Booking Marketplace Checklist
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Build with right platform & features
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Manage your Vendors
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Generate Revenue
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Grow with the right strategy
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Launch Your Marketplace
Perhaps, you may not know this but according to a recent online booking market report, the global online booking software market continues to expand. It is expected to experience a compound annual growth rate of 15.1% through the year 2024, with its total market value reaching $360 million.
Even popular industries like tourism industry have grown massively by banking on online booking. Its is estimated that there has been around $817 billion worth of online bookings by 2020. But of course, this shouldn't be enough to for you to start investing in an online booking marketplace platform. But with the right tools and knowledge, you too can be a part of this profitable business.
Fun Fact:
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People who book online are far more likely to show up to their appointment.
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People who book online are far more likely to show up to their appointment.
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People who book online are far more likely to show up to their appointment.
Select Your Platform
Select the best plan that suits your marketplace business
CMS Platform Recommend
CMS is a content management system with a set of scripts for creating, editing, and managing site content.
- Get ready-made infrastructure from the provider
- Add any feature compatible with WordPress
- With many developers, you save time
- The Support team's got your back
- Save cost on development
Custom Platform
Custom platform is created keeping specific needs of users in mind.
- Personalize your platform
- Added feature equals to added cost
- Customisation takes time
- Create a unique platform
- Not ideal for future customisation
Top Booking Marketplace Features
Know Your Vendors
Understand the variations available in the marketplace
Solve the Chicken and Egg Problem
Who Comes First Buyers or Sellers? Easy tips to add sellers
Marketplaces are built on the premise of buyers and sellers transacting with each other. But when you start, you have none of those. So how do you convince sellers to join a platform without buyers and vice versa?This problem is referred to as the chicken and egg problem of online marketplaces. Read Here to gain an in-depth insight. Ensure excellent service providers Build a community
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Ensure excellent service providers
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Build a community
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Find an enterprise client
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Be the single-player
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Promise to find buyers for your suppliers
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Create a super niche and leverage
Marketplace Monetization Strategy
Study of Important Marketplace Module
Key Takeaways
Components | AirBnB | BookMyShow |
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Type | AirBnB is an Accommodation Booking Marketplace. | BookMyShow is a Service(ticket)Booking Marketplace. |
Revenue Generating Process | AirBnB's main source of income is service fees from the reservation. After a successful booking, AirBnB charges a particular amount of money from both parties. | BookMyShow charges extra money as an internet convenience fee. They also charge multiple and organisation owners for banner advertising and paid promotion |
Relationship between Price & Demand | Hosts can not increase the price even if the demand is high. | In this case, businesses may increase charges depending on the demanding time. |
Analysis | Service providers do a data analysis regarding the vacation months and top tourist locations. | Service providers analyze the weekends and festivals/holidays. |
Time of work | Host can freely list out the dates when they'll be able to rent out their services and so | Service Providers can choose the time and date and also separate slots according to their preference |
Grow Your Marketplace
If you are looking to grow your business, here are a few option for you to try