The first club was organized on theme "Marketplace Model: Challenges and Solutions"
The event was attended by eVibe, EventsHigh, FoodTribe, Interbizy and our guest expert for Marketplace model was Ritesh Dwivedy, CEO of JustEat.in.
After the initial round of introductions, the first thirty minutes were spent in very specific mutual Q&A of the participants and expert. There were basic questions like have you estimated your Market Size to stories about unique challenges associated with Market place model. Though serving different target markets and domains, most of the participants could relate to the topics. Which suggest that business models, irrespective of domain it is applied to, offer a lot of common challenges.
A few Notes that I could capture from the discussion:
1. Estimating/Evaluating the Market Size is a key activity for all startuppers. That is what helps you identify the core competencies of your startup, the key differentiater and thus it governs the startegy you should take up.
2. Marketing is not something you need to worry about at early stages. Depending largely on Organic, Word of mouth, SEO is a good idea.
3. Some key metrics to track should be Cost Per Order, Cost Per User Acquisition, Conversion rate of incoming users, Conversion rate of reached out vendors, Average Ticket Size, etc.
4. Quantity of listed vendors is much less significant than their Quality.
5. You cannot rely on vendors to manage the contents, It is your responsibility to curate and keep the content up to date.
6. Establish a two way communication with Vendors, you need to make sure they've received the order and understand the liability very well. This is extremely important.
More: Interesting infographic about MarketPlace Model in India. Courtesy: YourStory.in
The event was attended by eVibe, EventsHigh, FoodTribe, Interbizy and our guest expert for Marketplace model was Ritesh Dwivedy, CEO of JustEat.in.
After the initial round of introductions, the first thirty minutes were spent in very specific mutual Q&A of the participants and expert. There were basic questions like have you estimated your Market Size to stories about unique challenges associated with Market place model. Though serving different target markets and domains, most of the participants could relate to the topics. Which suggest that business models, irrespective of domain it is applied to, offer a lot of common challenges.
A few Notes that I could capture from the discussion:
1. Estimating/Evaluating the Market Size is a key activity for all startuppers. That is what helps you identify the core competencies of your startup, the key differentiater and thus it governs the startegy you should take up.
2. Marketing is not something you need to worry about at early stages. Depending largely on Organic, Word of mouth, SEO is a good idea.
3. Some key metrics to track should be Cost Per Order, Cost Per User Acquisition, Conversion rate of incoming users, Conversion rate of reached out vendors, Average Ticket Size, etc.
4. Quantity of listed vendors is much less significant than their Quality.
5. You cannot rely on vendors to manage the contents, It is your responsibility to curate and keep the content up to date.
6. Establish a two way communication with Vendors, you need to make sure they've received the order and understand the liability very well. This is extremely important.
More: Interesting infographic about MarketPlace Model in India. Courtesy: YourStory.in
