Online shopping has exploded worldwide during the COVID-19 pandemic. Even the businesses that were skeptical about digital commerce have gone online. With more and more people relying on online shopping for virtually everything, the eCommerce space has seen astronomical growth. Online marketplace mobile app development provides businesses easy access to the limitless eCommerce universe. A growing number of small and medium enterprises alike are building eCommerce apps for a faster transition to digital.
Marketplace mobile apps seamlessly connect merchants directly with potential buyers and customers. These apps also provide enterprises with a cost-efficient platform for expanding their business and increasing revenue. Besides, using a well-built marketplace app, you can effectively engage with customers. Marketplace mobile apps come with features that allow you to create unique shopping experiences for customers.
Developing a successful marketplace mobile app is, however, easier said than done. You must approach it strategically, considering all aspects of your business. Below are seven crucial factors you must keep in mind while developing a marketplace mobile app.
7 Steps That Define the Success of Your Marketplace Mobile App
Online marketplace app development not just lets you quickly launch your online business, but also expand into new sales territories. Better yet, you can achieve all these without developing a full-blown eCommerce infrastructure that costs much higher.
1. Define the Type of the Marketplace
It’s incredibly important to define the type of marketplace before you start developing a mobile app. Considering the functional aspects, we can divide marketplace mobile apps into three main categories.
Business-to-Business (B2B) Marketplace
B2B eCommerce marketplaces enable transactions of products and services between enterprises. This type of marketplace usually offers enterprise-grade capabilities and sophisticated features. Since buyers here are business people, you must build it while keeping complex features in mind.
Business-to-Consumer (B2C) Marketplace
B2C marketplaces are the most popular online commerce platforms. These platforms enable merchants to enlist their products and services. Customers visit the marketplace and purchase commodities according to their choice. Most people mean B2C eCommerce marketplaces when they say online stores. User experience is an incredibly important factor in B2C eCommerce marketplace development.
Consumer-to-Consumer (C2C) Marketplace
C2C marketplaces enable consumers to sell and purchase products with one another. Both the buyer and the seller could reach a mutually profitable agreement and exchange products. These kinds of marketplaces are becoming popular for selling and purchasing used products.
2. Create a Project Roadmap
Roadmap creation is one of the earliest most critical steps in developing an online marketplace. No matter what kind of marketplace mobile app you’re building, you must start with a roadmap. The roadmap must define your goals, target audience, and potential obstacles, among other things.
You must also consider creating USPs for your online marketplace app. Clearly define your goals and target audience to the mobile app development company you choose. USPs will help you to promote your app on app stores. During the roadmap creation process, you must also make investment decisions and calculate an estimated ROI.
3. SWOT Analysis of Your Business Plan
Analyze the strength, weaknesses, opportunities, and threats associated with your plan. SWOT analysis is one of the most widely accepted ways of creating a business plan. It also helps you find products and features that are likely to attract your target audience. For instance, you can use SWOT analysis to determine what products you should sell, what kind of unique features you must incorporate on the app, and your competitors, among other things.
4. Shortlist the Key Features
Features are everything when it comes to creating an enticing user experience on your marketplace mobile app. Whether you choose Android app development or a cross-platform app, careful selection of features helps immensely. Here are some of the most desired features and functionalities of an online marketplace.
Easy Product Search
The first thing an online marketplace visitor does is searching for products. So, you must be particularly careful about what kind of product search experience you’re offering. First, make product searching quick and frictionless. You must also consider creating a personalized product search and shopping experience.
Product Catalogs
Product catalogs offer information about the products customers are looking for. Merchants must create custom product catalogs according to the type of products they sell. The contents and designs of the catalogs clearly define the product information.
Secure Payment Processing
Security remains at the top of most customers’ minds when it comes to making online payments. By offering them secure payment gateways, you can build trust and increase conversions and customer loyalty.
Social Media Integration
Allow your customers to share their shopping experiences and product recommendations on social media platforms. Features like social media share buttons and reviews also help your businesses to make a strong online presence.
5. Prepare for Potential Challenges
Consumer behaviors and market trends change rapidly in eCommerce. The pandemic-induced surge has made these changes even more predictable. You must, therefore, prepare for dealing with challenges that may arise after you launch the online marketplace. Be it the need for scalability, a more engaging user experience, or new security measures, you must always be on your toes to address such needs.
6. Calculate the App Development Costs
Ultimately a lot of things will depend on your budget. So, calculate an estimated cost beforehand. If you are particularly concerned about budget restraints, discuss it frankly with the mobile app developers. The best way is to get an estimated cost from experts before finalizing the project. Consult a reputable app development company and seek their advice about the development costs.
7. Choose the Development Platform
From the analysis and expert consultation, you would already be having an idea which platform will best suit your target audience. Starting with Android app development is a preferred way among small and medium enterprises in India. If you are launching the app in the US, it would be wiser to start with an iOS app. Besides, cross-platform apps are becoming increasingly popular. Choose the development platform and technologies in consultation with your app development partner.
Conclusion
If you are looking for a quick and cost-efficient entry into online commerce, marketplace app development is the best way. This approach has proven particularly useful for small businesses and mid-sized enterprises. If you are not yet ready for an extensive eCommerce infrastructure, a marketplace app will provide what you need to sell online.
At Android Developer, we offer you a complete range of app development platforms to choose from. Being one of the most reputable Android app development companies in India, we are committed to building industry-best online marketplace apps.
FAQs
Q. How do I create an online marketplace?
If you’re planning to build an online marketplace, start with defining the type of marketplace (B2B, B2C, etc.) you need. The next step is choosing the target audience and analyzing competitors.
Then create a roadmap for launching the marketplace. The best way is to consult a reputable eCommerce development company. Android Developer builds feature-rich online marketplace apps using cutting-edge platforms.
Q. How much does it cost to develop an online marketplace app?
The costs of building an online marketplace app vary widely, depending on your needs. If you need a simple app with basic features and design, costs are comparatively lower. Android Developer builds scalable eCommerce marketplace apps at a competitive price.
Q. What do you mean by m-Commerce?
M-commerce (mobile commerce) is the buying and selling of products and services through mobile devices such as smartphones and tablets. M-commerce relies on mobile apps, or eCommerce apps, using which customers can search, order, and track products, among other things.
