No wonder we all spend a lot of time on online shopping. While looking at gadget usage, we are much more reliable on mobile apps as compared to desktop websites. All the marketplaces have mobile apps for users, be it Amazon, eBay, or ETSY. The apps we use to shop from Amazon or eBay are not native mobile apps, rather they have added extensions to their websites.
This is one of the cost-effective and reliable ways to create a marketplace mobile app. Adding a mobile app builder extension could help you build your marketplace mobile app effortlessly. KnowBand’s Advanced marketplace with a mobile app builder can help you create a marketplace application for platforms like PrestaShop, Opencart, and Magento. All your website data will be in real-time synchronization with the mobile app.
A marketplace involves three entities, the marketplace owner, sellers, and customers. When creating a marketplace for your brand or as your startup business, make sure you clearly understand the reliability of each of the three entities on the other two.
Without a customer base, sellers won’t come to your marketplace and with limited products and sellers, your marketplace will struggle for organic traffic. The Chicken and Egg Problem of the marketplace is not new! We have examined the pain points of the marketplace and curated this blog that you might like.
There are several key benefits of an online marketplace for all, admin, seller, and customers.
To earn profits, every marketplace follows different business models. This creates room for more revenue through different channels. You can either earn commissions from the sellers or take membership charges or sell products from your brand. A marketplace is a place for earning money while you sleep.
Simply defined, mobile marketplaces are programs created exclusively for simple and convenient buying on a mobile device (e.g. smartphone or tablet). They should not be confused with independent retail apps. The independent retail apps are the native apps that are specially created for mobile devices but the marketplace mobile apps like Amazon are extensions of the marketplace website.
- Only in the United States of America, e-commerce accounts for roughly 10% of retail sales, with that figure expected to climb by around 15% per year.
- In the United States alone, retail e-commerce sales totaled 156 billion dollars in 2017. Furthermore, 82 percent of internet users in the United States said they’ve used their smartphones to make purchases.
- Retail e-commerce sales worldwide reached 4.28 trillion dollars in 2020, with e-retail revenues expected to reach 5.4 trillion dollars in 2022.
- A study suggests Amazon app users spent an average of 12.843 billion minutes per month in the app, compared to 2.352 billion minutes per month on the Amazon mobile site.
These days, the online market is at its pinnacle. Many entrepreneurs and retailers are considering developing their own marketplace app as the need for online marketplaces grows. It may be one reason that you are reading this article.
I’ll go through a few key points that will assist you in developing an online marketplace Mobile application.
The Advanced Multi-vendor Marketplace includes the Mobile App for marketplace customers that give access to products and inventories of multiple sellers. It will be in real time-synch with the marketplace created by KnowBand’s Marketplace module.
Customers can now buy services and products online using their smartphones and shopping applications. You need a responsive mobile application for your marketplace as well. It’s not enough to have a website to stand out from the crowd.
Don’t be concerned! The Advanced Marketplace Module by KnowBand is a one-stop solution. With the advanced solution, you get the marketplace module and the mobile app for your customers. The mobile app plugin is simple to use, and KnowBand professionals will assist you in creating a tailored marketplace mobile app.
App development might take anywhere from three to nine months, depending on the app’s complexity and the structure of your marketplace. You won’t have to wait any longer with this ready-made solution, because the app will be ready to launch in a couple of days.
React Native was used to creating the app. As a result, it’s compatible with both iOS and Android, allowing you to reach a wide range of mobile customers.
The eCommerce Mobile App inventory and the eCommerce website inventory are properly synchronized. The shop manager does not need to make any additional effort while using the Advance Marketplace Mobile App solution.
Marketplace Mobile App Features:
Your company’s name and logo will appear throughout the app. KnowBand’s logo will not be visible to your customers. It allows you to change the color and theme of the marketplace mobile application.
It is easy to find products with basic search and voice search options. Customers can locate a product in various categories from the left menu or the category button.
The marketplace mobile app also allows customers to switch the layout of the product page. It offers complete freedom to sort and filter the search results.
It also provides easy access to seller profiles and their shop from the app. Customers can check out the individual merchant store.
Push notifications are the best way to increase customer retention. However, sending messages keeps them informed and engaged with your app.
The Zopim (Zendesk) and WhatsApp chat functionalities are supported by the Marketplace App Maker. This feature allows customers to communicate with the business administrator 24 hours a day, seven days a week.
It also assures secured payment and shipping. The Marketplace mobile app has several login choices like social media, email login, OTP verification login, or using the fingerprint sensor. Besides this, the app supports all the payment and shipping methods you have been using in your marketplace.
The Marketplace module and mobile app builder advanced solution is available at a pocket-friendly cost when compared to the cost involved in making an app from scratch. Also, there are various discounts available on the KnowBand store.
Let us understand the working of the marketplace module as it is the platform where the admin and seller will manage everything from inventories to shipping.
The Multivendor Marketplace’s Key Features:
Managing a marketplace is a daunting task for the admin as well as for the sellers. The KnowBand’s Marketplace extension has a distinct admin panel and a functional seller dashboard is a part of various marketplace extensions (PrestaShop, Magento, and OpenCart).
The marketplace admin has complete control over the seller’s operations. Every step in the process, from seller registration to shipping, can be monitored by the store admin. As a result, the process will be transparent.
The UI of the marketplace admin panel is technically advance and makes the configuration process breeze.
- Quick Seller Registration
Sellers can join the marketplace by registering on the website. Store administrators can set commission rates and allow vendors to request additional product listings with KnowBand’s Multivendor Marketplace.
- Track seller’s activities
Along with this, the Marketplace module allows administrators to keep track of vendor information and records. The eCommerce retailer can even see the commission history of the vendor.
- Easy Inventory Management-
For an eCommerce merchant, inventory management is a time-consuming process and difficult as well. The Multi-Vendor Marketplace makes inventory management and maintenance a breeze for store managers. It has a bulk upload feature for product listings.
- Detailed Reports
Business Analysis is equally important. For better understanding, the admin of the marketplace can analyze the order reports, category request data, payout request data, seller’s orders, seller and product review sheet, etc. These data will help the store owner to plan out the marketplace marketing strategies.
There are thousands of features that the marketplace plugin offers. Click here to know more about the admin panel settings, benefits, and seller functionalities.
Check out some live demos of the Marketplace Mobile App Builder which are developed using KnowBand’s Advanced Marketplace Combo Pack.
An Incredible Success Story of eCommerce Handloom and Handicraft Marketplace ‘Cottage Emporium’
You can contact the KnowBand expert team at firstname.lastname@example.org for marketplace development or eCommerce website solutions. We’ve been assisting clients all over the world for the past 12 years and counting. Let us know what you need and we’ll take care of the rest.