How a Custom Marketplace App Can Drive Business Growth

June 24, 2022
How a Custom Marketplace App Can Drive Business Growth

What Is a Marketplace Mobile App?

If you are interested in building a mobile app, you may wonder what a marketplace mobile app is. This article will provide a comprehensive overview of marketplace mobile apps, their features, and business model, as well as real-life examples of how our own platform at enCappture helps businesses solidify their brand and offerings to drive growth.

Marketplace apps are the hottest new trend in mobile apps as these apps are designed to aggregate multiple like-minded businesses, products, services or interests all into one place and offer an incredibly convenient experience for the users. 

For instance,  if you loved a specific sport like golf,  what if you were able to have a marketplace mobile app that helped you connect to local businesses offering all things related to golf. This app would give you instant access to training videos, open tee times in the area, booking with golf coaches, and even discounts on all things related to golf in your area. That would be convenient for you, and it would benefit all the businesses who are on the app—that is a marketplace app! 

Keep reading for more information! Listed below are some of the most common features of a marketplace mobile app and a few examples of such companies using enCappture, the best platform for building them.

How a Custom Marketplace App Can Drive Business Growth

Generating Business Growth

The business model that most marketplaces use to generate revenue is to charge a commission on transactions. Marketplace apps can charge a flat fee, a percentage of the transaction, or even a combination. This model is highly popular for marketplace mobile apps such as Etsy. In addition to commission models, marketplace apps can also use membership models to generate revenue. Membership fees can provide valuable benefits for customers and sellers, with monthly services and high-quality, 1-on-1 user support.

Features of a Marketplace Mobile App

When developing a marketplace mobile application for your business, it’s important to consider the needs of your target audience. It’s a good practice to study the demographics of your ideal users and to better understand their needs. You must also consider the different types of users, from buyers to sellers, and choose features that suit these groups. Listed below are some must-have features for your marketplace mobile apps, as well as some tips to help you create the best marketplace app for your business.

Easy registration: Providing easy registration options is critical for customer retention. It should be possible to log in with a single touch to simplify the registration process. 

Search features: An app should have effective search capabilities to help customers find the product they are looking for faster. It should also be easy to use. A marketplace mobile app should also be able to handle payments securely and support payment via various methods. Customers want to buy products they can use immediately, not to pay for items they don’t need.

A marketplace mobile application must also have a user-friendly registration process. Many users won’t abandon the app once they register. A quick registration process can help your marketplace mobile app retain many users. In addition, registration should be short and simple. It should also support several payment methods, such as credit cards and PayPal. If you have a mobile app that integrates all of these features, you can expect a high number of users.

How a Custom Marketplace App Can Drive Business Growth

Business Model of a Marketplace Mobile App

When developing a marketplace mobile application, you must know your audience and their needs. A successful marketplace app can attract customers by offering special promotions and discounts solely through the mobile app that users can only access upon registration.

The marketplace app should also provide support and service through callback buttons or text-based chat. If possible, use a chat feature that lets users attach files or other information to help resolve any disputes or issues. A marketplace app that includes chat support will help solve issues faster.

The best marketplace mobile apps use a framework that is easy to customize, maintain and frequently update. enCappture makes it easy with your own dedicated consultant who can oversee your app updates and help you along the process of getting your custom mobile app launched in weeks.

Analytics is Crucial for a Marketplace Mobile app

Marketplace mobile apps should be designed with analytics in mind. You can use these metrics to understand how to increase your Customer Lifetime Value (CLV). This is a way of calculating how much a user will likely pay your company over a long period and how many times they’ve purchased (and will purchase in the future). The more users that make frequent purchases through your app, the higher your customer lifetime value will be.

Marketplace mobile app analytics can help you make informed decisions about product development and ongoing marketing strategies. Without analyzing user behaviour, companies can become unfocused. Many new businesses launch a mobile app without considering the data it collects. For example, they might track metrics, including the number of downloads, the app’s ranking in app stores, and how long users engage with it. This data can help you determine the most effective way to reach your audience.

How a Custom Marketplace App Can Drive Business Growth

How to Build a Marketplace Mobile App

Some marketplace apps are just an extension of brick-and-mortar businesses, while others are entirely digital. Companies have used marketplace apps for major events, registration, and more. 

Professional athletes, entertainers, and celebrities have employed the use of marketplace mobile apps to deepen their connection with their audience, customers, and users, who feel a more personalized, direct line of access to the company. The marketplace app also allows for lots of different income-generating opportunities, and with real-time analytics and tracking, you can make the most of your brand’s 

The Traditional Method of Building Marketplace Mobile Apps 

To build a thriving marketplace mobile app, you’ll need to choose between iOS and Android platforms, React Native, or some other combination of these platforms. You should first decide what kind of marketplace you want to build, how much you’re willing to spend on a mobile app, and what sort of financial model you will use. A marketplace mobile app can take many months to build, requiring a software development team to quickly get a minimum viable product out. This team may include software developers, project managers, business analysts, UI/UX designers, and QA engineers.

The Done-For-You Mobile App Building Platform

Getting your custom mobile app launched and ready to connect you with your loyal following does not have to be an intensive process with months spent in app development and coding.

At enCappture, we aim to empower businesses with the best marketplace mobile apps to increase user engagement and drive growth through revenue. Our platform makes it easy to get your custom, branded marketplace mobile app live on the iOS and Android official app stores in WEEKS instead of many months. 

Case Study: Successful Marketplace Mobile Apps

The Cager Sports App and the Western Edge Rodeo App are examples of successful marketplace mobile apps created in collaboration with our team at enCappture. These are two of the many companies we’ve helped by creating marketplace apps with practical and intuitive features to help make life easier for both the users and our clients. The app Users need to feel at ease and comfortable interacting with your brand, able to find the information they need immediately, and contact customer support to answer questions and concerns.

How a Custom Marketplace App Can Drive Business Growth Blog Image

Cager is a very successful booking app that includes in-app payments, automated appointment reminders, and daily promotions, while Rodeo is a management app that will help riders access the tools, help, and information they need. Cager provides real-time scheduling services and GPS-based regional listings, so users will find everything they need in one place. It is the official booking app of Diamond Nation, which is a baseball and softball training complex. 

The Western Edge Rodeo marketplace app helps bull riders with branding, management, and sponsorships, and all users’ needs are taken care of under one roof. It also aggregates fan resources and merchandise all in one convenient place, in the marketplace app. 

When you boil it down to the basics, modern digital tactics and strategies to improve customer loyalty and craft convenient customer experiences will help set you miles apart from your competition. Elevate your business and digital brand presence by providing your customers, prospects, and leads with the ultimate digital tool to connect with your brand. With limitless features, integrations, API capabilities, and a seamless onboarding process, enCappture can help you accelerate your business growth.

enCappture’s Custom Branded Mobile App Builder

If you have questions regarding custom mobile apps or want to speak to a mobile app builder for your business, contact our expert custom-branded mobile app builder team. Our skills, knowledge, and experience will provide you with a live, turnkey marketplace app in as little as three weeks! 

If you are interested in learning more about how a custom marketplace app can work for you, get in touch with our team. Get started to revitalize your brand presence and business bottom-line today!