The various local market apps like Carousell, LetGo and Offerup serves as an excellent connection between sellers and buyers. All thanks to the smartphones for easing this process. The various potential competitors can make of this amazing features and can take their business to the next level.
How Much Does it cost to build an app like Letgo?
Among the marketplace app, LetGotends, is one of the most popular ones these days which accounts for $175 million worth investments for its future expansion. Is it not sounding so demanding and profitable? Then if you also have the idea of creating such apps, then first it is important to know the entire procedure which is behind the development and working of these apps. Now, let us look into in detail
Understanding the buy sell marketplace
It is a known fact that Uber is leading this on demand economy, but at the same time, its competitors are also giving a tough fight. As per statistics, it is proven that the people are spending as much time on these app as much as they spend on snapchat and Instagram. This proves that creating apps in this arena is very much prone to profits. Perhaps, the complexity in creating it and withstanding the competition also exist. Let’s also know about what exact these apps do to the business.
How LetGo App go about its business?
The best thing about LetGo app is that it has laymen as buyers and also sellers and it will offer even pre owned, second hand and everything over it. This app serves like a bridge between the people who want to sell and the people who want to buy. The process is similar to that of Craigslist, but the difference is that the focus of this LetGo is on app, which is evident from the statistics that about 50% of the users use it via app.
Business model to create a sell buy marketplace app
Firstly, one need to know that the download of these app is free to the users, so anyone can just install the app and sign up and post whatever they want. Also, there is no commission charged from either of the parties. The entire process is totally made available free and the revenue for the process will be from the features listings, brand promotions, and ad campaigns.
Most of the popular marketplace apps, have a monetization model which is explained below.
Monetization Model:
Delivery Charges: Delivery can be a mediation between the two parties, where a delivery person need to appointed for picking the product and delivering at the respective place. This will future generate revenue
Online Transactions: the payment for the product which the buyer is buying can be made over app which helps in gaining some amount of revenue. For this, the app developer need to integrate the app with the third party payment gateways.
Advertisements: sellers who want to include some special offers, can present it to the users via ads in the ‘System Recommendations’ section.
MVP features associated with the Local Marketplace App:
Mobile app, using MVP version features best with regard to the local market app and it includes the following features:
Social Network Registration: many popular local market app have inbuilt social network registration. This serves for identity proof rather as they do for sign in process than just increasing the number of users via social network.
Search Engine Friendly Web App: undoubtedly, Search engine is the main asset of app. As the number of customers and ads are increasing, there exist a definite need for proper handling of the traffic for the smooth run of the app. This will further ease the customer in finding their desired product easily. Thus the role of Search engine is vital
Filters and sorting feature: this will help the user in finding their desired product easily.
Picture capture for including in-ads: it would be beneficial if the picked or crop edited pictures are optimized by changing their brightness and contrast
In-app Payment: this allows the users to pay for their purchase online
Delivery status: it allows the customers to know the status of their product delivery.
Involved Technology Stack
Any successful app is always backed by a right technology. Therefore, one has to be utmost careful in choosing the right technology for their app.
Push Notifications – Twilio, Push.io
SMS, Voice and Phone Verification-Nexmo, Twilio
Payments – Braintree & PayPal , Stripe, EWallets
Mobile Platform– Android, iOS
Web – .Net, PHP, JS etc.
Cloud Environment – AWS, Google, Azure
Realtime Analytics – Hadoop, Spark, BigData, Apache Flink, Cisco, IBM
Payments – Braintree & PayPal , Stripe, EWallets
Database – MongoDB, Hbase, Cassandra, Postgress, Mail Chimp Integration
Cost to develop a Buy Sell Marketplace app:
Cost to develop App like LetGo mainly depends on functionality type that has to be implemented in the app. But on average, local marketplace mobile app cost around $10,000 to $25,000 but a sophisticated buy sell app development cost around $40,000.
Also, cost estimation of LetGo like app varies with country like India based developers: – $10 to $80 per hour, U.S. based developers: – $50 to $250 per hour and Eastern Europe based developers: – $30 to $150 per hour
Talking in terms of functionalities of buy and sell app development,
UI/UX design (60 Hours – $1500 to $2000)
Front-end and Back-end development (400 Hours – $10,000 to $ 20,000)
Technical documentation (40 hours – $1000 to $2000)
Polishing and bug fixing (40 hours – $1000 to $2000)
Conclusion: For creating a marketplace mobile app, one can opt for a Buy and sell marketplace app development company and can get app developed as per your ideas. The developers, upon receiving the inputs from the client will develop the app as per their expectations.
How much FuGenX costs to develop Letgo like app?
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