How much does it cost to create a marketplace app in 2022

eBay and Amazon dominate the online marketplace with over 600 million active users and about 1,000,000 new sellers joining every month. These statistics show how popular online marketplace apps are.

In today's digital age, building custom marketplace apps is an excellent investment idea looking at the popularity among users. Like e-commerce, online marketplace mobile apps aim to connect customers with the right services and products. There are also many applications in the same category, such as business application market, investment market, etc. However, in this blog post, we will look at the features, costs, and estimates of mobile apps for online marketplaces.

Let's Take a Look At Some Market Statistics For E-commerce

• The online shopping market generated approximately $ 2.3 billion in sales in 2017.

• It is expected to reach $ 4.5 trillion by 2021 as a result of continued growth.

• In the United States of America alone, e-commerce accounts for around 10% of retail sales, with that figure expected to grow by around 15% per year.

The online marketplace is at its peak these days. Many startups and retailers are considering developing their own marketplace apps in response to the growing demand for online marketplaces. Let’s have a look at different types of online marketplaces;

The Different Types of Online Marketplaces

• E-Marketplace with a focus on Suppliers

• E-Marketplace That Caters to Buyers

• Self-contained e-marketplace

• E-Marketplace, both vertically and horizontally

Target Market For E-commerce

Depending upon the target audience there are three types of e-commerce platforms;

• B2C (Business to Consumer) (Business to Customer)

• B2B (Business-to-Business) (Business to Business)

• C2C (Community to Community (Customer to Customer))

Features of Marketplace App Development

If you want to build a successful marketplace mobile app, make sure that most (if not all) of the following features are included:

1. Virtual and Augmented Reality

Most mobile marketplace apps now include augmented reality (AR) technology, which allows users to visually evaluate goods and services before making a final payment.

2. Use of Social Media

One of the most effective ways to allow customers to use the e-commerce marketplace mobile app. It's not just a one-click login. Additionally, your online marketplace application should allow simple input. Users should be able to access their mobile applications via Gmail, Twitter, Facebook, or other social media platforms with just a few clicks.

3. Search Option For Advanced Users

This is a simple but important feature because it effectively sells your product (after all, to buy a product or service, you must first find it in your portal, right?) A variety of advanced and effective search options are Available, including the options listed below:

4. Search By Voice

Voice search is becoming more popular. Voice search is expected to change the way people search for services and goods in the near future. This means that the product information must be compatible with the voice search parameter, and you must customize it appropriately.

5. Photo Shopping

Buyers can easily locate a product using this feature even if they do not know the name or brand of the product. They just need to click on that product and find this image using the created image. 

This type of interaction will quickly gain traction with your online marketplace. How many eCommerce giants have this feature in their mobile apps?

How Much Will it Cost To Develop a Marketplace Like Mobile App in 2022?

Developing a mobile app for an online marketplace is a difficult task. It is difficult to estimate the cost of developing such an app. Essentially, the cost of Marketplace mobile app development is determined by three factors: the platforms on which the mobile application will be developed, such as Android/iOS/cross-platform (Flutter), the size and complexity of the marketplace app development cost, and geographic location of the development company. When it comes to per hour cost the rates varies for different location, for example:

• App development company based in Middle East/UAE/Dubai: $15-$22 per hour

• Mobile App Development Company in the USA: $70-150/hr

• Mobile app development company in Eastern Europe: $50-150/hour

• Mobile App Development Company in India: $12-80/hr

The cost of custom marketplace mobile app development for a mobile app development platform, including overhead charges, would be around $10,000-$20,000. 

Meanwhile, if you hire an app development company to add more advanced features to your mobile app in Dubai, the United Arab Emirates, the US, Europe, India, or elsewhere, the cost will rise to $25,000 or more.

Tips For Choosing The Best Marketplace App Development Firm:

You can choose the best online marketplace software development company based on your specific needs.

1. Look at the Company's Portfolio:

2. Interact with the Mobile App Developer to check their expertise:

3. Checking Company Reviews and Testimonials on Rating Sites:

4. Determine whether the development cost is within your budget:

5. Verify that the app developer follows current UI/UX design trends:

6. Verify that the company has met the deadlines of all its previous projects:

7. Determine if the Company Provides Post-Publishing Support:

These pointers will help you find the best online marketplace web development company for your project. Make sure while hiring an app development company for your project, you ask them everything related to the development and see how openly they communicate about the complete process.

Let's Wrap Things Up

I hope this blog has given you a better understanding of online marketplace mobile apps. To make your online marketplace app work in a totally different way, you'll need the features listed above.

Choosing the right app developers is an important aspect of a successful app. For your project, you need to select the best white label nft marketplace development company. Make sure the company or developers are familiar with all the features and have extensive experience developing similar applications.