November 16, 2018
The State (and Future) of Digital Marketplaces Webinar
Classifieds marketplaces have come a long way from the days of Craigslist. It used to be enough for marketplace operators to provide a bare bones platform for buyers and sellers to meet each other, and vice-versa. As time progressed however, classifieds property operators had to step things up and provide additional value to keep buyers and sellers from going to other platforms – resulting in higher levels of churn.
Considering how many classifieds properties operate with profit margins of at least 60%, competition is high, which is why operators need to do everything they can to develop a unique advantage.
It might sound daunting, but keeping churn at reasonable levels on your marketplace platform doesn’t have to be difficult. We’ve broken it down into 3 core pillars:
You can have great products and services listed on your classifieds property, but great inventory is only one part of a marketplace’s competitive advantage. After all, buyers and sellers are free to browse/list on other platforms. The true value of a marketplace is being able to make transactions possible that normally wouldn’t occur.
As a classifieds property operator, one of the most important questions you should be asking yourself is, “How can I enhance the user experience and encourage efficient transactions?” Keeping this question in mind ensures you’re keeping your users in mind, therefore reducing churn by developing a competitive advantage that can’t be matched by others.
Although running a marketplace or classifieds marketplace can be a formidable challenge for novices and experienced operators, it’s essential to focus on the most passionate users – the ones who supported the property when it was first starting out.
For more information about how you can keep churn at reasonable levels on your marketplace, download our new eBook, Reduce Churn for Good: A Foolproof Checklist to Create a Successful Classifieds Marketplace. Simply click the button below!
A Bi-Weekly Newsletter Focused Exclusively on Online Marketplaces