Read this article to learn about API Marketplaces.
The global economic structure has changed profoundly over the past decades. The application of internet-based digital technologies for the production and trade of goods and services has transformed economic activities around the world. This new economic paradigm referred to as the “digital economy”, will bring many more changes in the years to come, and the ability of each country to adapt and transform its productive structure according to the new requirements poses one of the greatest challenges ahead.
With extraordinarily reduced costs of data collection, storage, and processing, digitization is transforming economic activities around the world. It affects value chains, skills requirements, production, and trade, and is leading to adaptations of existing legal and regulatory frameworks in many areas. However, there is no doubt that the implementation of these technologies is improving productivity and the services provided to those who implement them.
These new technologies take shape in different digital products. The ones that really generated a boom are the APIs, Application Programming Interface. They are interfaces that allow to easily implement external information or functions. There are thousands of APIs of different types, such as those that provide payment systems, specific information, and optical recognition functions, among many others.
One would think that commercializing these tools would be much simpler since they do not have to deal with storage, delivery, etc. Thus, it is still a nascent market, so commercialization is difficult. If a developer wants to market his creations on his own, it involves completely different tasks, such as setting up an eCommerce, thinking about marketing strategies, and tracking sales. This is why API Marketplaces are becoming popular.
Why Marketplaces Are Critical To API Monetization?
New consumption patterns are a legacy of the digital era we are in. In view of this, marketplaces have grown and have become an important part of our economy. As we mentioned, today not only solid products are marketed, but also digital products. In this case, marketplaces or eCommerce are the only marketing channel for these products.
For developers, selling their products involves a lot of work, for which they are often not even trained. For this reason, as an alternative to having to build and think up an eCommerce on their own, API Marketplaces are becoming popular. Marketplace teams take care of all the necessary tasks to monetize the APIs, such as marketing strategies, payments, and customer support. They also have their own visibility, which allows them to reach wider audiences.
Why Zyla API Hub?
This Marketplace is great for developers, as it supports all API types. It is a secure, reliable site with great design and navigation, which has its own traffic and is preferred by many buyers. A unique attribute it offers is its price suggestion. By analyzing supply and demand with artificial intelligence algorithms, Zyla API Hub suggests a competitive price to increase monetization possibilities.
This Hub has an A team that takes care of thinking about the best strategies to monetize APIs, provide an excellent service to customers, and process payments. Publishing your API is really easy! Just create an account and you can forget about the rest. Try Zyla API Hub to see results in no time and get your creations out there!