How has Airbnb positioned itself as the rental marketplace giant it is today without owning a single hotel? How has Ebay managed to become one of the biggest ecommerce platforms to buy and sell products online without actually having any stock or owning products? The answer lies in the concept of the sharing economy.
The sharing economy or collaborative economy is based on sharing goods or services between users mainly through an online marketplace. Sharing economy platforms have been on the rise for years and have been especially boosted during the COVID pandemic, as it allows people to access goods and services without actually owning them. For example, you can rent equipment, a car or even someone’s home for your next holiday without having to pay full price to own it so you can benefit from it at a much lower cost.
The sharing economy can be found in all industries, from house and car sharing, to coworking or knowledge sharing, as it benefits all parties involved. The owner of the good or service will receive payment for renting it or sharing it with someone who needs it, and the buyer or renter will significantly reduce costs by not having to pay full market price. The advancement of new technologies makes these types of online transactions and exchanges much easier and marketplaces, especially C2C marketplaces, are a perfect fit for this online business model. Among many other benefits, marketplaces make these exchanges easy, secure and transparent, building trust among users and creating a frictionless user experience.
Although it might be tempting to want to include every feature and functionality into the first version of your C2C marketplace, trying to do so can end up preventing your marketplace business from succeeding. When starting a new marketplace business, understanding the essential features it needs is crucial to optimize your resources and manage your project's priorities and roadmap. Trying to include too many features isn't always correlated to the added value which your marketplace will bring and it can easily lead to a high initial investment and can also be very time costly, delaying the launch of your marketplace significantly. Finding the the balance between your goals, resources, timeline and features is necessary to successfully launch your marketplace and once it is live, you can always continue building on it after you have acquired users, completed bookings and gained some traction.
With this in mind, at Hatch we have developed a full service marketplace solution that will allow you to successfully create your C2C marketplace while also giving you the tools to go further. We have carefully designed our marketplace software to include all the essential features of a C2C marketplace while also paying attention to advanced features which will set your marketplace apart and which will allow you to scale your marketplace business and expand it without limits, even across borders.
Your C2C marketplace will therefore include features such as geolocation and geofencing, as well as a powerful search engine with customized categories, subcategories, filters, keywords search, etc. It will also include an integrated chat and review system to enrich and increase the transparency of the booking flow, combined with secure escrow payments and KYC requirements to complete payments anywhere in the world. Furthermore, the listings' calendars can be managed through advanced calendar management features to set specific (un)availabilities, recurring ones that repeat over certain months, days or hours, or also synchronize external calendars to avoid double-bookings. On your end, as marketplace administrator you can decide your marketplace business model and monetization strategy combining different types of commissions-per-transaction and user-specific commissions. You will also be able to define multiple parameters, including the possibility to enable or disable switch users. In other words, you can decide if all users can be buyers and sellers as in Airbnb, or if each one will have a defined role.
If you are ready to build your C2C marketplace, contact us and receive your personalized marketplace in 48 hrs. Start your 2-week free trial and kick off your individual workshops with us to receive a full service experience as you learn all about our Hatch features.
In addition to its powerful marketplace software, our Hatch marketplace solution includes tailored professional support from our team of experts to master our marketplace software, identify best practices and successfully build your C2C marketplace without complex developments or inefficient onboarding processes. Maximize your time, efforts and resources to have a fully operational marketplace business in record time, with your own marketplace business model, personalized design, monetization strategy and more. Our team of marketplace experts will bring their professional experience and knowledge in the marketplace industry to help you build your C2C marketplace, boost its growth and work together to achieve your business goals.