16 Must Read Marketplace Articles for Entrepreneurs in 2024

A marketplace connects buyers and sellers. Marketplaces are the most popular type of business model today. This post curates the best Marketplace articles and advice.

Here you go:

1. How Modern Marketplaces like Uber and Airbnb Build Trust to Achieve Liquidity

Uber and Lyft have created infinite possibilities in the field of transportation to the point where people don’t even want to own a car anymore! With so much success in recent times, it’s no wonder that newcomers are flocking to Uber’s boots — be it via Postmates, Getaround, Taskrabbit, or another marketplace. The perennial question that remains though is how to find the initial balance between the two sides.

Read the complete article here and know the answer.

 

2. The Evolution of Managed Marketplaces

Evolution of managed marketplace | Mindbowser

When you were younger, you chose your restaurant based on convenience, popularity, or how well it looked. Nowadays, if restaurants don’t have an online presence, many people may not go there. People used the Yellow Pages as a primary source of information to decide where they wanted to dine out or who they wanted their plumber to be. But back in the late 2000s onwards, business owners recognized that this way of doing things was outdated. Consumers are now looking at other places to find information before deciding where they should buy supplies for their home or hire someone to work on their plumbing system. It wasn’t long before businesses began setting up websites so people could look through what they had to offer online rather than have them bother calling up first before coming in person.

Get the full concept understanding and see the evolution of marketplaces here.

 

3. 10 Marketplace KPIs That Matter

10 Marketplace KPIs | Mindbowser

A typical e-commerce marketplace has hundreds of different metrics that need to be tracked, but some are more important than others. This infographic lists 10 key metrics that matter most to the success of an online marketplace. The infographic was conceptualized by Accel– the world’s leading VC firm.

Read the complete blog here.

 

4. TaskRabbit’s Pioneering Marketplace Model & Missed Growth Opportunities
Marketplace growth opportunities | Mindbowser

TaskRabbit was a company created during a time when there wasn’t any precedent for what this type of service would be able to achieve. TaskRabbit had a great idea about what the gig economy would grow into, but they made a few key missteps along the way that some of their counterparts capitalized on as the industry grew. Despite these minor failings, it’s important to appreciate some of what TaskRabbit accomplished that still holds today with other businesses in the same marketplace.

Explore the Key Growth Lessons here.

 

5. How to Build a Growth Team – Lessons from Uber, Hubspot, and Others

Steps of growth process | Mindbowser

Building a new growth team is an exciting challenge. You will have to figure out how this new addition fits into the organization’s overall structure, from a macro perspective – such as whether it works with marketing, product and other departments – all the way down to a micro perspective such as measuring your success rate with them. This is a complex matter that many business owners are struggling to figure out at present.

Read this blog to know more about team development.


6. How to Build a Billion-Dollar Digital Marketplace in 2024?

According to the startup playbook by Sam Altman, four things are critical for success: The Idea, The Product, The Team, and The Execution. The same basic principles apply whether you’re building a global business, a local co-operative, or a non-profit. Everything starts with the idea. 

This blog is to help you understand the journey of building a billion-dollar marketplace. It covers everything from what marketplaces are, why are they successful, how to build a marketplace, and the mistakes that you should avoid.

Read the complete article here

Do You Have a Marketplace Idea? Let Us Help You

7. The Three Stages of Online Marketplaces

Stages of marketplace | Mindbowser

Fig: Stages of Marketplace

Online marketplaces have changed the way small businesses trade. Even though they have been around for a while now, most businesses don’t understand how they work. The marketplace business model is complex and is made up of three stages. This blog will explain those three stages and show how your business can benefit from those stages.

Read the article here.

 

8. Four Strategies to Win Big with Low-Frequency Marketplaces in 2024

There are several different strategies that are used for high-frequency businesses, but what about the opposite end of the spectrum? Low-frequency business models are the complete opposite of Uber. They rely on something called average selling price, or ASP. In a low-frequency business model, customers take longer to make a purchase decision and there is typically less competition as well. For example, someone who wants to order food from GrubHub doesn’t really have a lot of other options as opposed to someone who takes an Uber ride which typically has many different types of rides available to them in their area.

Read the full article here.

 

9. Marketplace Supply Strategy

Marketplace supply strategy | Mindbowser

UberX has overcome the logistical challenges facing its branded “upscale” counterparts by providing consistent service at competitive rates, 24/7. Because Uber is available to its customers whenever they feel like commuting, UberX will continue to be relevant in the long term.

In most marketplaces, users value having a high variety of supplies. For these marketplaces, there are three main strategies for supply differentiation: comprehensiveness, exclusivity, and curation. 

Read this blog to understand all the aspects of marketplace strategy.


