At RewiSoft team we’ve successfully developed over 40 marketplace web platforms and apps. With extensive expertise and deep global market knowledge, we use the most innovative technologies to develop top-notch products for our clients.

We’re pleased to share our experience with you in a comprehensive guide. Here’s what you’ll find:

• The Latest Trends: Stay updated with the newest marketplace mobile app development trends
• Innovations for 2024-2025: Discover the cutting-edge innovations that will impact the industry in the coming years.
• Cost Considerations: Understand the various costs involved in developing a marketplace platform.
• Our Technology Stack: Learn about the advanced technologies we use to build a marketplace app.
• Popular Marketplaces by Category: Explore the most popular marketplaces categorized for easy reference.

What Online Marketplace Defines?

An online marketplace is an e-commerce platform and / or service that links sellers with buyers. Two main features characterize an online marketplace:

1. Sellers and buyers trade on the same website or mobile marketplace app.
2. Buyers can finalize their purchases directly on the platform.

Did you know that by 2027, online marketplaces are expected to bring in $5,000 billion? That’s almost 60% of all e-commerce sales worldwide!

These statistics show the huge opportunities in the marketplace industry. Thinking about build a marketplace app or website? Our experts can confirm it’s a very profitable move right now.

Critical Trends in Mobile Marketplace App Development

Insights for Leading the Market

These marketplace trends are essential for success. Discover how adopting these insights can elevate your product to a market-leading position. 

• Mobile Phones’ Dominance in Purchases

Mobile devices are becoming the primary tool for shopping, with their impact on the marketplace projected to grow from 2024 to 2027:

Global mobile e-commerce sales are expected to reach an impressive $3.4 trillion by 2027. To keep up with the competition, developers need to focus on mobile-first strategies, enhance the user interface (UI) and user experience (UX), and create fast, responsive, and adaptable systems to keep pace with the rapid advancements in mobile technology.

• The Rise of ‘Buy Now, Pay Later’ and BOPIS Models

The ‘Buy Now, Pay Later’ (BNPL) and ‘Buy Online, Pick Up In Store’ (BOPIS) models reshape retail by offering more flexibility and convenience.

This model has gained significant traction, empowering customers to collect their online purchases at physical stores. It instills a sense of confidence as customers can inspect items before committing to the purchase, inspiring a new era in retail.

The global BOPIS market is expected to grow to $703.18 billion by 2027, with an annual growth rate of 19.3%. Major retailers like Zara, Walmart, and H&M have successfully integrated this model, enhancing shopping convenience significantly.

• Hyper-personalization: Key to Success in Online Shopping

Hyper-personalization has become crucial in the online shopping world. Both shoppers and businesses expect shopping experiences tailored to their needs. Now, it’s not just a luxury; it’s a necessity.

Here’s how to implement hyper-personalization effectively:

• Create offers that cater to individual preferences.
• Send personalized messages that connect uniquely with each customer.
• Offer special promotions, discounts, and promo codes tailored to user interests.
• Provide multiple payment options to make transactions smoother.
• Reviews are essential: 99.9% of online shoppers read reviews before purchasing, using testimonials to gauge product and service quality.

Success depends on tailoring every interaction to captivate and satisfy customers. Imagine a customer receiving recommendations specifically based on their browsing history, along with an exclusive discount on those items. This approach not only adds value but also builds a personal connection with your platform, setting your e-commerce solutions up for success in 2024 – 2025.

• Diverse Payment Options

In 2022, digital wallets became the leading method for global e-commerce transactions, making up about 50% of all payments. This dominance is expected to grow, with estimates suggesting their usage will increase to over 54% by 2026 [source: Statista]. On the other hand, the use of credit cards is expected to decline in the coming years.

The data clearly shows that improving the online shopping experience involves expanding payment options. The top payment methods currently in the marketplace include:

• Credit cards
• Google Pay
• Apple Pay
• Cryptocurrency and blockchain technology

Providing a variety of payment methods not only meets customer preferences but also significantly enhances conversion rates.

