A Proven Business Model To Launch a High-Grade Local Buy And Sell App
People mostly rely on mobile apps these days. Starting from booking tickets to ordering groceries every process is carried out with the help of respective mobile apps. These apps give a seamless shopping experience and that is the main reason for this huge ecommerce industry.
Currently buy and sell apps are getting greater response from users. Many budding entrepreneurs are fixing their minds in building buy and sell app like Letgo. Since the demand is high, today you can find a lot of letgo clone apps available in the market.
Let us first understand the growth and scope of the buy and sell marketplace in 2021.
- Around 63% of sales happen in buy sell marketplace platforms.
- 55% of seller’s gain 20% profit above margin by selling in marketplace platforms.
- 74% of online buyers use their smartphones to shop online.
- Chinese platform Taobao is the biggest online marketplace in the world.
- 44.5% choose digital mobile wallet as their payment mode for buying online.
Buy and Sell Marketplace App and how It’s works
The working pattern of any buy and sell marketplace platform app is quite simple to understand. Seller needs to create an account through which he can sell products. The admin will approve the seller and will fix the commission slab.
The seller’s products will be listed in the buy sell marketplace platform. Customers can search and find products. The marketplace can be set as first come first served and customers who pay first will get the product.
In other cases, the admin can set a bidding option and customers who bid high value will get the product. The commission will be automatically deducted from the payment and the balance can be withdrawn by the seller.
Key Features of a Buy And Sell Marketplace App
Anyone can start his own buy and sell marketplace app like letgo and can start getting visitors. But the problem is how far it is going to survive in the market. The pillar for any marketplace platform is its features and modules that provide smooth functioning. Now let us checkout the key features for running a successful buy and sell marketplace platform.
Simple registration – this is the entry point for your buy sell marketplace and users should get a user-friendly experience. So your registration process should be designed with few clicks. Never forget to integrate social media logins with your platform.
Search and navigation – customers are not interested in spending more time searching for products. They visit online marketplace as it is less time consuming. So you need to have an advanced search and filtering option that will get the exact requirement from buyers and will take them directly to the product page.
Easy product listing – your buy sell marketplace platform may have multiple sellers. You need to focus on seller features that will retain your sellers. One such feature is simplification in product listing. Allow sellers to add products in bulk and let them organize their products so that buyers can easily identify them and they will get better conversion.
Multiple payment options – an order is confirmed only when the platform receives the payment from buyers. This is the core area that needs more attention. You need to integrate multiple payment gateways that are well-known in the ecommerce industry. This will make buyers choose the payment gateway without hesitation and your conversion increases.
Admin interface – admin needs to have more automated features that will help him to run his platform effectively. Admin should have access to all resources and should be able to customize the platform whenever needed. He should be able to approve or disapprove any product or user in his buy sell platform. He should be able to monitor all activities that happen within the platform.
Social connect – the well-known fact is most of our target audiences are available in all social media channels. To get greater reach you need to provide social connect from your platform. You should allow your visitors to share product pages to their social media page. This will support you in getting more traffic as people will visit your site to check the product. Digital Parenting in the Age of Technology
SEO-friendly – without making a SEO-friendly marketplace you cannot expect branding and promotion. Only if your platform is search engine optimized you will get easy ranking in all search engines. This will help you to increase your website traffic and that leads to greater conversion. So with minimum investment you can have better marketing and promotion for your brand in the market.
Mobile –friendly – it is a complete waste if your platform is not mobile responsive. Most users use their smartphone to surf the net and to do online shopping. If your site is not mobile-friendly then definitely visitors will leave your website immediately. This will lead to an increase in bounce rate. So have responsive design that will leverage your sales and revenue.
Advanced features – when we say advanced features it includes higher technology. The trending technologies like AI and ML can be implemented in the buy sell marketplace platform and can make it more attractive and effective to handle. This will simplify your business operations as most of the tasks are completed through automation and less human intervention is needed.
How To Launch An Marketplace Buy Sell App
Building a buy-sell marketplace platform has two unique ways. You can choose any one of the option and can build your buy sell app like letgo and can promote your business and get more audience and convert them into orders
Build it from scratch – this is a long-term process where you need to hire an expert. Explain your requirements to him and make him design the platform. You can see a demo on each stage and can share the modification required with the expert. At the end you will get a perfectly tailor-made buy and sell marketplace platform. The time needed to complete the project will be long and it is very costly. If you are an enterprise then you will get more time and budget to invest in this method.
Go for a ready-made solution – this is an instant solution for your online business. If you plan to have a buy-sell app like letgo then there are letgo clone app available in the market that are ready-to-use. You can choose the one from a reputed developing company and can start your online business. The platform will have all essential basic features that are needed to run the platform and also this solution is very cost-effective. If you are a startup or a small/medium sized business then this will be a perfect choice for you.
Cost for building a buy sell marketplace platform
Now you are eager to know the costing for the development process. The costing depends on the size of the business, the number of users involved, features and modules to be integrated, what additional plugins you may require and many more.
We cannot randomly pinpoint a value as the price. We need to analyze the requirement and other factors and then we will be able to give you an estimate for building a perfect buy and sell app.
Hope you have gained enough knowledge about the buy sell marketplace platform. This is the right time to start your online business as there is a huge demand in the market. Spend time in analyzing your market and audience and come with the perfect solution to all your customers’ pain points. This will help you to survive easily in the competitive market.