - for the seller as well as the buyer
Select the apt payment mode for correct entry in the book of account
Option of choosing the language of your choice for better understanding
Helps in analyzing the rating & overall performance of the individual
As businesses are going competitive and fierce with each passing day, the marketplace app is one of the essential ways to stay ahead of others. With a curated set of applications and integrations, marketplace apps offer a unified, Omnichannel customer experience. By hosting social, ecommerce, analytics, data in one single platform, businesses are improvising on their operations.
As enterprises continue to offer a bespoke customer experience at every stage, the marketplace app adds rich value with plug and play apps. Offering measurable benefits to partners, brands, the app also reduces the overall cost of ownership alongside giving amazing features. !
As we dive through the minute components, we realize that the scope of marketplace apps in today's business ecosystem is infinite. We present 6 key reasons that magnify the scope of the marketplace.
As there are multiple people and sellers, you don't have to put your inventory that minimizes risk.
Since there are multiple sellers, there is a collection of various brands under a single platform.
Based on the contract, every time a vendor sells a commodity or services, you get a commission from that sale.
Since the vendor takes care of their products through the app, you don't have to worry about business volatility.
The only major expense is in the development and maintenance of the app. Apart from that, it's a low investment business.
On-demand service marketplace apps have made our lives seamless - in every possible way. From salon to transport, and from food to medicine, everything is available with a click. If you are eager to know the monetization process of apps, the answer is simple - it's done by the news users who create an account. However, over time, other avenues also contribute to their revenue. We have listed down some of them below:
There are auto-renewable subscriptions that offer instant access to premium features and content. Developers offer discounts on long subscription periods so it's a win-win situation for both parties.
If any commercial transactions are happening directly on the platform, then the marketplace charges a small percentage from each transaction. This is the simplest & most popular way of monetization.
Developers can advertise other apps using a service known as 'Advertising Networks'. They can place ads within other apps and websites to target specific audiences to drive traffic to their apps.
A listing fee is a nominal fee that makes your services or products available in the marketplace. Since it's not free, the quality of the listing is good as sellers put more thought into creating a listing.
This is common amongst classified platforms where Marketplace charges you extra to feature or rank you higher in search results. Initially, the listing is free, but if you pay, you get a premium profile and utmost visibility.
The cost of developing an on-demand marketplace app depends upon the various functionalities and the level of development efforts given by the developers. Starting from layout, UX and UI design, front-end and back-end development, complexity, integrations - various components play a role in deciding the cost. A near-accurate estimate can be reached once a complete analysis of the expected functionality is done.
Consumer buying patterns have taken a paradigm shift in recent years. The annual growth rate of on-demand apps is expected to raise upto $25 Billion by 2023. People can get everything they need anytime, anywhere, and most conveniently. With a single click, the on-demand app brings you instant solutions, right at your doorsteps! From health and beauty, transport and logistics, repair services financial transactions, the list are endless.
Depending upon categories as per customer type, selling model, market sector, below are the types of marketplace.
By target audience:
By focus:
By Management approach:
By products:
By interaction:
Sankalp is a CMMI Level3 certified organization offers a wide range of marketplace app development services that cover every gamut of the entire industry. In these 19 eventful years, we have been able to provide business solutions in over 55+ countries. With a myriad of interactive offerings, we help you to mobilize your business within your industry. Embracing cutting-edge technologies to develop interactive and performance oriented marketplace app is our forte.
Conclusion
As the market is aggressive, you need to offer life-changing experiences to your customers. Transforming ideas to life is the only way forward and this is where on-demand marketplace app takes you ahead.
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