Why are Entrepreneurs Dying To Build a Local Buy and Sell App Like Offerup?
I know how hard it was for me to capitulate the selling of my PSP game. But, I also believe that only if I leeway my old stuff can make room for new things. This is exactly the idea around which popular, capitalizing applications like OfferUp resonate with.
People do not want to let go of useful things, especially when it is in working condition & has an emotion attached to it. Instead, they prefer providing it to someone who is in need of the same. OfferUp application allow people to sell off their used and functional second-hand products to the ones in need.
The tag line, Buy. Sell. Letgo itself indicates the working of this privately owned app OfferUp. OfferUp acquired Letgo last year on 1st July’2020 after the OLX group raised a funding of $120 million. And hence the application together is referred to as OfferUp. There are various changes incorporated by the OfferUp team after the collaboration, only for better.
In this blog, I will be discussing all the compelling factors to develop an e-Commerce marketplace app like OfferUp. Also, I will highlight the list of outstanding features and cost to make an e-Commerce marketplace app like OfferUp. To start with,
OfferUp is a privately owned local marketplace based in Pacific Northwest. OfferUp is available in iOS and Android versions. The platform sets up virtual communities for people to buy and sell their items.
It is a classified marketplace that has captured around 100 million downloads already (the number might vary when this blog is published). Talking about the number game, as claimed by the OfferUp developers, a regular user spends around 25 minutes daily in their application.
If we look at the statistics of this gig economy, eCommerce marketplace,
- The e-retail sales may reach 17.5% of total sales;
- Also, 1.8B people are using online stores for shopping purposes.
The statistics look quite promising and the industry quite rewarding. And this is the reason why investors, entrepreneurs, and startuppers wish to make an app like OfferUp.
OfferUp is a fresh startup that managed to get fundings + downloads, + active users. In and all, it is a powerpack app that provides intuitive UI, easy sales policy, and seamless customer experience. I bet the app can tempt anybody, me, you, to build an e-commerce marketplace app like OfferUp.
That’s being said about the entrepreneurs, but what about customers? Well, speaking about customer’s perspective towards the eCommerce application,
- Customers enjoy the flexibility they have while using the eCommerce platform.
- Also, it is a time-saving option to search for items online.
- Customers browse through various product lists and can compare the items at convenience.
- Customers rejoice at the offers & discounts they receive over the platform.
I think this is why buy-sell marketplace apps like OfferUp & Letgo have gained outstanding popularity across the globe. Having said that, entrepreneurs do not mind repeating the success.
Curious to find out how e-Commerce marketplace app development like OfferUp works?
Simply put, sellers put up the used product, and buyers purchase it. Platforms like OfferUp work as a platform connecting these individuals. Both the parties have to register before they can use the platform services.
Sellers have an opportunity to advertise their products and find buyers for the same. If the potential buyer finds merchandise useful, s/he can connect with the seller with just a few taps.
This game about buying and selling of products has more to do with the representation of the product. And for this, a seller can use the built-in camera provided within the app and upload a picture of the product. A list of products appears on the home screen, which can be narrowed down using a filter. The prospective user scrolls through the list and
OfferUp left no stone unturned in connecting the people who use web browsers. And therefore, it has also released a web version of the application. OfferUp ensures the privacy of both the seller and the buyer.
In my opinion, OfferUp is the most reliable and celebrated buy-sell marketplace in today’s time. If you were to take inspiration from one of the many, OfferUp would be my any day suggestion.
What is the business model for the OfferUp app? How can you earn money by developing an eCommerce marketplace app like OfferUp?
OfferUp platform is free to use; however, you can access more advanced features if you pay for the membership. This is one of the ways to earn money by developing your buy-sell marketplace.
While a member subscribes for the service, s/he accesses advanced features such as calling the buyer directly or having their merchandise directly on the screen.
The second business model for OfferUp App is,
Online transaction fees:
When a customer fixes a deal using the application, you can charge a fixed amount or a percent of the fee. You can decide a percent in advance so that the customer can know about the total charge. Use third-party services to facilitate the transaction.
Sellers are ready to pay a few bucks more if their product is marketed well. You can allow a seller to promote their product by paying a little extra money.
Sellers who opt for in-app advertisements can advertise their products and lure more customers.
Another way to make some money is by charging for every delivery. You can add the delivery cost to the final bill of the buyer.
The next thing to decide for developing a buy-sell marketplace is the Tech Stack. <h2>
Tech Stack selection plays a major role in influencing the functioning of the product. It is the backbone that will support the working of the model. In my opinion, you can go for the below-mentioned tech stack.
However, you can take suggestions from your on-demand app development company to guide you further. If you opt for hiring our mobile app developers, even they will guide you through the process of tech stack selection.
- Platform: Android or iOS
- Push notifications: Twilio, Push.io
- Frameworks: Angular.js, Backbone.js, React.js
- Languages: Swift/Objective-C (iOS apps), Kotlin/Java (Android apps)
- Server-side development: Node.js, Express.js.
- Database: MongoDB, MySQL
- Cloud architecture: AWS, Azure, Google
- Payment integration: PayPal, Braintree, Stripe
- Web server: Nginx
- Other tools are AWS S3, Confluence, Swagger, MailChimp, PostgreSQL.
Moving to the list of exclusive features in the buy-sell marketplace like OfferUp.
Here, I have listed a list of must-have features that an app like OfferUp and Letgo must-have. I am sure this will add to the uniqueness and overall aesthetic of the application. You may decide the feature & its placement while you go for prototyping & wireframing.
Must-have features for Buy-Sell marketplace like OfferUp
- Easy Registration
- Social media integration
- Search feature
- Advanced Search filter
- Item listing
- Built-in chat
- Built-in camera
- In-app payment
- Multiple language support
- Rating & Feedbacks
- Push notifications
- Picture scanning
- Fraud protection
- Compare prices
- Hot deals and offers
- Delivery services
- Virtual try
I assume that you know how to initiate an app development process. If you feel dicey at any point, you can read through our entire mobile app development process series. We have described each process step by step in detail. Also, for any further assistance, you can connect with my team too.
Lastly, let’s discuss the e-Commerce marketplace app development cost.I assume that you know how to initiate an app development process. If you feel dicey at any point, you can read through our entire mobile app development process series. We have described each process step by step in detail. Also, for any further assistance, you can connect with my team too.
How much will it cost to develop an eCommerce marketplace like OfferUp?
Suppose you are choosing a company that offers a full package of app development, meaning from designing to release. In that case, you can have it developed for under $25K.
However, it is difficult to estimate an exact figure without discussing the project commercials at length.
There are a variety of other factors that influence the cost of app development like;
- Feature selection;
- Location of app development partner;
- Quality testing;
- After maintenance;
- Total number of hours;
- Hourly changes
- And a lot more.
Well, all I can conclude is that the time is befitting, and you should start prepping up for buy-sell marketplace platform development. Now that you have grabbed the idea of how this concept works, you should start planning your project.
At Kody Technolab, we also offer free consultation & discuss your project in detail. We wish you all the best with your project!