Knowing what you are looking to build can be a great way to get started. It will not only save you a lot of time but will also guide you whenever you run into unseen roadblocks during the development.<\/p>\n
If you are an appreneur wondering how to create a marketplace app and how they make money, this guide has everything you need on the subject and covers the following areas:<\/p>\n
- \n
- Marketplace app, definition, types, and examples<\/li>\n
- Marketplace app research \u2013 cost, monetization, business models<\/li>\n
- Trending marketplace app niches for 2022<\/li>\n
- 5-Step marketplace app development process<\/li>\n
- Marketplace app development<\/a> options for appreneurs<\/li>\n<\/ul>\n
What Is a Marketplace App?<\/h2>\n
Marketplace app is an electronic platform for buyers and sellers of products and services. It may serve as an online extension of a brick-and-mortar commerce business like Walmart or have an entirely \u2018digital\u2019 existence like Etsy, Upwork, and Udemy.<\/p>\n
![\"Marketplace](\"https:\/\/d1q2pszv7kr9f1.cloudfront.net\/uploads\/2021\/12\/1-1.png\")
<\/center> <\/p>\nBecause of the easy user experience, online payment options and delivery tracking features, these marketplace apps are getting more and more popular.<\/p>\n
Marketplace apps are pretty much multiple online stores operating together under a single digital umbrella \u2013 only that technically, these apps are standalone digital assets and different from websites in development architecture and performance platforms.<\/p>\n
![\"divider\"](\"https:\/\/www.tekrevol.com\/assets\/images\/bottomline.png\")
<\/div>\nTypes of Marketplace Apps<\/h2>\n
Marketplace apps can be divided into three broad categories:<\/p>\n
1. Global marketplaces<\/h3>\n
Global marketplaces are the biggest buying and selling platforms that have all products and services for all types of industries. Amazon, Alibaba and Walmart are popular examples of marketplaces. From a keto supplement to a productivity planner \u2013 users can find everything on the platform from basic items to luxuries.<\/p>\n
2. Horizontal marketplaces<\/h3>\n
Horizontal marketplaces are medium in terms of products, services, target audience and overall scope. These marketplaces have specific line products and services catering to multiple industries, sectors and subsectors, professions, and so on.<\/p>\n
Grailed is one of the most popular examples of horizontal marketplaces. It is an app for buying and selling menswear. Men can find a wide variety of everything, starting from tuxedos to loafers, casuals, to formals.<\/p>\n
![\"Horizontal](\"https:\/\/d1q2pszv7kr9f1.cloudfront.net\/uploads\/2021\/12\/2-1.png\")
<\/p>\n<\/p>\n
3. Vertical marketplaces<\/h3>\n
Vertical marketplaces are super niched down. They sell specific products and\/or services for a specific group of users. TeeMates<\/a> is a social media platform with a marketplace, and the entire app is dedicated to global golfers. Similarly, we have Uber that brings together drivers with cars and users who want to book rides for personal or low-scale professional traveling.<\/p>\n
<\/div>\nResearching The Market Before Creating A Marketplace App<\/h2>\n
Be it an app-based business, a consultancy firm or even a small blogging website, market research is the key to pre-execution success.<\/p>\n
Here are the key factors you need to assess during your market research:<\/p>\n
Idea evaluation<\/h3>\n
Idea validation or feasibility is the first part of your research. As an appreneur, you need to ask yourself:<\/p>\n
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- Do I want to start a marketplace for a specific product or service or a wide range of products or services?<\/li>\n
- Do I want to sell to a smaller specialized target audience or a general one?<\/li>\n
- Do I have a special buyer persona in mind? (Demographics, age, location medical or psychological background of my target app users)<\/li>\n
- Do I have special sellers\u2019 profile in mind? (Demographics, age, location or background)<\/li>\n<\/ul>\n
Popular Marketplace App Niches for 2022<\/h3>\n
To draw product or service inspiration, here is a list of popular industries and niches to check:<\/p>\n
\n\n\n
\n Niche Market<\/strong><\/p>\n For Horizontal Marketplaces <\/strong><\/td>\n
Product\/Seller Examples<\/strong><\/p>\n For Vertical Marketplaces <\/strong><\/td>\n<\/tr>\n
\n Fashion, jewelry, skincare <\/strong><\/p>\n This is an ever-green market and will never slow down unless there is a shopping ban reformation.<\/p>\n
DIY products, organically manufactured specially, are great players in the market.<\/td>\n
