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The success of subscription based model is hardly a secret. Imagine how profitable a marketplace full of subscribed goods can be? We are talking about a steady revenue stream created by one time purchase deal.
This guide is curated to teach you how to create a marketplace based purely on subscribable goods.
Subscription Marketplace Checklist
The idea of subscription boxes is nothing new, but with convenience of subscription plans the industry forsubscription boxes has spiked from $57 Million in 2011 to$2.6 billion in 2016.
The sudden surge of covid-19 has shown the global subscription box market to reach a value of$22.7 billion in 2021 and exceed to about$65 billion by 2027. Even without these figures just the benefit of having a steady revenue flow should be enough to get you started. Use this guide to check what you need to start to subscription marketplace.
Select the best plan that suits your marketplace business
CMS is a content management system with a set of scripts for creating, editing, and managing site content.
Custom platform is created keeping specific needs of users in mind.
Understand the variations available in the marketplace
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
Key Takeaways
Components | Netflix | Cratejoy |
---|---|---|
Type | Marketplace for movie subscriptions | Earn their income by selling small subscription boxes of multiple products. |
Revenue Generating Process | Netflix creates subscription-based packages for viewers to get access to the desired content. | Cratejoy charges its user's service costs (including delivery charges) along with a transaction fee for the platform's usage. |
Customer Benefit | Apart from producing personal content Netflix partners with various directors and producers to keep the content game up. | Cratejoy offers analytics, customer portals, and dedicated support to users.. |
Advertisement Strategy | Netflix leaves no stones unturned when it comes to advertisement from social media marketing to email marketing to running ads they have done it all | Cratejoy keeps it simple and sticks to only facebook and instagram advertisement. |
Synopsis | Netflix has amassed a significant part of its audience by selling personalised content available by subscribing to various packages. | Being a part of the market has allowed Cratejoy to create a customer base big enough to attract merchants. |
If you are looking to grow your business, here are a few option for you to try
Transform your WordPress site into a seamless multivendor platform with MultiVendorX. Get a 15-minute free consultation today!