Subscription 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, you save time
- The Support team's got your back
- Save cost on development
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
- Simple Subscriptions
- Tired Subscription
Product Management Tools
- Product Listing Option
- Inventory Manager
- Free Trial & Sign-up Management
- Upgrades & Downgrades
Payment Management Tool
- Billing Cycle Manager
- Recurring Payments
- Automated Notification reminders
- Voucher and Coupon Code system
Marketplace Analytics Tools
- Business Analytics Tool
- Detailed Sales Report
Know Your Vendors
Understand the variations available in the marketplace
After this deadly pandemic, booking doctor's appointments from home has become a necessity. So why not create a marketplace that allow booking medical consultations.
Why not add different airlines, cab services, and bus services sellers to your marketplace and allow customers to book journey from the comfort of homes.
Hotel and Lounges
If the success of Airbnb is not a motivation. we don't know what it! Allow various hotel, lounges and motel owners to rent out their rooms on your website.
Around 13% of diners said they've made online reservations at restaurants many times. And 32% said they've done so once or twice. Restaurant owners may just be your potential customers.
Salon and Spa- Booking
Include various hair salons and beauty salons in your marketplace and facilitate your customers in joining the current trend.
Plumbers not picking calls on time? Been there right? Why not create a booking platform through which users can hire plumbing, gardening, lighting and other servicemen.
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 % only when they make a sale. This monetization strategy is best for small transactions. Uber and eBay work like this, for example. The platform usually gets a commission fee of 5-15%.
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
|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
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