WBSRocks: Business Growth with Enterprise Software and Digital Transformation WBSP241: Grow Your Business by Incorporating Marketplace Business Model w/ Michael Vax
Launching a business model could provide a revenue engine and competitive advantage that will be unmatched. But launching a marketplace is not easy. In fact, it's a chicken and egg problem. Your suppliers will ask you to get the customers first. And your customers will need a decent product and vendor mix before they can choose your site over other stronger brands such as Amazon. Also, the technology investments required to launch a marketplace are substantial. But at least now, some of the eCommerce platforms can provide the marketplace module as part of their bundle.
In today's episode, our guest, Michael Vax, shares his insights on the marketplace business model and the challenges associated with launching it. He also describes the differences between the classic and enterprise marketplaces and which businesses will be appropriate for a marketplace business. Finally, he discusses the concepts such as ownership of data, biases to vendors or customers, or the channel conflict issues among marketplace participants and operators.
For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.