Rental Marketplace Checklist
- Build with right platform & features
- Manage your Vendors
- Generate Revenue
- Grow with the right strategy
- Launch Your Marketplace
Select Your Platform
Decide the platform which you are going to use to build your marketplace
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,save time
- The Support team's got your back
- Save cost on development
Custom platform is created keeping specific needs of users.
- 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
Location Management Tools
- Map Integration
- Pick-up Manager
Product Management Tools
- Product Listing Option
- Inventory Manager
Marketplace Analytics Tools
- Business Analytics Tool
- Detailed Sales Report
Payment Management Tool
- Real-time Split Payment
- Location Manager
- Real-Time Live Chat
- Question and Answer Section
- Invoice Manager
- Review and Ratings
Know Your Vendors
Understand the variations available in the marketplace
On track for fitness? Include sellers looking to rent out gym equipments like dumbbell, olympic rod, gym balls and other equipment
Clothing businesses was and still is one of the most profitable rental marketplaces worldwide. The best part being all one need is a stack of clothes.
RV or Camper
There’s a big market for RV rentals from campers and travelers which can put a lot of extra money in your pocket. Don’t ignore these owners and lose potential customers.
Vehicle rentals include e-bikes or cars, which is yet another highly famous and profitable rental industry.
You can consider owners willing to rent out extra space in garages, basements, attics or shed as part of your rental marketplace
House or Spaces
With Airbnb as an example, having a list of owners looking to renting out spaces or home is definitely a plus .
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
Find an enterprise client
Be the single-player
Promise to find buyers for your suppliers
Create a super niche and leverage
Marketplace Monetization Strategy
This is the most common way for an online marketplace to make money. A seller pays a predefined percent or amount to the admin when they make a sale. This monetization strategy is best for multivendor marketplaces.
Choose this model if you don't want to depend on the sales volume. Just charge your users a small fee every month or once a year. You can also have different subscription packages. Offer limited functionality for free and the full package for a monthly fee, for example. Or charge only the vendors. Or only the clients. You get the idea.
If your marketplace has a lot of traffic and active users you can implement a listing fee. A user can place ads for free. If they want their ad to be placed above all the free ads from other users they can pay for the placement.
Pay Per Contact
This is a common monetization model for a service marketplace. There is a fee to contact a customer, while no one guarantees a successful transaction. In this case, the vendor relies on long-term cooperation with the client.
A pay-per-action revenue model implies the vendor has to pay a fixed amount when a client performs an action. For example, when a user books a table in a restaurant through the marketplace, the restaurant pays a fixed fee to the platform.
You don't have to stop at one monetization strategy. Many marketplaces use a combination of multiple monetization strategies. The ad-vantage of the mixed model is that it creates additional value for some marketplace users. While not interfering with everyone else's work.
Study of Important Marketplace Module
|Components||Rent The Runway||Gear Flow|
|Type||A Clothing Rental Brand||An online equipment rental marketplace that rents out construction equipment.|
|Revenue Generating Process||Rent the Runway offers one-time rental or subscription plans to users who wish to borrow expensive designer goods at an affordable price.||GearFlow follows the standard stratergy of charging its vendors a cetain commission fee for the sale of each product, forgoing the usual practice of selling ads on websites.|
|Target Audience||Individuals seeking to rent high-value branded items at a cheap price||Contractors receive free computerized tools from Gearflow to manage their equipment, including precise maintenance schedules based on manufacturer recommendations|
|Analysis||Relies on subscriptions(offering multiple rentals without additional cost) as a main source of revenue.||Gear flow allows sellers to earn additional revenue off of equipment that typically wasn't marketed as available to customers.|
|Time of work||-||-|
Grow Your Marketplace
If you are looking to grow your business, here are a few option for you to try
Make sure to analyse your competitors
Product price should be the same as market price
Surprise offers always keeps customers coming back
Social Media Marketing
A current generation marketing strategy