marketplace buy and sell app

Marketplace Buy & Sell | Proven Business Model To Launch a Top-Grade App

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The old world charm and intrigue that street bazaars invoke, is unsurpassable. Nothing beats the thrill of coming home with a souvenir bought for a bargain.

Be it Brimfield, the Mecca of New England outdoor flea markets or Chandni Chowk, New Delhi, the allure of junk and valuable antiques thrown together is aphrodisiac to treasure hunters.

MarketPlace Buy & Sell App offerup clone

Today we have online marketplaces that help in buying and selling of used goods. They allow you to sell goods without setting up your own online store.

This provides a flexible business opportunity with relatively low start-up costs.

What is a marketplace?

An online marketplace is a website or app that serves as a mediator between customers and companies or individuals offering products or services in the B2B and B2C sectors. Its task is to provide a platform where marketplace participants interact.

According to Statista, in 2017 e-commerce sales worldwide amounted to $2.3 trillion and is expected to grow. This indicates that consumers and businesses have both moved their interactions online.

MarketPlace App
Source: Statista.com

Upside Of Marketplace Buy & Sell

Provides an additional channel to market and sell your products
Reduced marketing costs compared to other sales channels
Opportunities for overseas sales
Compare prices and products from a single source
Provides a level of trust between you and the buyer
Impartial reviews of products and service
Opportunities to establish partnerships with traders and suppliers
Greater transparency – availability, prices and stock levels are accessible
Operate round the clock

How to go about launching an Market Place Buy & Sell App

MarketPlace Buy & Sell App Define Your Product & Strategy

There are four main benefits you can offer:

Best quality
Best value
Must-have
Luxury and aspiration

Proceeding from this, you should answer the following questions:

 What products or services is your app targeted at?
 Who is your target audience?
 What makes your product unique?

Major features may be the same in your app and your rivals’ applications. But you can always introduce interesting and attractive features like:

MarketPlace Buy & Sell App Discounts
MarketPlace Buy & Sell App Loyalty programs
 Free shipping
MarketPlace Buy & Sell App Guaranteed refunds
Personal offers
MarketPlace Buy & Sell App Gift cards

MarketPlace Buy & Sell App Wish Clone

MarketPlace Buy & Sell App Features to include in the marketplace app

Establish your priorities and performance indicators first.

There are eight key pillars to focus on when defining top indicators:

 UX

Letgo cloneUser experience is about helping users identify the features they’re looking for. Minor detail as text alignment or color selection can play a big role.

Correct image placement, color selection, etc. draws attention, guides users through the application, and helps them focus on searching and buying.

 Usability

User interface should be easy to understand.

 Every business has its face

An identifiable brand name and logo. Your product must resonate with your brand.

 Secure payment gateway

MarketPlace Buy & Sell AppSecurely connect customers to a payment system like Stripe, PayPal, and Payoneer.

 Product comparison

People research products online before making a purchasing decision.

Introducing an innovative approach to view and compare products in the application will let users research products without leaving the app.

Customer reviews

Customers always want to know the opinions of others before making a choice. Positive reviews are likely to fetch a purchase. Product reviews helps to convert customers.

Product images

MarketPlace Buy & Sell App YealoProvide high-resolution images. Invest in real photos instead of stock images. Showcase products in a real environment.

Discounts

Most of the times customers abandon carts even if they are fine with the price. If offered a discount, they are more likely to buy the product.

Define the business model of your application

MarketPlace Buy & Sell App

 Charge a commission on transactions

When a customer pays a seller, the marketplace charges a flat fee or a %age of the transaction. Sellers aren’t charged before they get value and hence its attractive to them. This model is used by Airbnb, Etsy, and Uber.

 Membership model

Users are charged a fee to access the platform. The marketplace helps sellers find new customers, thus saving them money.

 Listing fees

Platforms charge a fee to sellers when they add new products. This is used when sellers get value based on the number of listings and the value per listing is large. This model is simple as it locates all the listings in one place, and guarantees lots of visibility. Craigslist uses this model.

 Featured listings and ads

This model offers free listings, but sellers can pay to have their goods featured above others. Letgo does this with its ‘bump’ feature.

Try out multiple models to find the best option for your product. Eventually, when your application grows, it makes sense to combine several models and build your own distinctive model.

Apps that made it big

OfferUp is the biggest marketplace for local customers and sellers. It provides security and allows users to build their reputation on their page. Just like on eBay, users can rate a person after a deal. It also provides chat where the deals are conducted personally.

how does offerup make money

This app is just like Offer Up. It is best known for its auto fill ability that allows users to fill the ad form automatically so that it can be posted quickly. This app scans the image that you upload to your ad and fills the detailed information in order to grab the customer.

 

letgo Buy & Sell Used Stuff

Conclusion

Building a new marketplace requires focusing extensively on research and analysis, explore stories of success and failure, and gain knowledge. Choose your development team wisely, work hard, and make the gold mine work.


MarketPlace Buy & Sell App

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