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On Demand Marketplace Economy is Booming

Businesses are going online at a very fast rate; in fact, at a rate faster than expected.

In the beginning, we’d expected people will only take digital services, buy digital goods and perform eCommerce purchases online. However, with increasing use and reach of the internet, there is another type of online business model prospering alongside.

We are talking about local services here.

Who had thought there will be online repositories for listing location-wise experts for different skills and people will trust more on online profiles for choosing their service provider – be it gardening, painting, travel, hotel booking, event management, etc. otherwise?

So, in conclusion, there are four types of businesses which are online now.

  • Digital Goods Sellers
  • Digital Service Providers
  • Physical Goods Sellers
  • Local Service Providers

Do you know what’s connects them or act as a mediator for exchange of services and goods?
A Digital Marketplace.

With the rising demand for online service/good selling for the businesses, there is nothing more advantageous than launching your own marketplace. Having said that, your marketplace should be unique, feature-rich, usable, user-friendly for both parties (sellers and buyers/service providers and their customers) and appealing in visuals in order to sustain in the market.

In this article, we will give you complete know-how on what is a marketplace, why build a marketplace, what features a marketplace should have, why to take on-demand marketplace development services. So if interested in coming up with your own marketplace, continue reading.

What is a ‘Marketplace’?

The digital landscape, which allows the exchange of services or goods online, and lets the customers or buyers to get connected to sellers or service provider, is called the marketplace. From Uber to Fiverr, from Upwork to Amazon – all are marketplaces and doing very well in their industry.

Why build a marketplace?

In this fast-track era, it is difficult to win the trust of buyers, especially while selling online. While online shopping or services make it convenient for the customers to get what they want without stepping out of their home, it also exposes them to frauds too. So, they want a trustworthy way of making online purchases.
Similarly, Service providers want the security of money for the services they are providing or the products they are selling.

Alternates and Reach

Through the website of the service provider, customers have just one option. Either they can hire the service provider or go back to the web, in order to search for another service provider. The process of hiring becomes time-consuming. However, in a marketplace, customers can look at multiple profiles and make a wiser selection.

On the other side, sellers and service providers have a profile where reviews are collected, work experience is updated and projects are recorded. They get a chance to get listed in searches relevant to their skills, increasing their reach like so many people access hits.

Having Developed on-demand marketplaces for multiple businesses, we can safely say that a high-performing marketplace needs to have a few specialties. These are –

  • Mobile App / Mobile Friendliness
  • Beautiful User Interface
  • Smooth navigation throughout the app or website
  • Speedily loading sections and pages
  • Flawless Functionality

List of Feature

  • Registration and Login - The solution should have a module for registering the different type of users, such as admins, customers, service provider, etc. and secure Login panel.
  • Requirement Posting/job Search Feature - This capability of your portal or app should be crafted to make job searching and hiring simple and fast for both parties.
  • Seller / Service Provider Profile - The profile of a seller should comprise main details, skills, reviews, ratings, etc. while buyers should have payment method verification details and previous records added.
  • A Powerful Search Engine and Comparison Facility - Solution’s search engine should accommodate service takers and let them utilize advanced search facilities.
  • Messaging / Calling Facility - In order to provide the convenience of connecting smoothly and making a better decision, your marketplace should allow text/audio/video calling feature as needed.
  • Ratings and Reviews - The marketplace should make it possible for end-users to leave ratings and reviews which should be accessible for others.
  • Hiring / Purchase Options - Customers should be able to hire a service provider or buy a product, while contract details like price, deadline, etc. are being tracked.
  • Trustworthy Payment Method and Withdrawal System - Enable reliable and popular payment gateways, methods, withdrawal methods for service providers and consumers.
  • SM Integration and Referral Program - Social media and referrals are good for the promotion of service providers and sellers, while increasing your marketplace’s fame too.
  • Intuitive Dashboards and Good Reporting Mechanism - Information-rich dashboards with carefully-organized data & reports should be made available for both parties, as well as admins.
  • Notifications and Order Tracking - Users, both types, should get notifications when an action occurs. It will be better to add push notifications for providing quick updates.
  • Deadlines and Meetings - Let your product users set and modify deadlines on mutual agreement, schedule meets and update what happened on meets.

Why take on-demand marketplace development services?

Though there are a few off-the-shelf options, which could be used for launching the marketplaces quickly, never go with those.

While it is easy to launch products with these marketplace themes or templates, extending the business will be very tough with them. Also, your launched solution will not be unique in this case as many other service providers would have been using the same design. So, always hire developers to build an on-demand marketplace.

Taking on-demand marketplace services will be beneficial for you, because –

  • Freedom of coming up with unique features and user interface.
  • Extensible marketplace, hence, chances of expanding the business.
  • Robust and Secure End-product.
    author name
    Hiren Soni

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