Thinking of building a marketplace app? Now is the time. Globally, a whopping $2.67 trillion was spent on leading marketplace platforms in the year 2020. At this rate, marketplace sales are likely to reach $7trillion by 2024.
A marketplace is a platform where usually a seller meets a buyer and service provider meets a customer. The Marketplace platform makes it easy for customers to find every service, anytime anywhere they want, and customers can pay for the services or products via integrated payment gateways.
Why are marketplace apps so popular? Cause of the opportunities that lie in the marketplace model. Usually, marketplaces don’t require initial inventory and can be easily developed for any virtual market and niche and grow exponentially via networking. Also, users are continuing to spend their time more on their smartphones.The average time spent daily on mobile devices was a little over 3 hours in the year 2020.