What is online marketplace? What is hot about it that makes many people go for it? What are the reasons behind? If you intend to build an online marketplace, what do you need to prepare and what are the challenges? These are the common questions asked by you, I, and those who are interested in marketplace model and want to build one.
Thanks to the technology advance, there’s hardly any limit to what people can do. Marketplace models aren’t new, instead, they have existed for decades. But with the latest technology, marketplace is brought online and quickly becomes a popular trend.
Amazon, eBay, Uber, AirBnB, Etsy are typical examples of online marketplaces. However, to build such a successful marketplace is not easy. It’s not an overnight success, but requires a thorough preparation, an effective business strategy and a lot of hard work. In this series, we want to share our knowledge and experience after years helping thousands of customers build up their marketplace businesses.
This series will cover topics about: Opportunities and challenges of building an online marketplace; Different kinds of platform and business models; Choosing the right business model; What you need to know when building a marketplace website with WordPress.