• Chatbots & Rapid Response Systems

Most people who are spearheading e-commerce sales are 18 to 34 years old. This group prefers instant messaging to traditional phone calls, underscoring the need to integrate tools like chatbots into online app marketplaces.

Chatbots are becoming essential for enhancing the customer experience. They swiftly process customer inquiries and deliver personalized responses, acting as virtual shopping assistants.

These tools are helpful for answering queries, recommending products, and streamlining the shopping process—a major advantage for customers who are often multitasking.

Beyond basic queries, advanced chatbots handle intricate interactions and provide detailed responses. The ongoing advancements in chatbot technology are crucial in defining the future of online marketplace app development.

Build Your Own Marketplace App with us

Our Approach How to Achieve Success in Marketplace App Development

• Experience

At RewiSoft, we have served 80+ clients worldwide and completed over 40 projects in the field of mobile app development and web platforms. Our experience has prepared us to tackle even the most challenging issues effectively.

• Common Challenges We Solve

When we take on a new project, you can be confident that we approach it with assurance, utilizing our expertise to guarantee success. Take a look on common marketplace channels we solve:

• Marketplace Development Process

We deeply care about each client’s experience, ensuring that we find tailored solutions that guarantee success. Here’s an overview of how project realizations unfold, showcasing all the stages involved:

• Technology Stack for Building Marketplace Platforms

We employ a comprehensive suite of technologies to build fully functional and efficient marketplace app and web platforms. This ensures that every platform aspect is optimized for performance and user engagement.

• Marketplace Web Platforms and Marketplace Apps
  We Can Develop from Concept to Launch

• We support you even after your project goes live

Free Bug Fixes for 1 Month: To ensure smooth operation, we’ll fix critical bugs for free for the first month after launch.

Hourly Support for Other Needs: Your project’s needs may change. That’s why we offer flexible, ongoing support to ensure your marketplace operates seamlessly, no matter what.

Typical Support Includes:

• Dependencies Update: Ensuring your project stays up-to-date with the latest dependencies.
• Bug Fixes: The swift resolution of any issues encountered
• Change Requests: Implementing modifications to meet evolving needs.
• New Features Development: Extending the functionality of your project as per your specifications.

Explore Our Succeed Realized Projects in Cases.

The Importance of Multichannel in Marketplaces

When it comes to multichannel marketplaces, every marketer can prove that with multichannel selling, you can reach a much larger target audience than you could ever reach from just one sales channel.

Well, maybe you can think it’s much more costly to develop both an marketplace app and a web marketplace platform. However, selling on multiple channels should bring in more value than the cost of setting up those retail channels.

• What is multichannel selling?

As the name suggests, multichannel selling refers to the process of selling products or services through multiple retail channels. These can be your website, social media, affiliate sites, marketplace apps, or physical sales channels.

Did you know choosing the right multichannel selling strategy can boost your product’s reach and customer accessibility? Multichannel sales can let your business adapt to rapidly changing market trends, reach new customer segments, and respond to emerging trends effectively.

The following section will explore the advantages of a multichannel sales strategy in marketplace development.

• Main Channels for Marketplace Platform

Your multichannel sales strategy can use various physical and digital channels. However, let’s concentrate on the most critical channels for marketplaces: Mobile Apps and Websites.

Marketplace Apps Advantages

• It’s a convenience: A seamless shopping experience + user-friendly navigation + quick checkout processes = bigger chance of getting a checkout. A well-worked, intuitive design ensures users can easily find what they want.

• Engagement: Push notifications, In-App messages, and personalized content are helping to engage users. You can promote special offers, discounts, and updates in your marketplace app to encourage repeat visits.
• Accessibility: Marketplace apps let users shop anytime and anywhere, increasing the likelihood of spontaneous purchases. Having an App means being present on a user’s device, which means they are just a tap away from your store, making it easy for them to browse and buy on the go.
• Enhanced User Experience: Features in the marketplace apps, like saved preferences, wish lists, and personalized recommendations, can enhance the shopping experience, making it more enjoyable and efficient for users.

