The Rise of Marketplace Apps are on an Upsurge. Are You Ready?

What was once used to be a thin line between your regular eCommerce stores and Marketplace stores is now widening.

Let us nonetheless define the difference before we move on to witnessing the upsurging rise in the Marketplace Economy.

What separates the traditional eCommerce stores and Marketplace stores is the factor that in the case of former, there is usually one store who has the monopoly on the items that are sold, the cost range, and the delivery scenario.

And unlike this, in the case of Marketplace apps, there are multiple sellers dealing in a number of different products, selling the items at different cost range and having their different delivery models.

The minor line of difference between both the models is what has led to the birth of a fine line, which is now slowly widening with a number of issues that users generally show with the generic eCommerce stores.

These issues that the majority of single seller eCommerce stores come with are ones that Marketplace apps solve with ease, thus contributing to the rise in the latter.

The issues along with the rise in concepts of the sharing economy has together promised an economy that is going to rise to around $40 Billion by the time we hit 2022.

In an economy that the eCommerce industry is getting prepared for, there are some prevalent trends that would emerge between now and 2022 - playing a major contributory role in how Marketplace Ecosystem shapes up.

Let us look at what they are -

A. The marketplace economy will be Hyper-Local and Hyper-Vertical

Marketplace economy is going to get more restricted to a few selected customer demographics and areas that they operate in. So, what we should expect is a number of marketplace stores coming up offering a particular set of offerings to the users.

B. AI and Machine Learning will be Introduced

Marketplace economy will be making use of technologies like Machine Learning and AI for streamlining the whole retailer to end user transaction line. AI and ML are expected to be introduced for the detection of content abuse, promotion discrepancy, account takeover and fraud in payment, etc.

C. New Peer-to-Peer Marketplace Trends

A new economy is coming up backed with the peer-to-peer model. Instead of users buying things from retailers, they would prefer buying it from other users, like in case of Etsy or eBay.

While these are just a few trends that will be defining Marketplace economy in the time to come, the one question that will remain stable now and then is How much Does it Cost to Build a Marketplace App? An answer to which you can find in the linked article.