API products contain one or several APIs that provide the ability to tailor the delivery of APIs for a group of API developers. For example, you want your most valuable app developers (gold level) to have access to all your API functionality, yet you may have less valuable (silver level) developers that you want to provide a subset of the overall API functionality. These API products can then be evaluated separately with metrics associated with each of the products.
API products address many roles at your disposal. To begin with, they enable fine-grain customization of the API functionality, this offers specifics to the developer groups you are engaging. With this function, they can be independently tracked helping to guide and measure success that API products enable a business to acclimate rapidly in a global economy.
A developer portal is needed for a business to achieve this concept. A developer portal is a self-service site that lets developers investigate and retrieve a provider’s APIs.
From a technical perspective, you create an API product when you want to add support for API keys, your API product would be associated with a developer app, this is where the key is generated. Also, you can further add support for access quotas, this helps to limit the number of requests allowed per minute.