With 600+ million users, eBay and Amazon dominate the online marketplace world. According to Digital Commerce 360, $2.67 trillion was spent globally on the top 100 online marketplace apps in 2020. Thus, the advancement of online marketplace apps has become a significant evolution in today’s digital era.
E-commerce and online marketplace apps have become very convenient means for consumers to buy products or services online. As a result, these applications have become a noteworthy part of our lives. Developing a marketplace app packed with rich features is very essential for customer engagement. Marketplace developers should develop an e-market application with a user-friendly interface, varied spectrum of high-quality products, intelligent filters, and multiple payment options.
Let’s dive into the top 6 features essential for efficient marketplace app development.
Augmented Reality(AR)
Augmented Reality(AR) can propel your e-market growth. AR technology is significantly fast-growing. According to Statista, AR technology will be valued at over $18 billion U.S. dollars by 2023. In addition, it is predicted that consumers spending on AR embedded applications will reach up to $15.497 million by 2022.
AR embedded applications are capable of providing a fantastic user experience. As a result, it can boost your business and increase sales.
Let’s look at how marketplace apps are using AR:
1. Preview Placement
Selecting the wrong product is very common when it comes to buying a product online. To avoid such mishaps, marketplace owners can infuse a fantastic solution that AR can offer.
Preview Placement is a fantastic technology that can help you select the perfect product, and you can never go wrong with the selection. Additionally, This feature gives a real-time glimpse of how the product will look when brought into the consumer’s space.
An excellent example is the Envision TV AR app which has been recently launched by Sony Electronics. This application helps homemakers to preview how a Sony TV will fit on their desired placement area. It can also help consumers to determine which TV size is appropriate for their desired space.
2. Virtual try-on Solution
The main reason why consumers return goods or hesitate to buy online is the wrong fit or low confidence whether the product will suit them or not. In such a situation, a feature like virtual try-on is beneficial to boost consumer engagement at e-marketplace apps.
A perfect example of this is lenskart. This application is an eyeglass marketplace that facilitates users to see how the glasses will look on them, encouraging a confident purchase.
3. Voice Search
The Voice Search feature, also known as voice command, enables users to search the app or website through voice command.
Voice-enabled searches have become very popular in the marketplace world. It has brought a drastic change in the way consumers shop online. The popularity of this feature has emphasized the need for embedding voice-enabled search for marketplace apps.
Popular brands like Johnnie Walker, Dominos use voice-enabled search for a better user experience.
4. Image Search
Image search is an intelligent search engine that enables users to search the app or website by uploading a photo. With such a massive advancement in technology, language could not be a barrier. With this fantastic feature, consumers can upload a picture of an object and search for similar products online.
An excellent example of this feature is eBay’s intelligent image search. This feature bridges the gap between the actual and digital world.
5. Multiple Payment Option
Among all the necessary features essential for developing a marketplace app, an efficient and secure payment option is the most significant. Therefore, from each consumer to the vendors seek a smooth and most convenient payment method.
Your marketplace could be a step ahead of your competitors by providing multiple payment options. We have listed numerous payment options one can embed in their marketplace apps.
- Payment through Credit Card/ Debit Card.
- E-wallet
- Cash on delivery
- Netbanking/ Mobile banking
- Payment through UPI id
- Buy now pay later
Lately, the buy now pay later method has become very popular as it allows customers to purchase products on credit.
6. Customer Service Chatbot
Efficient customer service is a crucial aspect of any marketplace app. Therefore, it is significant to provide top-notch customer service to upgrade the credibility of any application.
An intelligent computer programmed chatbot is a solution to enable 24*7 consumer service. With the help of AI and machine learning, it can answer customer questions.
Future of digital marketplace
The future of the digital marketplace seems very promising, as due to the pandemic, consumers have adopted a new method of shopping through digital platforms. As a result, sellers have dropped the conventional process of selling under brick and mortar. Many retailers have shifted themselves to a digital platform. The cost of developing a marketplace app is a bit on the higher side for an individual retailer, so it is best suited to shift business to already existing marketplace apps. It requires rigorous planning and hard work to start your own online marketplace. However, it will be very fruitful in the coming years.
Some interesting facts about the digital marketplace
- We all assume that eBay and Amazon were the initial retail online marketplaces, but Pizza Hut was the first-ever online shopping site launched in 1994.
- 70% of online music sales is done by Apple iTunes worldwide, making itself the world’s successful online music selling website.
- The economic slowdown was experienced in 2008, although the top 500 online retail stores witnessed an 11% hike in the business compared to 2007.
- Amazon has 94million visitors a month.
- In 2002 U.S. e-commerce sales were 72 billion U.S. dollars which incremented to 228 billion U.S. dollars in 2022.
- Amazon is a popular online marketplace app in major countries like the US, Canada, Europe, and many more, while Rakuten dominates the market in Japan.
- The first item to be auctioned on eBay.com was a broken laser pointer.
Final Words
These features make it easier for consumers to shop online, giving them confidence and a better sense of purchasing. Moreover, by infusing these features, one can increase customer engagement and attract new shoppers.
