The success of the popular marketplaces we know (Airbnb, Amazon, Etsy,..) can not be unnoticed. But they all have common points that any company launching its marketplace should be aware of.
Whether you are working in a company that wants to develop or an entrepreneur who wants to build a marketplace for making money, it is really important to find the best idea that would convince your market.
People agree to use marketplaces if they find advantages: more competitive prices, better quality, a more convenient process.
Take the example of Airbnb which is the best one: offering a really useful service, for a cheap price. Both of these advantages are integrating into a website where user experience is optimized and so easy-to-use for everyone.
Not answering one of these 3 conditions is the most common point to marketplace failures. Make sure that you won’t fall into this trap.
Even if making money may not be your first goal in your marketplace creation, it could be interesting to make the exercise and define how your marketplace could be profitable.
Especially that making money is everyone’s objective whatever its status. If you are working in a company, your chiefs would need to get a return on investments. And if you are an entrepreneur, it can take longer but the final goal will remain the same. So no other choice than calculating which potential profit for your new marketplace.
By doing this it is necessary to have a thought about who will be charged. Is it your vendors? your buyers? And that is why it would be important to know your customers and define at which point they are willing to use your marketplace.
Whatever the advantages your marketplace will bring to your users, let them know what is your plan and how they could benefit from it.
They could give you relevant feedback and perhaps enrich your idea with their expectations on such a project. It could also be the opportunity to tell you if they are ready to pay to use your services.
Well onboarded buyers and sellers would be proud to participate and communicate about your marketplace project.
Building a marketplace is not an easy task and it would be important to be sure that your idea is valuable. When it is okay on your side, then let’sgo!
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