In this episode of MarketplaceConnect, I interviewed Gee-Hwan Chuang, founder of Listia, a unique marketplace built around the concept of enabling individuals to trade goods without using money. Listia currently has over 10 million users and has a presence across the globe.
Three of the main takeaways I gathered from my conversation with Gee-Hwan include the following:
- Their Ink protocol provides a decentralized reputation and feedback system that enables users to earn public reputation for transactions that occur on supported P2P networks. As sellers earn reputation, they can leverage their score on compatible marketplaces.
- You can’t force the growth of your marketplace. While Listia originally thought that its most popular category would be video games, it turned out that other categories such as clothing dominated their sales. Listia successfully handled this shift by building their product and going with the flow.
- Listia uses an end-to-end user management system. Payments are transacted through the platform, there’s a reputation system in place which helps to ensure users have a positive experience while on the platform, and Listia also has customer service lines. These three elements help to ensure that users have a quality experience.
For more learnings check out the video below!