The concept of API products is at the heart of an API marketplace, and it’s something that hits on strategy as much as the tools used to achieve it. In this Q&A video, Axway Catalyst Brian Otten explains what an API product is and discusses its role in a successful API strategy.
“An API product is something that can be promoted to consumers in a way that packages up not only the functionality of APIs, but also offers great business documentation so developers can see the use cases, how they might be able to use it, how to get started with it… so it's really about consumer management.
Packaging things up as API products also means that with a given API or set of APIs you can start to drive new revenue through APIs. It's very rare that it's just a single API; developers will use combinations of APIs which you can package up in an API product and then apply at that level a subscription plan for example. So, if you want to then start to charge for your APIs, you'll be able to apply plans with flexible pricing and then integrate that with your billing and invoicing.
So it's really a commercial strategy for a lot of organizations to be able to deliver API products and make them highly consumable and we usually think about the place to do that as an API Marketplace.”
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