Peer-to-Peer market are the latest trend and currently gathering the maximum amount of attention and might seem complicated in the first go, but actually is pretty simple to understand. The market is predicted to reach a value of USD 820.70 billion by 2025. The current society trends are focused towards being smart and sensible. This is mainly due to the increased awareness among the masses, with an open source of information influencing the consumer’s decision. As per the current standards the market is influenced by what happens once the consumer has bought the product or service. This white paper highlights how to build a study market and the technology driving it ahead.

Peer-to-Peer market are the latest trend and currently gathering the maximum amount of attention and might seem complicated in the first go, but actually is pretty simple to understand. The market is predicted to reach a value of USD 820.70 billion by 2025. The current society trends are focused towards being smart and sensible. This is mainly due to the increased awareness among the masses, with an open source of information influencing the consumer’s decision. As per the current standards the market is influenced by what happens once the consumer has bought the product or service. This white paper highlights how to build a study market and the technology driving it ahead.

Introduction to Peer-to-Peer Marketplace

A Peer-to-Peer marketplace can be defined as an online platform where buyers and sellers come together to exchange products and services. The market works by eliminating the middle man from any transaction, further help in a quick and transparent business transaction. With the help of peer-to-peer market the cost is reduced and transaction is faster in comparison to normal business transaction. Furthermore this system ensures that the business transaction is smooth and quick for all the parties included.

The peer-to-peer marketplace majorly propelled due to:

• Technology and the impact of smart phones, social media and IoT and similar online platforms.
• The adaptability of new generation customers, who are comfortable to the concept of ditching the conventional shopping modes and are fine with browsing and buying products online.
• Owing to awareness towards environment, companies are working towards waste management and optimize their assets fully.
• Furthermore, the peer-to-peer empowers customers with convenience to buy and pay from the comfort of their homes. The transactions can be done anywhere and anytime depending on the buyers’ mood.

The peer-to-peer marketplace is different from online marketplace in terms of buyers and sellers. In peer-to-peer marketplace the buyers directly showcase their products on the website, here the buyers can view the product and do the business transaction.

How to build a successful marketplace?

If you have an idea, you would need a developer to work along with it. Custom and made to order program would help your product reach the masses and provide better user interface leading to excellent user experience. There is a stack of technology that you can choose from and provide a custom solution at the same time provide optimum speed to the application.

Furthermore, adding on new functions and improving other factors can be easily implemented at a later stage. Additionally, third party service integration is also easy which can help you in event of future expansion. Creating a marketplace is easy, as there are numerous options available in the market that allow you to have a prebuilt design, wireframe and tested template. These are easy to build through self-learning tools and have a fixed fee for hosting your website. Furthermore, the online database has numerous tutorials and programs to help you in customizing the software.

Technologies used in creating Peer-to-Peer Markets

Peer-to-Peer market platforms can be custom made as well as be made with the help of pre-build template systems.

Code from Scratch

Custom software development is a time consuming and costly task.  However, the design and development through custom process gives you an ultimate solution with an outstanding design and unique functionality along with amazing user interface for enhanced customer satisfaction. These systems though are time consuming and expensive, they ensure negligible errors and are tested. However, this solution is ideal for those who are not in a hurry to launch the product and have substantial monetary backup to help during the initial period.

MVP that is, minimum viable product is an ideal option when it comes to custom development. The working model of a MVP is to create a product such that has basic features are deployed for early users. The product is developed in phases and at the same time it is open for developer to work on it. At every phase there is a user feedback that is shared with respect to initial phases. This is a preferred working model for big startups as they can improve by live customer feedback. At every stage a MVP has to undergo various tests to ensure working of core products and something that the users want and need. Other idea behind MVP is to not make the product perfect in one go and improve as we go ahead. An additional benefit of MVP is to release product in stages so as to incorporate changes at the same time. Furthermore, these systems allow you in creating your own payment gateways and ensure zero tolerance towards hacking and misuse of the product.

Use a readymade Template

Readymade templates are a boon to small startups looking for quick launch at minimum cost. These tools come with fully equipped and functional interface for the clients. The user just has to feed information on the product and select the best fit as per your product requirement. The preferred mode is to use e-commerce platforms, made with the help of tools like Magento, Drupal, OpenCart and Wordpress. These are cost effective solutions and often can be created by self-knowledge and implantation.

Typical features for a P2P

The features of a 2 sided platform that helps in users to get essential set of functionality are

Profile: The marketplace has two roles for any user viz buyer and seller. Depending on the role the user interface of the system would differ.

Listing: This is an important part of the platform as it contains the list of products and services offered on the platform. This is critical to be implemented correctly as it varies from vendors to consumers. For example a vendor should be able to modify, remove, and publish listings whereas the customers should be able to filter, search and observe these listing with descriptions.

Buy: Through an online marketplace, customers can buy the product or service right over the platform and keep a track of the purchases and bookings.

Online Payment: With a P2P market payments can be easily processed through various online platforms. Current technology allows secured payment transactions on various credit cards, debit cards and PayPal gateways among others. 

Reviews: Peer-to-Peer market is huge and gives lots of options to the buyers to select from. To help customer select the best of product reviews and ratings are often referred. A high rated product sold by a vendor creates trust and ensures accountability of the seller.  

Examples of Some Success story:

Some of the success stories of Peer-to-Peer market are Airbnb, Uber among others.

Airbnb’s is quiet an interesting story. Way back in the year 2007 it was popularly called as AirBed&Breakfast. It was founded by Brian Chesky, Joe Gebbia, and Nathan Blecharczyk, as a result to the difficulties faced in booking rooms by travelers.

During the conference for the Industrial Design Society of America (IDSA) in 2007, which is one of the biggest event in the industry most of the hotels were overbooked. This is the time when founders decided to solve the problem by giving their living room as a stay option. All they did was set up mattresses in their living rooms and made a website to advertise the rooms over the weekend. The first time 3 guests spend the night and paid for it.

This was just the beginning and post this there are now around 4.5 million properties in 81,000 cities across the world as registered Airbnb providers. Over the last 10 years 300 million guest have checked-in and the hosts have earned over $41 billion.

Today Airbnb is a popular platform that is helping home owners earn money as sellers, and tourists get home type accommodation at considerable low cost as buyers.

Conclusion

The Peer-to-Peer market is here to stay! Peer-to-Peer market is growing all over the world making brands like Uber, eBay, amazom and airbnb succeed.