5 tips for building a successful niche marketplace

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5 tips for building a successful niche marketplace We all are quite aware of the fact that building a marketplace is very difficult - like actually very difficult. When you take a look at the examples such as Etsy, eBay and more. However, when it comes to doing it for yourself, the actual problems surface up. The very first being the chicken-and-egg problem, there are others which can be very problematic. What if you have potential buyers but no sellers? The buyers would leave and probably never to return. So how do you keep your audience engaged while building both the sides of the marketplace at the same time? Talking about a niche marketplace with two-sided interest, you cannot build a multi-vendor marketplace overnight. It takes both time and patience to achieve what you’ve thought about your marketplace. There’ll be problems in the way, but when to focus on the following ways, you’ll be able to start successfully while investing small.

Keep your boundaries While there are multitudes of products available in the industry that customers (a certain section) look out for. But, when you focus on providing what general customers want by having a sound knowledge of the industry would you be able to build a marketplace. In addition, if you add the feature of absolutely fine quality in what you provide, credibility is what you will earn.

Keep the burn as low as possible If you take the examples of the other marketplaces, you’ll understand that achieving your vision takes a lot of time, probably 2-3 years when you can finally say that this is what I wanted. With the slower pace of the two-sided marketplace, you’ll have ample amount of time to build your business step by step. However, this is the time when you might just burn all initial capital and that’s exactly what you’re supposed to adjust and trim down. Keep the burn rate as low as possible in order to keep it going till you’ve achieved your goal. Remember that if you spend your initial capital in the beginning and are not left with anything for the later, your business will ramp up


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5 tips for building a successful niche marketplace by Knowband - Issuu