• Loyalty Programs and Rewards: you can implement a loyalty program that rewards customers for purchases and interactions. Many companies offer small discounts in exchange for downloading the application.
• Offline Functionality: Some Apps can be handy for users in areas with poor connectivity.
• Security: A very important factor: Apps can offer enhanced security features for logins and payments, which provides users with confidence that everything is secured

Marketplace Website Advantages

• Broader Reach: Websites are accessible from any device with internet access, reaching a broader audience. This universal accessibility ensures that anyone with any device can visit your marketplace.
• SEO Benefits: One of the very important pros of SEO is that Websites can be optimized for search engines, making it easier for potential customers to find your marketplace through search queries. Effective SEO strategies can boost your site’s visibility on search engine results pages, driving more organic traffic and attracting users.

• Enhanced Analytics: Websites provide robust analytics tools that offer insights into user behavior, traffic sources, and conversion rates. This data is vital for understanding customer preferences and optimizing marketing strategies for better results.

• Content Marketing: A website allows you to implement content marketing strategies, such as blogs, articles, and video reviews. It can attract more visitors, leading to higher engagement and conversion rates.

In conclusion: both channels are highly effective for marketplace business model, so your choice ultimately depends on your needs and goals. To determine which option is best for your business, feel free to reach out to our experts for personalized advice and guidance.

How Much Does It Cost to Build a Marketplace App & Platform?

Development Prices at RewiSoft:

Marketplace Mobile App Development: Starting from $30,000

Marketplace Web Platform Development: Starting from $30,000

The cost to build a marketplace application & platform can vary widely depending on several factors. These include the complexity of features, the mar platform (iOS, Android, web), design requirements, and the development team’s location and expertise. Understanding these variables helps in budget planning and setting realistic expectations for the development process.

Let’s Dive Deeper into Each Factor Forming the Final Cost

Several key factors come into play when determining the final cost of building a marketplace app. There are detailed Cost Factors in Mobile Marketplace App Development:

• Feature Set

The feature set of a marketplace application is pivotal to its functionality. It includes the backend infrastructure that supports core operations, a content management system (CMS) for efficient updates and management, and integration with third-party services such as payment gateways and analytics.

The complexity and number of features and integrations directly impact development costs, as more advanced capabilities require additional time and expertise to implement effectively.

• Platforms and Devices

Choosing the platforms (iOS, Android, web) and the range of devices your app will support significantly affects costs.

Additionally, supporting older device generations can increase development efforts, requiring extra testing and adaptation to ensure compatibility, thereby driving up costs.

• Technology Stack

The technology stack refers to the combination of software and tools used to build a marketplace app and platform. This choice affects both the initial cost and the app’s long-term performance.

A robust technology stack can make your marketplace product faster, more reliable, and easier to expand with new features. While using advanced technologies might increase initial costs, they can save money over time by reducing the need for frequent updates and minimizing downtime.

• App Maintenance

Post-launch maintenance is a crucial aspect often overlooked in initial cost assessments. Regular updates are necessary to improve features, fix bugs, and adapt to new operating systems and devices. Allocating part of your budget for ongoing maintenance ensures the app remains competitive and functional, securing a return on investment and extending the app’s longevity.

At Rewisoft, we offer free post-launch maintenance for the first month.

• Localization

Localization is essential if you plan to launch your app in multiple markets. Adapting your app to different languages, cultures, and legal requirements can significantly influence development costs. Each additional market may require specific changes, from translation and cultural customization to modifications in the payment system or data handling practices.

