How Much Does It Cost to Develop A Marketplace App | EightDevs Studio
We materialize your desires

Marketplace App Development: Cost and Process

  • Xenia Liashko
  • 2020-04-21 18:04:00

e-Commerce is as old as time, but digital marketplaces and e-commerce websites have mushroomed in recent years with the advent of mobile phones and tablets and the rise of online shopping. Amazon has spoiled the convenience of online shopping, but there is no way back, and now is the right time to ride the wave.

Achieving a leading market platform is indisputable: online sales of physical goods in the US reached $504.6 billion in 2018 and are projected to exceed $735 billion by 2023. The cost of developing a shopping app depends on its functionality, but how much would it cost to develop one? Imagine developing an intermediate e-marketplace like eBay or Amazon, where the interaction between sellers and buyers is coordinated, how would you build it? Help us find out the costs and benefits of a plan that is likely to deliver your income.

Analyze The Market

Competitive analysis can focus on a particular country, continent, or global competition. For example, if you're trying to compete directly with the e-commerce giant Amazon, you need to try to compete. For this reason, we have decided in our sample analysis to focus on niche solutions in the e-market. In general, it is better to build a business model for a niche market (e.g. a mobile app) and then see how the business works. With swot analysis, you can create a list of features that make your app successful and profitable. We have tried to focus on the important factors that predict the success or failure of an app.

The next step in market analysis is the creation of a product definition and the value of your offer. As you can see, we have made the most of our shopping application with the help of the Swot analysis in our sample analysis.

Define Your Marketplace App

The benefits your app offers your customers will determine whether or not people press the "buy" button. To understand your value proposition, answer the following questions: What are the benefits of the app, and what do you need to have to make it work?

Ultimately, the benefit of the product or service your company sells is not just the app itself, but also the value of the service. The target customer for your product or service will be more interested in the value of the service than in the product itself, not the app itself. It's hard to be different when the key product features are pretty much the same across all your apps, so make your offering unique. You can win by offering added value that can be as simple as a discounted price or something that is attractive to certain buyers.

Create A List Of Features To Increase KPIs

Before you commit to a particular type of app, you need to prioritize what you expect from the app. Choosing which indicators are your priorities allows you to define the design of the main features of your marketplace app and vice versa. KPIs are an important indicator of the quality of your app and its ability to embed lifelong values in it. KPIs are the number of active users, the volume of traffic, and the level of participation in the app.

Learn About The Cost Of Marketplace App Development

Now we have finally reached the point where we estimate the cost of developing an online shop. KPIs that help you find the most cost-effective and effective way to develop an app for your business, from start to finish. After all, Yalantis develops apps every day and knows that thorough planning and evaluation is the most important factor in the development of an e-marketplace app development process. The cost of developing an app or customized marketplace software depends directly on the number of hours a developer spends developing it.

Marketplace App Development: Eightdevs Recommendations

Taking into account the potential risks and opportunities, we recommend the following approach to developing a cost-effective app for your niche market. First, focus on the most important aspects of your app, such as the user experience, interface, and functionality. Create a basic app and test it on a small number of users to get initial feedback.

Once you have identified the most desirable and profitable features, extend them to a larger number of users. SEO is also a great way to search by optimizing your search results using filters. Search engines keep important information readily available, such as the location of the user, the search engine, and the type of user.

Make sure you provide a clear and detailed description of your app and optimize the keywords for the App Store, such as the name of the app, the number of users and the user type.

Keep it simple and include a detailed form for complaints and suggestions, and be prepared to respond promptly. Some customers prefer discounts in just a few steps, so work with customer service as much as possible during their working day.

If you think about how to create a marketplace app, you will be able to develop a competitive solution. Would you like to familiarize yourself with our experience in the development of marketplace software? We are happy to support you but do not hesitate to contact us.