The marketplace buyers-sellers dilemma: who comes first or how to build an attractive platform?
Every marketplace owner may face the well-known the chicken-or-the egg dilemma. However, in this case an entrepreneur asks another question: who comes first, a seller or a buyer?
Obviously, to involve buyers, you will need to find retailers for your platform first. And this is a challenge every business model may face, but for a two-sided platform it’s more crucial.
Ideally, there is a need for both buyers and vendors at the same time, so they could interact between each other and justify the purpose of your business. How to make it happen?
You definitely should figure out how to attract one side in the absence of another. For instance, Uber chose the tactic of paying its drivers even when there were not enough riders.
As for consumer engagement, consider your marketplace promotion within various informational resources.
One more important thing for successful promotion is to create your marketing strategy beforehand, so it will do the trick as soon as you launch your marketplace. Don’t neglect such advertisement methods as social media posting and email blasts, as it can warm up your target audience.
Don’t neglect your clients too, as individual treatment can work wonders. By the way, word of mouth is still considered to be the most efficient way of advertising.
And make sure your newly-born marketplace pursues the trend of your business niche. You can focus on the main peculiarities of your direct competitors by the market.
With reference to current trends in two-sided marketplace platforms, many prosperous platforms tend to apply vertical markets. It lies in focusing on a single product category or sphere. Here is top vertical markets marketplaces that are worth attention:
If you are curious about what is their key to success, visit the article that also contains some more clues.