Understanding these factors gives a clearer picture of what drives the costs of marketplace app development. A well-planned approach that considers these elements helps develop a robust, efficient, and scalable marketplace app while managing costs effectively. Investing in quality features, a skilled development team, and forward-thinking technologies can yield a marketplace app that exceeds user expectations, ensuring its success in the competitive digital market.

Why Do Marketplaces Fail?

There are several reasons why a marketplace might fail, ranging from market conditions to execution errors. Below are some of the most common factors contributing to the failure of a marketplace:

• Lack of Market Need

Market Research: One of the primary reasons marketplaces fail is the lack of a real need for the product or service they offer. Thorough market research is essential to identify gaps in the market and validate the demand for the marketplace. If a similar project hasn’t been launched before, it’s necessary to carefully evaluate the market before starting.

Target Audience Misalignment: Misunderstanding the target audience can lead to offering services or products that do not appeal to potential users. Knowing your audience well ensures that you provide products that meet their needs and preferences, increasing the likelihood of success.

• Poor User Experience

Website/App Design: A cluttered, confusing, or unattractive user interface can deter users from using the platform. A seamless and intuitive user experience is essential to keep users engaged.

Usability Issues: If the platform is challenging to navigate or users encounter frequent issues, they will likely abandon it.

At RewiSoft, our experienced UI/UX design team has completed over 40 projects, ensuring you will receive well-functioning and user-friendly products that provide a positive experience for all users.

• High Competition

Understanding and analyzing competition is one of the first steps in any business venture. Start by researching and identifying your direct and indirect competitors. Ask yourself if your brand has a unique idea that makes it stand out.

Direct Competition: These companies offer the same products as your business. It’s important to know that customers often compare your product with your direct competitors before making a purchase decision.

Indirect Competition: These companies offer different products but provide similar content or target the same audience.

Entering a market dominated by established players without a unique value proposition can make it challenging to gain recognition. If a marketplace fails to differentiate itself from competitors, attracting and retaining users will be difficult. Ensuring your product or service offers something unique and valuable is essential for standing out in a competitive market.

Monetization Problems

Revenue Model: Selecting the wrong revenue model can severely impact a marketplace’s profitability. It is essential to choose a model that aligns with user expectations and market standards. At Rewisoft, our experts can help you identify the most suitable revenue model to ensure your marketplace effectively engages and retains users.

Pricing Strategy: Pricing is a critical factor for success:

•  Overcharging can deter potential users
•  Undercharging can make operations unsustainable.

Finding the right balance is critical to maintaining user satisfaction and ensuring long-term viability.

A Bad Customer Support

A satisfied customer is likely to return frequently, spend more, and refer friends to your business. So, excellent customer service is crucial for maintaining a solid brand reputation.

Key aspects of good customer support include:

• Listening to and Understanding Needs: Actively listen to and understand your customers’ needs and concerns to provide tailored solutions.
• Expressing Gratitude: Send gratitude messages to show appreciation for your customers’ business.
• Offering Promo Codes: Provide promotional codes and special offers to encourage repeat business.
• Implementing Chatbots: Use chatbots for instant responses to common queries, ensuring quick and efficient customer service.

Creating a positive, helpful, and friendly environment ensures that customers leave with a great impression, enhancing their loyalty and likelihood of recommending your business to others.

• Not enough Supply or Demand

Initial Traction: Gaining initial traction is particularly challenging. Attracting more participants to either side of the market without enough early users can be difficult.

Two-Sided Market Challenge: Marketplaces must effectively balance the supply and demand sides. A shortage of sellers can drive buyers away, while a lack of buyers can discourage sellers from joining the platform.

• A Lack of Brand Awareness

Every marketer knows that “Branding Doesn’t Work Without Brand Awareness.”

Trust is the foundation upon which every brand should be built. A brand without trust won’t succeed in today’s market. Selling a good product is no longer enough.

Consumers want to buy quality products from companies that share their morals, beliefs, and values.

Attracting users Without strong brand awareness is very challenging, even if your product outperforms others in every aspect. Establishing trust and visibility is crucial for any brand’s success.

