Marketplaces, portals, and classifieds platforms, different words, but in reality, they are making a global revolution in online commerce possible. In fact, they’re all one in the same. Here at Kahuna, we’ve worked with numerous marketplaces, helping them optimize their operations, making it possible for them to stay relevant in even the most competitive niches.
From these experiences, we’ve uncovered 3 laws that that apply to all marketplaces. Those laws include:
- An element of fragmentation, meaning that there are a variety of buyers and sellers
- Building for trust. Buyers and sellers need to be sure that when they transact through the platform, they won’t face issues, and that if issues arise, that they’re taken care of in a reasonable manner
- Providing autonomous value. This means providing services that benefit buyers and sellers beyond the transaction
Marketplaces come in a variety of shapes and sizes, but one of the common themes between them all is that they:
- Provide a platform for many buyers and many sellers to transact
- Build trust between buyers and sellers
- Provide value-add services that benefit buyers and sellers
If you feel you’re running a marketplace, check out the video below, for more learnings!