10. How to Find Great Online Marketplace Ideas in 2024

One of the biggest challenges for new entrepreneurs is coming up with the right idea. While you can find a lot of great ideas out there, it can take ages to research each one and then to figure out whether it will work. This blog will look at some of the different ways that you can find great ideas and what to look for in a good marketplace idea.

Click Here to read the complete article.


11. Your Marketplace MVP – How to Build a Minimum Viable Platform
Agile software development | Mindbowser

Fig: Agile Software Development

Have you ever wondered how to build a Minimum Viable Product? Do you need to know how to create an MVP for your business? Then this blog is just for you. We will be looking at different aspects of building a minimum viable product. You will discover how to create an MVP that will help you take your business forward.

How you can create a Marketplace Platform from Scratch, read here.

 

12. Four Paths to Marketplace Success

When building a marketplace, most companies strive to excel on all fronts: high frequency, high retention, and (relatively) high transaction values. Like a hybrid between Amazon and Airbnb, they want to build the kind of habit-forming product users can’t help returning to—and spending lots of money on. It’s the holy grail of marketplaces, and with good reason. It’s not only difficult to achieve, but it also takes a lot of time.

While the frequency of use and transaction size are common metrics for determining a product’s potential, the a16z Marketplace 100 revealed some interesting trends. Four segments emerge:

The Holy Grails

  • The Everyday Necessities
  • The Occasional Splurges
  • The Fits and Starts


13. 5 Lessons Learned From Building a Marketplace and Failing At It

Marketplaces definitely remain one of the best business models- AirBnB, Uber, Amazon to name a few. The best part of solving a difficult problem is that if you solve it, you have a substantial advantage over others. Marketplaces are unique models where you have to balance a lot of different forces together.

Read more here. 

Building a marketplace and failing at it | Mindbowser
Happy to have a discussion or lend a hand to plan your marketplace strategy. Reach out at ayush@mindbowser.com.


14. 24 Ways B2B Marketplaces Win

B2B marketplaces are becoming increasingly popular. They are not only creating opportunities for businesses to sell their products but also for buyers to find products at affordable prices. This blog looks at 24 ways these marketplaces are changing the B2B industry for the better. It covers the entire lifecycle of marketplaces that start from idea to execution and includes real-life examples used by successful companies.

 

15. How B2B Marketplaces are Changing Procurement

Procurement workflow | Mindbowser

Fig: Procurement Workflow

The unexpected nature of COVID-19 has unveiled that many companies are not well prepared for disruptions in their supply chain, which is forcing them to evaluate how to procure materials in the future. In this post, the author talks about the shift to verticalized procurement solutions triggered by these disruptions and why now is an excellent time for building B2B marketplaces.

Explore the complete article here.


16. Why Marketplaces Fail: The Role of Engagement

Engagement & The Marketplace Matrix | Mindbowser

Fig: Engagement & The Marketplace Matrix

A marketplace platform is an effective way to provide your customer with a wide range of services and products and it can also provide an attractive source of income. However, many marketplaces don’t succeed and this blog will look at why marketplaces fail and what they can do to avoid it.

Check out the marketplace fail reasons here.

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Conclusion 

This collection of articles explores key aspects of marketplaces in 2024. From building trust in modern marketplaces to KPIs that matter, growth team insights, and strategies for low-frequency models, these articles provide valuable guidance. Learn about supply strategies, finding marketplace ideas, creating a minimum viable platform, and paths to marketplace success.

Discover lessons from marketplace failures, B2B marketplace trends, and the impact of engagement on marketplace success. Whether you’re a startup or an entrepreneur, these articles offer a wealth of knowledge for navigating the evolving marketplace landscape.

Frequently Asked Questions

What are the Marketplace Trends in 2024?

Published in 2022, the “a16z Marketplace 100” by Andreessen Horowitz offers a comprehensive look at the top private and startup marketplaces serving consumers. This insightful list serves as a powerful tool for understanding how the marketplace ecosystem has transformed over the past year.

What is a Managed Marketplace?

Imagine an online environment where buyers and sellers can easily connect, browse offerings, and complete transactions smoothly and securely. That’s the essence of a managed marketplace. Think of it as an upgraded version of older marketplaces like Craigslist or the Yellow Pages. Those platforms served as simple listing boards, like bulletin boards in the digital world.

What are the Features of a Managed Marketplace?
  •  Match buyers and sellers: Sophisticated search and filtering tools help users find exactly what they’re looking for, whether it’s a specific product, service, or skill.
  • Promote trust and security: Verification systems, reviews, and dispute resolution mechanisms give users confidence in their transactions.
  • Streamline the process: Payment gateways, escrow services, and automated workflows make buying and selling quick and convenient.
  • Offer additional services: Some managed marketplaces provide value-added services like delivery, installation, or customer support, further enhancing the user experience.

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