How To Build A Peer To Peer Marketplace?

The global market size of peer-to-peer marketplace is expected to rise by $5.1 billion by the end of 2032. The CAGR rate of growth for peer-to-peer is 15.5% for these upcoming years, which means investing in a peer-to-peer marketplace is going to be very profitable.

There are various types of peer-to-peer marketplace applications running in the market which are dominating like ridesharing apps, Paypal, Google Pay, Paytm, etc.

Peer-to-peer marketplace is a one way service which connects buyer with the seller directly without any need of other resources. The platform is controlled by the vendor and they are responsible for all kinds of interaction and payments processing. P2P marketplace is like single vendor e-commerce, where a buyer doesn't rely on a single product from the same vendor, they have the liability to choose others simultaneously.

Are you a business owner and looking forward to a P2P marketplace solution? Hyperlocal Cloud is a perfect place for you to get a bug-free P2P marketplace that will drive your business to hit the jackpot. Our smart team of developers are always ready to help you to solve your business related questions.

Types Of P2P Marketplace

P2P marketplaces are of varying types, so it is divided into four main types, which will assist you to choose your appropriate type of P2P marketplace:

Rental Marketplace

As the name suggests, a rental marketplace is where a consumer can invest in different types of rental services. In return for providing rental services, the platform or website charges a transaction fee in lieu of connecting the vendor with the consumer. In the USA, there are 36% people who use to live in rental properties. That's why rental marketplace businesses have an immense scope in the United States. Get a rental marketplace development software solution that will assist you to gain growth in your business.

Example: - Airbnb, HomeToGo, Flipkey etc.

Service Marketplace

A service marketplace connects service providers with the customers directly who are willing to buy the service online. It is a direct process where users are connected with the supplier without any need of intermediaries. The on-demand service marketplace is revolutionizing itself in a standard method for people who are seeking help. In 2020, 43% of manpower in the USA was employed independently with the help of service marketplace.

Example:- Freelancer, Upwork, Uber etc.

Product Marketplace

A product marketplace business strategy can be defined as the platform where a person sells goods in mode of physical, virtual and downloadable format. The characteristics of a product marketplace is providing services by delivery or directly in a downloadable form. It is generally run by large companies and requires immense investment to operate. A product marketplace can also be explained as a larger shopping store where anyone can attend the store and purchase anything, anytime.

Example:- Amazon, Flipkart, eBay etc.

Money Or Loan

Money or loan marketplace and also known as marketplace lending, is where a borrower files a request to lend some amount of funds, and requested funds get assigned with an interest rate after complete assessment & documentation check. The interest amount earned by the borrower is considered as the profit for the vendor. The marketplace lending shows mass investment in specific areas to gain revenue are education loan, home mortgage and medical loan etc.

Example: Kickstarter, GoFundMe.

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Benefits Of A Peer-To-Peer Marketplace

As we know that peer-to-peer marketplace have a bright future. We will deliver the beneficial points from every business's outlook. Let’s discuss about benefits of peer-to-peer marketplace:

Advantages For Customer

For customers, a Peer-to-peer marketplace is going to be very beneficial because it will allow them to shop for their favorite product without going anywhere. Every customer can easily avail offers from different sellers at one place. It also allows posting open reviews and feedback for customers.

Advantages For Seller

Peer-to-peer marketplace comes with limitless opportunities for sellers. A seller can easily open a platform with a large number of audience without the requirement of a physically available shop. It also grants a chance for sellers to communicate with the customers in an international location.

Advantage For Marketplace Owner

If you are planning to own a peer-to-peer marketplace, then it is going to benefit you with different enlargement and development in business. As it gives you a chance to start a business on a relatively low cost, you will not have to think twice. With P2P marketplace, you can gain trust from a large number of audiences. It also clears a path for you to reach your passive income source and there would be no limit on profit and scalability.

Features Of A Peer-To-Peer Marketplace

An industry level peer-to-peer marketplace must have some essential features so that it can perform accordingly with the vendor as well as customer. So let’s learn about important features to have in a Peer-To-Peer marketplace:

User Memo

User memo is one of the most general but important features of any application. In this feature, a seller or buyer should easily be able to register themselves with their credentials, and no extra information. A buyer's information should include their name, location, contacts, emails and buying/selling preferences. The user memo also needs to be made in such a pattern so that it can register a user with the preferred credential of social media accounts like Gmail, Facebook and Twitter.

Product Listing

Product listing feature should allow all the users to upload their product with description, 4-5 photos of the product, title, pricing and cart options. It should be easy like uploading images in other social media platforms. Also, the product listing UI needs to be in a symmetric format so that it can engage with consumers easily. It is also necessary to give it a section where customers can comment and post their review. Consider product listing as the leading page in your peer-to-peer marketplace website.

