With 8 years of experience in digital product development, we have worked on the development of Marketplace Apps of various types and specializations: both marketplaces for the sale of goods or services, entertainment marketplaces, real estate marketplace platforms, or even storytelling platforms.
To better understand what the implemented marketplace app looks like, we have selected for you the most different by their functionality cases of such platforms developed by us. Let's take a look!
STQRY is a storytelling platform that aims to harness the power of technology to allow travelers to engage deeper, explore further, and discover more. It has become a platform where you can get or create a tour for every taste. Formats are also offered depending on the goals of the creator: the business can develop its own guide application, virtual tour, or even a game.
Target audience: starts as B2C, but while the platform grows, it has reached almost all possible audiences (B2B, B2C, and P2P as well)
Product: location-based tours, virtual tours, mobile, and web apps, audio guides, games, and online collections - online-based services and also products.
Market focus: Vertical
Management approach: Fully managed platform
Revenue models: Subscription model
STQRY has been actively growing as a storytelling Marketplace since June 2016 and continues expanding with new products and audiences significantly. Also, you may explore the full case study of the STQRY project.
Wisio is a Fan-to-Creator (according to the types above - P2P) marketplace where social media creators share their wisdom through personal video interactions.
The project aims to encourage direct contact between influencers and their followers when both are benefited. Fans are able to learn from the experiences of their idols, while influencers get the opportunity to monetize their content.
Target audience: P2P
Product: It is actually an information-seller platform, so the products are reviews, tips, and pieces of advice recorded by influencers personally to the fans
Market focus: Vertical
Management approach: Lightly managed platform
Revenue models: Commission and Advertising models
The Marketplace was launched in March 2019, and now the work on the project continues by developing new features and ameliorating the user experience.
To learn more about the features and development process of Wisio - you can visit our case study page.
Apartolino is an example of a real estate Marketplace App, that is focused on booking and advanced search features. The Marketplace targets the Switzerland market with the goal is to simplify the process of interaction between tenants and landlords with their guests, make it legal and stressless.
Target audience: B2B, B2B2C
Product: booking and rent of apartments, houses for long-term stay (for 30 days and more)
Market focus: Vertical
Management approach: Lightly managed platform
Revenue models: Commission and Listing models
Apartolino started its activities in May 2020 and now is in the phase of active growth. Details of the development and the list of features you may read in the project case stage.
In 2024 and beyond, some modern technologies will boost marketplace app development and the type of marketplace platforms in general. These trends are poised to enhance customer experience, streamline internal processes and operations, and provide competitive advantages among other rival market players in the niche. Let’s dive into the list of these trends and find out why they’re so prominent and helpful nowadays.
AR and VR are truly revolutionizing the way customers now interact with marketplace applications. Previously, they had to read carefully about the characteristics, attentively examine photos, and other steps. Now, with AR, they can get a visualization of these products in an immersive way before buying. Users can try on clothes they like, visualize furniture right in their homes, or see other products in a virtual space. In this way, users get more information about the products, leading to more informed and conscious purchases.
From the business perspective, AR/VR reduces return rates as this technology allows for a more accurate representation of products compared to photos. Hence, customers know better what they buy and have more realistic expectations. Additionally, it is a very engaging and lively process for people. With AR/VR, app users can stay within the app longer, which is also very good for business, as people remember the business better and are more likely to return for another purchase.
IKEA Place can be a good example. They use AR through the app, allowing users to place true-to-scale diverse 3D models of IKEA furniture in their own space and assess whether they like the fit or not. Therefore, customers are more confident in their decisions.
Blockchain’s decentralized nature provides a high level of security and protects user data and their transactions from different kinds of fraudulent activities. The major benefit for users is that they can be sure their transaction history is transparent, as all the parties are involved and are accountable for their actions.
Businesses can also benefit from integrating blockchain into their operations. With this technology, they can avoid cooperating with intermediaries and thereby lower transaction costs. Using blockchain also strengthens the platform's trust with users and partners.
The famous marketplace Alibaba uses blockchain technology to make its supply chain more transparent. They track products from production to delivery, reducing the risk of selling counterfeit goods. This significantly increases the trust and security of consumers and suppliers.
Artificial Intelligence (AI) is transforming marketplace app development by providing personalized experiences and automating various processes.
AI can enhance the user experience for platform customers significantly. AI can analyze users’ behavior on the platform and then suggest products and goods that match what they’re looking for. It inspires people to stay longer and eventually find the best product they want. Additionally, AI can serve in customer support in the form of an “always-available chatbot helper.” Unlike human consultants, AI can work 24/7 to provide instant support and resolve simple user queries quickly and effectively, even without human intervention.
All these improvements directly impact businesses in the form of better sales, because when users find what they are looking for with AI-powered recommendations, they are likely to buy instantly. Chatbots allow automation of customer service, making it always available and saving human resources for other tasks.
Amazon stands as a great example of a product that utilizes AI for personalized product recommendations and powers its customer service chatbots. Consequently, these AI features help this product stay competitive and steadily drive sales growth.
This technology makes users' experiences more convenient. For instance, IoT-enabled robots can reorder products when they’re running low. Additionally, they can receive real-time information and updates on the availability of the product and its delivery status.
For businesses, this technology can also be a great advantage in reducing stockouts and overstocks. IoT helps track inventory levels and avoid such situations. Another way of using this technology is collecting data on how users interact with the products, analyzing it, and taking measures to improve their experience.
For instance, Walmart actively and successfully uses IoT for its supply chain. As a result, this national store chain most of the time ensures timely delivery and reduces losses from management mistakes.
This trend is gaining popularity because it allows users to make their purchases using only voice commands. It is handy and fast compared to more traditional ways of buying on marketplaces. Such functionality is beneficial, and users get more engaged and are more likely to be satisfied with the opportunity to shop faster.
Marketplaces get the opportunity to speed up the sales process for people and gain more revenue from those who value speed and convenience.
A good example is Google Shopping Actions. This feature allows users to shop with voice commands through Google Assistant, their other product. Users get a seamless shopping experience, and Google, therefore, upgrades its sales process.
Yes, the Marketplace Apps market is booming today. To stand out from the crowd and win customer loyalty - a strong idea at the core of the product plays a key role.
However, having an idea of a cool and valuable platform for users - is good. But how it will be implemented and how you will get the most out of it - this will determine the success of the final product.
We hope that after reading this article you have formed a general picture of what Marketplace Apps are and what their place is on the global digital market today. And now you can look more realistically at the development of your product.
If you have any questions, need help in evaluation, or starting your project development by experts with 8-years of experience in Marketplace Apps development - contact us.
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