\n - \n
- Paparazzi pieces from Italy<\/li>\n
- tribal themed party outfits<\/li>\n
- bath bombs<\/li>\n<\/ul>\n
<\/td>\n<\/tr>\n
\n AR\/VR related accessories <\/strong><\/p>\n You can advocate this technology as an early adapter and position your platform as a core marketplace for this niche. According to Statista, the current global market size of AR\/VR is 30.7 billion US dollars, while the market will reach 124.4 and 296.9 billion US dollars in 2023 and 2024, respectively.<\/td>\n
\n - \n
- VR Headsets<\/li>\n
- 3D VR Boxes<\/li>\n
- Cameras and glasses<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Smart Home Products<\/strong><\/p>\n The niche is highly competitive, and you can choose to earn from product listing and commission on sales<\/td>\n
\n - \n
- Alarms<\/li>\n
- Thermostats<\/li>\n
- Smart home app memberships<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Fitness and Healthcare Equipment <\/strong><\/p>\n <\/td>\n
\n - \n
- Meal preps and supplements<\/li>\n
- Gym equipment<\/li>\n
- Smartwatches<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Sports<\/strong><\/p>\n As common as it sounds, as profitable as you can make it!<\/p>\n
Either provide value addition by niching down or lower the cost and delivery time to earn big profits!<\/td>\n
\n - \n
- Athletic clothing<\/li>\n
- Player shoes<\/li>\n
- Sports equipment like a volleyball net<\/li>\n
- Bag packs<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Books<\/strong><\/p>\n Amazon started as a bookseller. We still have apps like Bookship<\/a> and platforms like Goodreads that affiliate for books and literary items. The target audience is limited, and the niche is competitive.<\/td>\n
\n - \n
- Fiction and non-fiction books<\/li>\n
- Popular classics or contemporary literature<\/li>\n
- Poetry, journals, and notepads<\/li>\n
- Bookmarks<\/li>\n
- Literary gift items like frames<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Mental Health Products <\/strong><\/p>\n There are dedicated mental health and meditation apps like Calm and Headspace that sell in-app purchases. But they don\u2019t sell physical products. There is a gap, and your marketplace app can capitalize on it.<\/td>\n
\n - \n
- Sensory toys<\/li>\n
- Scented candles and fragrances<\/li>\n
- Anti-anxiety herbal edibles<\/li>\n
- App memberships<\/li>\n
- Online meditation videos and guides<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Art and Home D\u00e9cor <\/strong><\/p>\n This niche contains everything from traditional art to furniture products, indoor water features, and whatnot!<\/td>\n
\n - \n
- Windchimes<\/li>\n
- Wall art and decal stickers<\/li>\n
- Neon signs<\/li>\n
- Light curtains<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Baby and Pet Products <\/strong><\/p>\n You can integrate digital consultancy APIs and product pages in one app to make it more niche-specific.<\/td>\n
\n - \n
- Special pet foods<\/li>\n
- Pet supplements<\/li>\n
- Baby skincare sets<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Online Courses<\/strong><\/p>\n Udemy, Coursera, Future Learn, Khan Academy, Alison, Udacity, and LinkedIn learning are exemplary marketplaces you can seek inspiration from!<\/td>\n
\n - \n
- Leadership lessons<\/li>\n
- English lessons<\/li>\n
- Software tutorials<\/li>\n
- Skill-based courses<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
\n Digital Items <\/strong><\/p>\n Creative Fabrica, Envato Elements, Theme Forest, Creative Market, Design Bundles, Hungry JPG are popular digital assets marketplaces. The niche is competitive yet still has space because of the growing interest in digitization<\/td>\n
\n - \n
- Printable books, art, planners<\/li>\n
- Posters and t-shirt designs<\/li>\n
- Video game memberships<\/li>\n
- Software subscriptions<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
Cost And Time Required for Marketplace App Development<\/h3>\n
Once you have your basic app idea, the problem it would solve, and the market it will target, it\u2019s time to dig deeper into financial standpoints.<\/p>\n
How much does it cost to develop a marketplace app? <\/strong><\/p>\n
Marketplace app development starts from $40,000 for basic apps. Apps with mid-level features and profiles can cost somewhere between $55,000 – $70,000. Advanced-level applications that show custom reports, seller statistics, offer offline mode, etc., cost between $75,000 \u2013 $90,000.<\/p>\n
\n\n<\/div>\n\n- \n
- Interested in scoping your marketplace app idea? <\/div><\/li>\nEstimate app development cost today!<\/div><\/li>\n