6 Steps To Build A Successful Peer-To-Peer Marketplace

Peer-to-peer (P2P) marketplaces are a new form of Ecommerce and it’s quickly growing in popularity. The sharing economy has blossomed from Etsy and Uber to more niche markets for sports gear and clothing. If you’re looking to build a P2P marketplace we’ve got the basics for you to get started.

1. Define Your Target

When you’re creating a marketplace the market is the key. Something too broad like outdoor gear may be outshined by something a little more specific to certain activities and being too focused may not get you the reach you want. This step will take some digging and researching to help you clearly define what your goal is for your specific target. As an entrepreneur you should know the industry you want to join fairly well. Having the issues and benefits you’ve found in similar companies will help you build a strong foundation.

2. Build Up Your Supply

Suppliers are going to be the face of your marketplace so finding the right people are crucial to the success of your marketplace. When searching, look for people that are passionate. Passion brings energy and knowledge to the table and is easily conveyed to the customer. With experts in the industry, you’ll easily be connected to more like minded people thus expanding your network even more.

Related: Building Trust in Marketplaces

3.Create A Community

After you’ve found your suppliers it’s time to look into creating that community. Half the job is done when you found the suppliers since they can act as consumers as well but don’t stop there. Reach out to places that your ideal customer visits and create some buzz in the community. It’s very important to maintain good and efficient service as well to keep the growth steady.

4. Produce Content

If you’re an expert in your industry then it may be time for you to start creating content to share. Content marketing is the new way to pull in people that are already interested in what your marketplace has to offer. Being a thought leader and sharing advice to your community is definitely a great way to expand your audience. If you’re worried about keeping your content consistent, don’t. There are many freelancers out there that can help you create enticing content to read.

5. Make Paying Easy

Nothing is worse than going through a website, adding things to your cart, and at the end you have to fill out all this information. On top of that adding a load of shipping and taxing fees. The payment gateways you choose are quite important in the customer purchasing process. If you make it even the slightest more difficult your customer may get turned off and never visit again. So how do you make it easier? Allow them to set up an account, have cookies saved so all of their items are kept in the cart after leaving, and have a flat rate of shipping & handling. Of course there are many more things you can do but these seem to be the most apparent and important while shopping online.

Related: Insights for Marketplace Prosperity

6. Have Great Service

This goes without saying that the last impression you’ll have on your customer is how you treated them. Great service is a lifesaver when your marketplace runs into problems. Being swift and courteous with your answers will let your customers know that you care about the issues and you’re actively trying to fix them.

It’s also a good idea to add a love support chat for customers with any forming questions. Consider the steps of the customers visiting process and try to solve any problems they may run into.

There you have it! Our two cents on what launches a successful marketplace. Keep these consistent and you’ll have smooth sailing. Good luck!

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