Introduction
Delighting a customer will increase your business growth without fail. As customers are the real asset for any business, it is very essential to give them an extraordinary user experience and this will help to retain the customer base. Nowadays people feel more comfortable in using mobile apps for online shopping. So all major buy and sell marketplace platforms have their mobile apps and have gained the attention of the target audience.
What is a marketplace?
Multiple vendors register themselves with the ecommerce website and sell their products in this platform. This digital space is called the marketplace and the buyers will get all the products and service that they need. The online marketplace has changed the buying behavior of the customers and the customers feel comfortable buying products in the buy sell software.
How to go about launching a Market Place Buy & Sell App
There are many apps available nowadays but very few survive the market. The reason is because of not showing much concern on launching the marketplace. Let us get into detail about the necessary steps required to notice before launching the buy & sell app.
- Analyze the leading the buy and sell marketplace app and check all the features that are available in the app.
- Choose your business model that can get you enough revenue and will support you to gain the credibility.
- Hire a perfect technical developer to develop your app without any flaws.
- Make sure that your app has all the essential features that are required to attract and retain the customers.
- Give more focus on the UI & UX. Only with attractive design you can catch hold of the users and make them stay with your app.
- Ensure your buy & sell app has the best shopping cart facility that will help the users to add their favorite products in the cart.
- Have a secured payment gateway and let it be integrated with your app. This will make your Buy & sell marketplace app complete.
- Test the app completely and check for any bugs before you launch the app.
- Promote about your app and let people know about the day of the launch in prior. This will create a curiosity among the users and you will get greater reach.
- Properly deploy the app in play store.
Features Must Have For Marketplace Apps
For sellers
- Add multiple products with bulk uploading feature.
- Category-wise product listing
- Add products images and description
- Give offers and special discount to selective buyers.
- Easy communication with the buyers.
- Secured payment transaction between the admin and the sellers.
For buyers
- Easy navigation along with advanced search and filtering options
- Multiple payment gateways for secured payment transaction.
- User-friendly interface
- Tracking option to track the product
- Chat facility to chat with the seller.
- Social media login option.
- Reviews and rating to rate the product.
For admin
- Dedicated dashboards to analyze the performance of the marketplace
- Price setting for each seller.
- Automatic tax calculation for all products
- Personalization of the marketplace.
- Easy Shipping and delivery process
- Analytics & reporting feature for monitoring the ROI of the marketplace.
- Multiple currency and multiple language to cover global audience.
The business model of your application
Understanding the business model will make your marketplace to be stable and will let you acquire more new customers and helps you to retain them. Let us analyze the business models for your buy and sell marketplace.
Commission based business model
The admin will get commission for all transactions that are made through the marketplace. This is a familiar model that is highly preferred by the start-ups. This facilitates the sellers as they are supposed to pay the commission only when they get the sale. If there is no sale, they are free from paying amount to the admin.
Subscription fee model
The seller and the buyer will pay a membership fee to the admin of the buy and sell marketplace. Only then they will be eligible to buy or sell a product in the marketplace platform. With this business model you can earn money periodically ie. either monthly or yearly basis.
Listing fee model
The sellers will be charged for listing their products on the buy and sell marketplace platform. According to the value of the product the listing fee can be charged. On certain cases, you may also have a fixed price for listing any product.
Freemium model
The seller as well as the buyer can use this model marketplace for free. The marketplace will facilitate the seller and the buyer with certain basic features for completely free. When they want access for additional feature then they will be charged accordingly.
Benefits of buy & sell marketplace platform
Know more about the benefits of buy and sell platform to step into the online marketplace business.
- Traffic increases : multi-vendor buy & sell marketplace apps will get more traffic comparing to individual ecommerce sites.
- Greater sale conversion: Since the visibility is high, the traffic is also high, so obviously the sale conversion will also be high.
- Low start-up cost – for any start-ups, they don’t need large investments as they can easily join with any buy and sell marketplace and run their business.
- Time and resource management – sellers can manage their time and resource effectively as the buy and sell marketplace app will have all features are as in built-in one.
- Global coverage – no geographical limitation with buy and sell marketplace. One can easily get exposed to the world audience.
- Door-step delivery – one can get the ordered products to his door step and this convenience is highly enjoyed and makes the buy and sell app more popular.
Conclusion
Furthermore, the growth in buy and sell marketplace is going to be tremendous in upcoming days. Also, the entrepreneurs can earn a secured earnings by entering into the digital market. This is the precious time to get into the online marketplace business and target the segmented audience and get greater ROI.