Online Marketplaces are one of the most interesting online business models today. Interesting because they can greatly benefit from strong Network Effects, which eliminates putting in substantial marketing dollars. This online marketplaces user engagement guide is built to help you with just that!
Add to it the never-ending dilemma of online marketplaces – Buyers need to see variety to buy from you. But for sellers to take the pains of onboarding and start selling, they need to see the huge buyer numbers first. Fix this, and you have an ever-evolving business in your hands.
The fact is that a huge majority of today’s profitable startups are, in essence, an online marketplace. Marketplaces can be a tough nut to crack! This amplifies the lure of building your business on top of one.
There could be multiple factors that make marketplaces successful such as zero inventory costs, greater transparency, buyer confidence, etc. But almost no online marketplace has been able to grow without first figuring out a solution to the dilemma.
Apart from maintaining a balance between supply and demand, there are other factors that could result in a make-or-break situation. These are the size of the market, your network effects, trying to grow horizontally, focusing on short-term bets, etc. Not leveraging data to grow, and not having a clear idea of the right growth metrics can also slow down your marketplace.
How to tackle the dilemma?
With the right strategy that powers every stage of your funnel – Acquisition, Engagement, Retention & Conversion, your marketplace growth shouldn’t seem daunting.
While it depends on you, from which side you want to start building your business, let’s show you how “User Engagement” can help you set the footing right for your marketplace business.
Specifically, in terms of:
- Growth Hacking
- As a Scaling Mechanism
- And, as a Seller Enablement Tool
So what are you waiting for?
Grab your copy and let’s dive right in!
