Appealing business proposition

 One of the best strategies to attract buyers to your marketplace is to have an appealing business proposition. Uber, for instance, started as a marketplace that wanted to solve the real-world problem of availing a cab at the time and place of the user’s choosing. The bigger is the customer pain, the easier it will be to attract buyers to your platform.

How to attract sellers

Apart from buyers, to build a sustainable marketplace business model, your marketplace will also have to attract sellers on the platform. 

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Convenience 

Make it easy for the sellers to sell on your platform with minimal paperwork. The easier it is for the sellers to sell on your platform, the more is the likelihood that these sellers will start selling on your marketplace. To attract sellers to your platform, the cost and time spent on setting up a shop on your platform should be minimal. 

Seller programs 

To attract sellers on your platform, create seller programs to show sellers how much they could earn by selling on your platform. Help sellers navigate through the process of setting up shop on your platform and answer all their queries like payment processing time, revenue model, and how to maximize the reach of their shop on your marketplace. By running seller support programs, you will send a clear message amongst the sellers that your marketplace cares about the sellers.

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Why build a marketplace app?

A majority of users prefer to use their smartphones to access various services instead of web platforms. To ensure a better reach amongst your users, it is highly recommended to go for marketplace app development. The deep penetration of smartphones is one of the major reasons why you need to consider building your own marketplace app. 

A study found that the average user spends around 80% of the internet time on the smartphone. All leading marketplaces know that the balance is tilting towards smartphones and have built their own applications to serve their customers.

Mobile apps work much faster than websites, have an intuitive user experience, and allow you to send push notifications to keep your users engaged with your marketplace application. 

Using smartphone hardware like cameras and GPS sensors, you can provide innovative features like AR(augmented reality) and location-specific offers and boost your conversion rates. 

How to develop a marketplace app?

How to Develop a Marketplace App

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Marketplace app development is a complex process, and you might require expert help to build a high-quality marketplace app. In case you are wondering where to start, then we have defined the steps to build a marketplace app to give you a brief idea about building a marketplace app. 

Select the marketplace business model

Before you start marketplace app development, you should first define clearly the kind of marketplace that you want to build. The following are the broad classifications of a marketplace.

Audience type

Peer-to-peer:- People with certain products sell or exchange items with other people.

Business-to-business:- this is a type of marketplace model in which businesses buy and sell products with other businesses.

Business-to-consumer:- In this model, the businesses sell to the consumers.

Merchandize type

Products marketplace:- Marketplaces that primarily sell products are categorized as products marketplaces. Amazon and Alibaba are examples of product marketplaces.

Service marketplace:- In a service marketplace, people come to search for various services. TaskRabbit is a popular marketplace from where customers can avail various home repair services. 

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Hybrid:- The hybrid marketplaces work as a marketplace for both goods and services. Craigslist is a good example of a hybrid marketplace.

We have already discussed the most widely used monetization models for a marketplace. Once you know the type of app and the monetization model that you want to build, you can then move on to the next step.