How to Come Up With a Great Marketplace Idea

Just like you need a list of ingredients before starting up your stove up your dinner, you need a list of things to tick before you start thinking about making your marketplace idea come true.

A marketplace is an e-commerce website multiple vendors or businesses provide their products and services in one place. If you are planning on creating a thriving marketplace online, there are a few things that you need to consider.

Ready for your ingredient list? Here you go:

The Why

Before starting your marketplace ideas, the first question you need to answer is- why am I starting this? What problem will it solve, and how will it solve it?

We all agree that marketplaces are a thing to stay as they already solve these barriers- convenience, choice, and competitive prices. Moreover, they are highly profitable and convenient because of their inventory or shipping setbacks. Hence, starting your marketplace could seem like a lucrative idea, but the main thing to consider is what problem this will solve?

The best way to narrow down these challenges would be to research the market and understand the market’s pain point for consumers. Understanding this will bring you to brainstorm a genuine problem that your marketplace can solve.

Available market

Once you have niched down to your problem, you need to analyze your competition and what makes them successful. You can even think about some existing workplace and their pain points and solve them by bringing in your solutions. Creating a solution to a problem is the ultimate goal that you should keep in mind while brainstorming marketplace ideas.

Base Run

Once you have cracked answers to these questions, you can move ahead with broader approaches like deciding on what platforms you can go for or running an experiment by checking with the actual potential users- consumers and suppliers.

Understanding Distribution Model

There are a lot of ways that you can design your distribution model. Extensive research will bring you down to creating a model that best suits your requirements.

As you keep ticking off these from your checklist, you can move ahead to shortlist your marketplace ideas. Some interesting online ideas that you can go for are pointed out below:

● Ecommerce marketplace

The success of Amazon is no hidden story, but there are significant new marketplaces that serve a particular niche, which give a big-time competition to Amazon.

● Rental marketplaces

There have come huge marketplaces catering to this service globally and nationally. E.g.- AirBnb, Cars24, etc

● Talent Marketplaces

With economies and Industries growing, massive marketplaces like these act as a ground for talents and employers to meet and generate profits mutually. E.g., Fiverr, Upwork.

These are just a few ideas that you can consider while starting out your marketplace ideas, but the best thing you can do is an experiment and learn from your own experience, as it is the best teacher you can rely on.

Have an idea in mind already? Consider these points and get started.