An API's business value is ultimately in its consumption. That means APIs need to be supported by a strategy that will quickly drive their adoption and open opportunities for monetization. An API marketplace functions as a storefront where companies can package and organize their API products in a way that makes it easier for app developers to find and use them. Here are 10 things that make an API marketplace so appealing.
01 It's different from an API portal
An API portal looks at APIs as a technical interface and primarily targets internal developers. An API marketplace views APIs as business assets and focuses on exposure to both internal and external audiences. It offers a more dynamic management tool for API discovery, security, and more.
02 APIs are treated as products
An API marketplace approaches APIs with a product mindset. APIs are linked as assets that work together or complement one another. For each of these bundled assets, consumers can access comprehensive documentation that describes its value and guidance on its technical implementation.
03 It keeps API sprawl in check
As the API landscape grows, it becomes more difficult for businesses to maintain oversight of their APIs. When APIs become hard to find, companies end up wasting resources by rebuilding APIs they already have. An API marketplace allows for automatic discovery of all APIs and ensures they're secure.
04 The user experience is consistent
An API marketplace brings together APIs from a variety of environments that use multiple gateways from different vendors. But with a true, universal API management platform, this doesn't disrupt the user experience. The way APIs are discovered, presented, tested, and eventually used, remains consistent.
05 Having a branded experience matters
Storefronts look different for a reason: they're a reflection of individual brands and the products they sell. An API marketplace acts the same way. By promoting APIs through digital channels, an API marketplace's appearance aligns with — and builds on — a company's brand identity, making the user experience seamless and trustworthy.
06 Flexible subscription plans facilitate API monetization
Businesses looking to open new revenue streams with their APIs need to have a monetization strategy before exposing APIs for external consumption. Are the APIs free to access or do users have to pay to play? If paid, what are the defined limits and overage costs? An API marketplace makes it easy to implement subscription plans that support direct or indirect API monetization.
07 Rich analytics offer great value
After launching a new API product, a business will naturally want to know how the API is performing and if it's achieving its target goal. An API marketplace provides that visibility. Companies can easily assess API usage and traffic to better understand customer engagement. And once it's clear which are working and which are not, they know where to invest.
08 It makes a product manager's life easier
An API marketplace enables API product managers to easily add documentation and subscription plans to an API product, and approve new subscriptions (or better yet, automate this approval). With one platform for universal API management, product managers can be more efficient and capitalize on their API investments faster.
09 It's better to buy an API marketplace than to build one
Businesses have the option to buy an API marketplace off-the-shelf or build one of their own. The latter may seem appealing from a customization standpoint, but by purchasing an API marketplace, businesses have a ready-to-use, industry-proven product with built in features, maintenance, and support. Plus it can be updated with new features for greater customization.
10 An API marketplace is a necessity, not an advantage
Having powerful APIs isn't enough in today's competitive market. Businesses need a well-designed, well-developed API marketplace where they can connect and expose these products. Only when APIs reach developers and are adopted with their true business be value realized. An API marketplace is the starting point to make that happen.
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