An online marketplace platform is your choice if you are planning to aggregate product or service offerings from multiple sellers. To monetize this business format, marketplace owners employ a commission revenue model but can also use the space to sell their own goods. Investing in marketplace branding and promotion, marketplaces can achieve a large consumer outreach, and with that attract and profit both from solid retailers seeking for omnipresence and smaller players avoiding to deal with their own ecommerce launch.
An online service marketplace is a website where private individuals, professionals, or companies can offer their services. Examples of online marketplaces for services are Fiverr, Upwork, and Thumbtack.
Why a Service Marketplace is a Great Business
So, you’re about to launch a service-focused online marketplace. You’re just in time—a service marketplace business model has a great forecast for the upcoming years and many niches are still not occupied.
Uber’s bookings have increased by a whopping 51% since 2017, which has led to an increase of over 60% in quarterly sales. Airbnb accommodation marketplace is expected to earn $3.5 billion each year by 2020—it would be a 3,400% increase from what the company earned in 2016. HomeAdvisor, the biggest household jobs marketplace, gets a $300,000,000+ annual revenue and 5,000,000+ unique users monthly.
Start Your Service Marketplace platform Like Thumbpin
Firstly, marketplaces can beat the competition by making buying services a lot faster, easier, more affordable, and more reliable. These four benefits are a key factor behind the successes of service marketplace platforms like Upwork, Thumbtack, and Urbansitter, and you can leverage them to grow your business too.
The second big benefit is that you can start an online service marketplace without being a professional yourself. Certainly, having a deep understanding of the industry you focus on is extremely helpful. But because service providers create the supply, you can start a service marketplace website for personal trainers, language teachers, or marketing professionals without having those skills.
Thumbtack is a platform that connects customers with local professionals. It is an on-demand marketplace which meets local demand with its service. It offers services in sectors like wellness, education, housekeeping, photography, etc with a professional touch. It is the best platform for small businesses to flourish.
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