From the time digital technology was introduced, we all are witnessing the importance of online peer-to-peer marketplace. Some of the online platforms such as Airbnb, Etsy, Fiverr, etc have leveraged the capabilities of everything that made them scalable and up to the mark in their field. Marketplaces have been eyeing the countries that could give them a quick boost. One such country is India, where marketplaces have a huge chance to expand their business. Entrepreneurs always break the sweat in their journey of startup growth. Here, I will tell you some steps to grow your P2P marketplace.
7 Strategies To Grow Your P2P Marketplace
1. Build Your Niche
As an entrepreneur, this is one of the most important things you should know. Some researches on marketing have indicated that focus should be given on targeted customers rather than the whole crowd. Most people that are related to the marketing field make goals for a long run before even getting started. You should not make such a mistake and focus on what the customers want at the present time. Try to display products having strong purchases from the past.
2. Focus On What You List
Listing has a vital role in the P2P online marketplace. At the early stage, you should never have high expectations from your online customers. Focus on high-quality providers which will bring more customers to your platform. On the other hand, more people will attract more service providers to your platform. Thus, customers and suppliers can work as a magnet for each other.
3. Use Social Media And Other Channels
It’s difficult for a marketplace startup or any business to compete with bigger platforms. Your competitors have given time and energy to grow their business. Still, you can spread the word about your marketplace on social media platforms. Social media has always been proven to make anything big in a short time. You can also get a thousand customers from social networks quite easily.
4. Seed Your Customers
At first, you should seed your buyers rather than approaching your suppliers. Earlier, several entrepreneurs made mistakes by seeding the sellers to get the customers. After some years, they realized customers are the ones that bring quality sellers to their platform. Moreover, effective digital marketing strategies are needed to attract people at your online P2P marketplace all the time.
5. Have A Sufficient Capital
You should have a track record of how much money gets utilized to secure a single customer. Make connections with the professionals you think can help you with startup funding. Angel investors, startup incubators, VC firms can be great for seed capital. Lacking sufficient finance is a major cause of failures in the world of businesses.
6. Bring Honesty Among Your Customers And Suppliers
In a marketplace, it is obvious that you should create trust from both the ends. Customers can trust you if they get a quality product every time they visit your platform. Suppliers can trust you if they are sure you would be able to keep the customer base perfect. If both parties are satisfied with each other, you will likely see constant growth.
7. Focus On The UI And UX
User Interface and User Experience seem to be the first priority before designing a platform. Besides P2P marketplaces, almost every platform is focusing on improving these two aspects. You can reach your nearest web designing company for the best suitable theme. They could have some other customized services ready for your business.
Future Of P2P Marketplaces In India
A destination where there is a huge crowd is the best for a marketplace to grow. Also, money is required every time. For quick funding support and some stability, entrepreneurs can go for crowdfunding for startups in India. India has been allowing several projects to stand their chance to go global. Also, the country has a huge crowd, which is mostly engaged in social media networks. You can easily get a significant amount of customers to your platform from India. People have become accustomed to buying online rather than going to some places. In addition, low internet charges have created a more favorable environment for online businesses to grow. Thus, you should definitely target customers from India together with the ones from other countries.
You should always be concerned about growing your P2P marketplace. Competition is spreading like a wildfire and you should be ready to face your rivals in the market. All of them will be there to steal your customers to their platform. Here, we have also seen how India could be beneficial for such platforms. Ultimately, your main goal should be to keep customers, suppliers, and investors happy with your performance. Always keep yourself up to date with the trends going on in the market. You never know when you will be successful and reach new heights in the coming years.