According to research, over 60% of sales happen via marketplaces. Even most successful companies like Airbnb & Uber operate under this model. An online marketplace is a website or application that offers either brands or single providers’ products and services. Basically, online marketplace development offers a major center around a single niche.

Many business owners still have this misconception that online marketplaces are much more complex than other similar businesses because of their multi-vendor platforms. But, the fact is marketplace model is more scalable and lean for new startups. The major role of online marketplace app development is to bring vendors and customers together to drive sales through the exceptional multi-vendor platform.

Market Stats of Online Service Marketplace Industry

As per the study, around 84% of people shop for products given in 48 hours. In addition, 63% of shopping occasions began online. This has made the shopping experience easier and hassle-free as the users can easily compare the products online and make a purchase accordingly. This is why it has become easier for businesses to make a strong online presence via marketplace development.

So, if you are new to the business world and planning to go for online marketplace development, this write-up is useful to you. It throws light on everything that you should know about marketplace development.

After the invention of the latest tools and technologies, including AI, ML, and more, online marketplace development has a bright future. A recent survey predicts that online marketplace worth will reach over $1.2 trillion by 2022. Along with this, around 67% of businesses agree that e-commerce is critical for business success.

Also, the app development marketplace is offering new businesses and entrepreneurs to reach their target audience and bring in better business sales and profit. So, if you are planning to establish a strong brand presence in today’s time, online marketplace development is a must for you. For that, you can either hire mobile app developers on a full-time or part-time basis based on your requirement. Developing an app from an experienced mobile app developer will ensure both success and profit. So, get in touch with the right person.