If you were presented with the challenge to build a marketplace app, how would you go about the process? From writing down the actual concept, high level overview of the structure/classes/interactions between objects, to actually starting to flesh out the code itself. There will be two feeds: One for the Sellers and one for the Buyers. Each buyer and seller will have their own profile. The profiles will be identical except the sellers will be able to add on the services they are selling. Now here is where it gets tricky: The buyer sends a request to the seller that they are interested in their services with the package, a date, and a time attached. The seller receives this as an in-app notification with the ability to accept or decline . If accepted then the money needs to be transferred from the buyers stripe account to the seller's stripe account. It would be great to know how you would go about this. I'm most likely to request a call with whom gives a really useful answer as I'd like to discuss it further. Many thanks.

To build a marketplace mobile app you must go step-by-step. Let us look at the steps below:
1) Analyse Your Requirements: Before starting any project, the key is to establish clarity around idea you are working on and expanding into a full-fledged product. It all begins with analysing your exact requirements and see through them to determine your goals. You can run a market check and ask people in your group who might have constructive and thoughtful opinions on general expectations from marketplace app. Collect the suggestions on app vision, user types, features and interactive elements, etc. based on these, build a wire frame and specifications. For all this, you need to collaborate with a mobile app development partner for meticulous guidance and implementation of ideas.
2) Find a Talented Marketplace App Specialist: Performing every single task on your own would be way too overwhelming and exhausting. You need reliable assistance from someone who has extensive reach in the market and proven experience of creating a marketplace app. There are many online platforms where you can access suitable app development partners and easily collaborate with them. However, make sure you can feel compatible with their business model along with their communication practices, pricing structure and project approach. Take an honest look at their references and past record of relevant projects before shaking hands with them. The marketplace app specialist you hire should guarantee access to the source code and delivery of all the features and design you have proposed.
3) Define a Strong Value Proposition: Having a unique value proposition is what sets you apart from others in the similar market. Define your goals and create a value proposition that makes your ecommerce marketplace special and considerable. You can build your own niche and invent a space even in the market where such apps exist comfortably. During the phase of proposition development and ideation, you can approach your prospects with a request to share their opinions on how they would like the current marketplace apps to be and improve to deliver more value.
4) Learn from Your Competitors: The journey of building a marketplace app is incomplete if it does not incorporate achievement of nearest competitors. Keeping a sharp eye on your competition is the best way to determine strength and weaknesses to surpass them.
The following things needs to be kept in track:
I. Star features
II. Market position
III. Target audience
IV. Influential content elements
V. Customer acquisition and retention tactics
VI. Marketing and engagement activities
VII. Business proposition
5) Defining the Business Model: Like every other business, you need to weave a solid business model for building a marketplace mobile app. It is the most crucial aspect based on which your business follows the path to successful customer acquisition and revenue generation.

Devised strategically, marketplace app business model serves as a foundation for company’s performance and drives a momentum you need for consistent profitability. The central part of this business model is formed by customers who will rely on your marketplace for specific purpose. A clear business model is the one that understands every group of customers and segment them based on their varied requirements.
6) Divide the Audience into Smart Segments: The best way to approach your audience with your marketplace app is to divide them into convenient segments based on:
I. Special tastes and preferences
II. Offers and discounts in demand
III. Seasonal changes
IV. Gender-specific or age-specific group
V. Location-specific requirements
If it is related to fashion marketplace then, Men, Women and Kids
I. Budget shopping lovers
II. Young buyers
III. Mature Professionals
IV. Senior citizens
V. Frequent and casual shoppers
You can create the best personalized offers and propositions for every segment of customers and serve them the products in the way they want.
7) Building an Impactful MVP: After you have finished working on customer segmentation and market analysis, you can venture into developing an MVP (minimum viable product) for your marketplace app. For this, make the best attempt to build and integrate the most relevant features and functionalities essential to test your idea in the market. Follow the wireframe you have prepared in the earlier phase for designing the best features. Make sure that your development partner stays up to date with customer feedback and frequent iterations. To minimize the cost-driven disasters and pitfalls, it is important to take care of iterations during the development of MVP and coding process. After the success and market fitness of your marketplace MVP, you can think of expansion and scale your original product at a sensible pace.
8) Monitor the App Performance: After you have launched an MVP and before starting to focus on expansion, the vital area of concern is to check the impact of the product on the target market through analytics.
You can track the data metrics for:
I. Numbers of visitors per day/month
II. Conversion rate during the season pick
III. Location-specific engagement and sales
IV. Most visited pages
V. Repeat customer
VI. Hot/most d items
VII. Behaviour of customer segments
VIII. Total sales of products/services on marketplace

9) Monetization and Revenue Streams: Look around for how competitors charge their clients and users for availing the marketplace services and then try to mull over what you can do differently to establish an original monetization system. Start small by approaching specific customer segments and then make changes as it grows and introduce several revenue channels without compromising service commitments. Usually, a small percentage of earning is charged from both buyers and sellers for creating comprehensive and un-objectionable monetization.
10) Scale and Expand Your Marketplace: After you are confident that your marketplace app is doing well and has achieved enough crowd of users, you can move towards growth.
a) Target Multiple Platforms: If you have not released the product on most accessible and popular platforms (iOS, Android, or Windows), now is the time. To reach more users who use diverse mobile platforms, you should launch the app on those most preferred platforms.
b) Enhance the Functionality: It is a good idea to improve or revamp existing functionality or add new features to give users even more engaging experience and luxury. Interact with users and extract their needs to develop innovative features to their taste.
c) Build a Community: Add elements of storytelling and blogging to let the audience share their opinions and ideas. Such idea is mainly focused on building a larger community and creating more engagement. You can be more imaginative and organize events that capture furthermore attention from users.
d) Third-Party Integrations: This tactic always comes handy for any successful online commerce and marketplace app that thrives as users thrive. Leverage third party integrations such as payment system, GPS services, chat messages or personalized email facility are a few to consider.
Besides if you do have any questions give me a call:

Answered a year ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2022 LLC. All rights reserved.