Have you ever wondered what it takes for the sharing economies to prosper or come into action? For instance, Uber doesn’t have the cars of its own or even a balance sheet to keep the record of the drivers who drive their vehicles. Astonished? This is all possible thanks to two-sided marketplace software. Yes, it is indeed true! The startups or the biggest sharing economy websites are operating due to the symbiotic relationship it shares between the suppliers and the customers.
Two-Sided Marketplace
What is a Two-Sided Marketplace?
In the Two-sided Marketplace, two distinct user groups (suppliers and customers) provide each other with economic benefits and value to their business through an intermediary platform. Starting and scaling a marketplace is challenging. It requires a fine balance between developing technologies that facilitates a faster and efficient service; managing and predicting supply and demand; and providing a powerful customer experience.
Creating a two-sided marketplace
Top Features of Two-Sided Marketplace
Admin Portal
Admin Portal allows marketplace admins to configure the settings, default pricing, default fees and manage the various facets of the marketplace business
Escrow Accounts
To streamline transactions, your marketplace will put payments in escrow and only release them when all conditions are met.
In-App Messaging
Allows instant messages between suppliers and their customer within the marketplace. The messages are accessible from the Customer profile and Admin console.
Availability Management
Supports adding availability functionality around setting the booking by date/time. Ability to allow search product/service by date in the storefront.
Why do you need a two-sided marketplace?
These marketplaces have higher speeds of delivery. The power is in the customer’s hands when choosing the right balance between the quality of service, speed of delivery, and cost. The winner is the service provider that can deliver the best, speediest, or most economical solution.
How you can start your own two-sided marketplace?
Creating a marketplace can be broken into four major steps- Planning, choosing, scaling, and monitoring. If you have a business idea you have solved the chicken-egg problem, learn more about how you can implement your idea into reality here.
What are business models for a two-sided marketplace?
Revenue models form the foundation for a two sided marketplace software. Learn about the business models here. Building a marketplace is an iterative process and owner should launch the marketplace before it is 100% ready so that there is always time to make changes based on the feedback from the suppliers and customers
How IdyaFlow helps in creating a two-sided marketplace?
The secure IdyaFlow software has a complete bundle for your marketplace website that allows you to easily create different themes with an in-built online editor. Every template comes with its own intuitive settings so you can quickly and easily customize every facet of your online storefront.
IdyaFlow is filled with feature-rich capabilities, made especially for you