Understanding these potential pitfalls and addressing them proactively can significantly boost your marketplace’s chances of success. Careful planning, continuous market analysis, and agile execution are key to navigating the complex landscape of building and maintaining a successful marketplace.

At RewiSoft, we’ve developed over 40 marketplace products and have extensive expertise. Our advanced technologies and experience ensure that your idea will become a standout success. You can trust us to make your new brand the best! Following all the advice above is crucial; with our help, you’ll be in great hands.

Top Examples of World’s Leading Marketplaces

Explore our detailed list of the largest marketplace apps worldwide, organized by country, type, and more. This is essential knowledge for anyone looking to understand the marketplace landscape. Each of the brands listed below is a leader in the industry.
Can you imagine how extensive the biggest marketplace platforms are? Let’s dive in and find out!

• The World’s Top Online Marketplaces

As you can see, Amazon and eBay dominate the leading online marketplaces, surpassing the one billion visits mark every month. These incredible results set a high bar that, one day, another giant company might surpass.

Rakuten and MercadoLibre are not far behind, boasting over 500 million monthly visits. Rounding out the top five, Zalando sees 420 million visits monthly.

• B2B Marketplaces

B2B service marketplaces are gaining significantly fast today.

These marketplace platforms offer many services specifically designed to cater to various business needs, providing a one-stop solution for all your business requirements. 

One of the most successful B2B marketplaces is Upwork. This job search platform connects freelancers with employers. Upwork, a prime example of a booming B2B marketplace, was established in 2013. Within a year, it had already facilitated freelancers earning a staggering $941 million, showcasing the immense potential of such platforms. There are many other successful B2B companies you might have heard about.

Here are a few of the most popular ones:

• CaterSpot: Catering services
• RigUp: Bidding platform
• GorillaSpace: Find and rent office space, coworking spaces, and conference rooms

Check out our B2B Marketplace Cases

• Retail Online Marketplaces

Fashion and clothing are among the most popular niches in online marketplaces. Influencers on platforms like TikTok and Instagram have significantly contributed to the industry’s growth. Instagram, in particular, offers some of the best engagement rates among social media platforms, making it a favored choice for fashion influencers.

Fashion marketplaces are prevalent worldwide, with Europe, the USA, and India holding top spots in the industry.

Are you interested in building a marketplace in the fashion industry? Here are the top fashion online marketplaces by visits per month:

• E-commerce technology platforms

Imagine going a day without using any electronic devices. It’s difficult, right? Electronics have become integral to our daily lives for various tasks. This reliance on technology has fueled the rapid growth of the electronics industry. Each year, new gadgets and innovations emerge, further expanding the market.

Are you interested in building a marketplace in the electronics sphere? Check out these top Marketplaces in the world:

Booking Platforms

Adventures today are more accessible than ever. Thanks to travel marketplaces, travelers can journey solo without fear. Booking a hotel or apartment with real reviews is now a reality. Discover the perfect local eateries, visit local attractions, and explore museums. The travel industry allows you to feel like a local in any part of the world.

Are you interested in building a marketplace in the travelings sphere? Check out these top Marketplaces in the world:

[All data mentioned above are sourced from Statista and SimilarWeb]

In conclusion, today’s marketplace industry offers a highly profitable and strategic opportunity in the digital economy. With the global market size projected to reach $7 trillion by 2024-2025, significant venture capital investments, and increasing consumer demand, the potential for substantial returns is clear.

Why Choose RewiSoft for Your Marketplace Project

At RewiSoft, we specialize in transforming your marketplace vision from concept to launch. You can trust us to deliver excellence to your future marketplace project.

With us, you’ll get:

• Market Research and Concept
• Business Analysis
• Product Discovery
• UI/UX Design
• Web/App Development
• Testing
• Launch
• Business Results
• Maintenance

Ready to transform your marketplace app idea into a successful digital platform?