How to build your marketplace supply
Compared to traditional e-commerce, most of a marketplace's unique challenges come from the marketplace having two sides to it: customers and providers.
When launching a marketplace, this means you need to solve the chicken-and-egg problem—how to get customers with little supply and how to get marketplace supply with only a few customers.
It can be argued, however, that the problem is not as bad with marketplaces as it is with some other cases—social networks, for...
How to launch your marketplace
It is time to put your marketplace to its first true test: can you facilitate transactions between your customers and providers? Does your marketplace actually provide value for users?
As was stressed in the previous chapter on building your marketplace supply, you need to reach liquidity. Marketplace expert Simon Rothman puts it this way:
On the customer side, liquidity can simply be defined as the probability of finding what you are looking for. In matching...
How to find the best marketplace growth strategies
After you have seeded your marketplace with a stable initial user base, it's time to start thinking about growth. Here's how to find the right growth channel for your early-stage marketplace.
As Boris Wertz and Angela Tran Kingyens explain in their marketplace handbook, the key to growing a marketplace is to reach a virtuous cycle: high-quality providers bring in more customers, and the growing customer base, in turn, attracts more providers. In this chapter, we are going to...
11 marketplace metrics you should be tracking to measure your success
Which marketplace metrics should you really track to know your marketplace is successful? One might think that growing your user base and having transactions occur is enough. However, things are quite a bit more nuanced than that.
Of course, you first need to define what success means to you. Do you want to build a global business, or are you satisfied with a local one? In any case, in this article, we assume that you want to generate at least enough revenue to become ramen...
How to build trust in your marketplace
One of the biggest problems marketplace businesses need to tackle is fear. Whenever customers and providers engage in transactions, multiple sources of anxiety emerge. What if I make a payment, but the provider never delivers the product? What if I rent my surfboard to a stranger and they break it by accident? What if this website leaks my credit card details to hackers? If they are not tackled in some way, these fears will prevent transactions from happening—no matter how big the...
How to turn your marketplace into a community
As we have learned in the earlier chapters of the Practical guide for building a marketplace, the purpose of any marketplace is to facilitate transactions between users.
To do that, you need to have users who are engaged and committed to your platform. A popular way to achieve this is to turn your platform into something more than a marketplace: a community. This strategy has been used by the most popular marketplaces, such as Airbnb and Etsy. PaulCamper, a...
Your marketplace MVP – How to build a Minimum Viable Platform
Once you have gone through the initial process of customer discovery, you should have a relatively good idea about what your users' real problems are and how to solve them.
In other words, you should be close to problem/solution fit. The next step is achieving product/market fit—finding a big enough market with a product that can satisfy that market.
To find product/market fit, you need to build a minimum viable product (MVP): a minimal solution...
How to communicate your marketplace value proposition
People's attention spans have become shorter. With the rapid growth in the number of online services vying for people's attention, if you do not make an impression on your users within seconds, they will abandon your platform.
When building your marketplace MVP, it is important to consider what kind of a first impression it gives to new users and how it communicates your core value proposition.
The unique two-sided nature of marketplaces poses additional communicational challenges. You...
The marketplace search engine: How to help your customers find what they’re looking for
Your first job is to help customers find the product or service they're looking for. Of course, whatever they're looking for needs to exist on the site, meaning you need to have enough supply. However, even if the product or service is available, that does not guarantee that the customer will be able to find it. You need to make careful design decisions to make finding a specific product as effortless as possible.
Typically, the first thing your prospective customers will do is one of...
How to design your marketplace transaction flow
The marketplace transaction flow is complicated, but careful design can make it smooth and secure.
Many early-stage marketplace entrepreneurs pay a lot of attention to how many users sign up for their marketplace. This is a mistake.
User count is a so-called vanity metric—one that doesn't tell you if the marketplace is actually satisfying your users' needs. The purpose of any marketplace is to facilitate transactions between users. Without transactions, your marketplace...
What you need to know to plan your marketplace business
Online marketplaces are hot. The success of platforms like Airbnb, Etsy, and Fiverr has proven that the marketplace model is very scalable and can be applied to pretty much any area of business. As one of the top VC firms, Andreessen Horowitz, put it: "This is just the beginning".
In the coming years, we're going to see tremendous innovation in the field of building and running marketplaces. There's no better time to become a marketplace entrepreneur.
Even though...
How to find great online marketplace ideas
Perhaps you already have a business idea that you can't get out of your mind. Or maybe you're excited about the promise of the collaborative economy, and are currently exploring different ideas. In either case, we assume that you're interested in building a successful marketplace business with thousands of users.
According to the startup playbook by Sam Altman, four things are critical for success: the idea, the product, the team, and the execution. The same basic principles...
Maak pagina
Read More
SEHEMU YA 3: MISINGI YA KIIMANI KATIKA MAHUSIANO YA UCHUMBA HADI NDOA
Bwana asifiwe!! Unaweza kusoma SEHEMU YA 1, SEHEMU YA 2, SEHEMU YA 4 au SEHEMU YA 5 ya somo hili,...
Verse by verse explanation of Joshua 4
Praise the Lord Jesus Christ, please study this chapter and then answer all 32 questions at the...
Verse by verse explanation of Exodus 25
Praise the Lord Jesus Christ, please study this chapter and then answer all 60 questions at the...
KANUNI 7 ZA KUONGEA NA MWENZAKO MNAPOTOFAUTIANA
“Nijaposema kwa lugha za wanadamu na za malaika, kama sina upendo, nimekuwa shaba...
Verse by verse explanation of Leviticus 21
Praise the Lord Jesus Christ, please study this chapter and then answer all 30 questions at the...
English
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek
Kiswahili