Settlement

Settlement also known as product checkout, is where a customer will make their final decision of purchasing the product. This process doesn't need to be hectic. The complete settlement process should be done in 3-4 clicks. From adding products in the cart to payment gateway, it needs to be easily operable with every information required for checkout.

Notifications

The goal of embedding a notification panel is to ensure that customers and vendors can communicate with each other technically. Any essential message and product suggestions for the customer shouldn’t get lost. An alternative way for the notifications is to send the information directly via messages or emails. Thus, customer retention will be maintained on your product and it will always encourage your targeted audience to shop for your product.

Account Validation

The account validation for every user is very important. If the platform gets filled with bots and fake profiles, it will downgrade your business and lose trust of your customer. Also, it will demote the community to its downfall. Account validation features will help you to gain insights over your user. The easiest option to verify a user is by commencing an email verification on their business domain. For an efficient verification, calling over a phone or asking business related queries will help.

Case Studies Of Successful Companies By Peer-To-Peer Marketplace

Without success, a platform or a business plan remains just a plan. So let’s talk about those companies which succeeded using a peer-t0-peer marketplace model.

Airbnb

Airbnb is a USA based peer-to-peer marketplace providing supply service for owning an apartment on rent. It has been valued $30 million today. It lets property owners give their apartment or property for rent for as many days as they want.

Pinterest

Pinterest is a hub of innovative ideas for people who want to try something new like cooking recipes, home decor, quotes, inspiration and many more. As per the date of today, the valuation of Pinterest is $10.47 billion.

Amazon

Amazon is an ecommerce platform with 1000+ product listings from multi-vendors and liable software vendors too. In February 2020, it was worth $1 trillion by providing services worldwide.

Uber

With its valuation of $72 billion, it is the most successful marketplace software which provides on-demand taxi and shipping services for customers. Uber is one of the most-growing P2P marketplace platforms.

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Solid Ways To Build A Peer-To-Peer Marketplace

So are you planning to build a peer-to-peer marketplace website or a platform? We’ve bought you these 3 process to get your platform ready:

Custom Application

A custom built peer-to-peer website or application provides functionalities in favor of an organization or an industry. The purpose of such an application is to help increase the productivity of a business portfolio. It is tailored to meet every need of a business that implies in generating revenues, rise in demand of the product and customer satisfaction. It requires checking for proper tech stack and following the development process. Nowadays, custom on-demand applications are the most reliable and cost effective ways to start a business in the marketplace.

SaaS Solution

SaaS (Software as a Service) solutions are a new way to use the internet as a service provider, like SaaS based fuel delivery apps that help a lot in saving time and expanding petroleum businesses. It allows users to connect to a cloud-based service on the internet. SaaS software grants a complete solution for customers and it follows a pay-as-you-go format to promote its services. The SaaS solution eliminates all the technical aspects that a business person must know, because it provides all possible ways to monitor the operations. The only requirement is to have a website or a platform.

Ready-Made Platform

It is an ideal business choice when a company doesn't have any specific product or time to enter in the market. With this perspective, the application’s functionality is chosen by the vendor that assists to build your marketplace. As the ready-made solution is not unique, but it saves time to get you started with your business. Ready-made platforms are non-tech so it allows every business person to access it immediately and easily.

Why Choose Hyperlocal Cloud For Peer-To-Peer Marketplace Development?

Here we have mentioned prime reasons to choose us for your peer-to-peer marketplace development:

Years Of Experience

Hyperlocal Cloud is experienced in development & deployment of cutting-edge P2P marketplace solutions. You can easily contact us and get your white-lable P2P marketplace solution to take your business to the next height of success.

Professional Staff

The development team at Hyperlocal Cloud is professional at their work and they have knowledge of all the latest tech stack, that can level up any size of enterprise. Our developers are ambitious in catching trends and generate innovative solutions.

Timely Delivery

We consider time as a tool, and we use that tool to give productivity to your business. Our skilled staff work under the given time interval and we assure project development and along deployment on-time.

1200+ Satisfied Client Worldwide

We have served our top-notch applications & software solutions to 1200+ worldwide clients. Our staff is also experienced in servicing every type of business and help them to update their business operations in modern aspects.

Conclusion

Peer-to-peer ecommerce products have revolutionized the way we share the economy. P2P development is not just all about earning instantly after launching a marketplace solution, but it gives you a chance to develop a successful business. Investing in the P2P marketplace has a successful future in upcoming decades. With the right development platform, where you can get a peer-to-peer marketplace website or application, can help you transform your business ideas to attain success and competitive edge.