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WBSP241: Grow Your Business by Incorporating Marketplace Business Model w/ Michael Vax
Description
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.
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