Key Strategies To Grow Online Marketplace
With the advent in the Marketplace software Industry, creating an online marketplace has become easier but the real challenge awaits after that. Scaling the Marketplace, choosing the right revenue model, allocate and optimize the resources properly to grow your Business. When the marketplace is ready to scale, test different growth channels to find the one that works best for that growth stage, and focus on it until it is exhausted. It might make sense to use multiple channels in parallel, as they can complement each other effectively.
Must Have MarketPlace Strategies
1.Figure the Hardest side of the Marketplace: supply-side or Demand Side. Between these two, figure out which one is harder for the marketplace. Once that is done, focus more on growing that side and the other side will be two to ten times easier.
Example: For Boat Rental services like Bookmyboat.com.au is a rental marketplace. For Bookmyboat it is very important to have enough suppliers providing the customers with options to rent. So their focus should be on growing up on the supplier side.