Revenues for marketplace platform providers across the globe are predicted to more than double from $18.7 billion in 2017 to $40.1 billion in 2022 according to a report from Coresight Research and data by Juniper Research.
With this in mind, it's hardly surprising that the marketplace and sharing economy industry is becoming steadily more competitive. So - how do you differentiate, and set your marketplace apart amongst the growing noise?
Well, who better to ask than the people in the know - the experts at the world's leading marketplaces!
We put the question to a few of our guest speakers from this year's Marketplace Risk Management Conference, to see if their insight can help up-and-coming startups to put their best foot forward.
Here's what they had to say:
“How can a marketplace startup set itself apart from the competition?”
Trisha Kothari, CEO & Co-Founder, Unit21 “Leverage all - not just some - of its data. Let’s take content as an example – We see so many platforms doing content moderation but content is just one piece of the puzzle. In order to catch repeat offenders, to have context into if content is maliciously intended or not, or if an individual is working as part of a larger group, you need to think more holistically – When was this account created? Does it share attributes with accounts previously flagged as bad actors? How much content have they posted in the past week? How much of it was similar to each other? The list goes on - but by taking a broader view, you can be much more effective at combating bad actors long term.”
Kathryn Kosmides, CEO, Garbo
“By focusing on safety first and profits second.”
Kevin Lee, VP Trust and Safety, Sift
“Trust – users go where they trust they get what they paid for. Eroding trust will lead to churn.”
Jeffrey Chugg, Global Head, Risk + Response, TaskUs
“Transparency with the user base. Users want to understand the considerations behind important decisions on policy and content. Even if they disagree with the outcome of some of those decisions, clear and candid communication will be rewarded.”
Sara Mauskopf, CEO & Founder, Winnie
“Marketplaces need not be monetized through transactions. At Winnie, we monetize our childcare marketplace through subscriptions for daycare and preschool providers rather than by taking a cut of the transaction when parents purchase child care. This allows us to be free to use, which drives growth."