What Amazon and eBay started decades ago as disruptive models has finally turned into the most widely recognized business trends today; Entrepreneurship is taking the world by a storm.
In the recent quarter, the net income of Amazon amounted to $2.5 billion, experiencing a 5.3% rise from the preceding quarter with $1.63 billion.
With such a drastic rise in sales, it is almost impossible to avoid the impulse of aspiring entrepreneurs to settle for anything less. Therefore, launching an online marketplace in the 21st century is a viable option. But you must hold your horses till you have a thorough online marketplace idea.
Consider giving the below-mentioned ideas a chance based on which you can build a marketplace.
FinTech is one of the best mediators between a buyer and a seller. It offers that free economy where consumers have myriads of options to choose many sellers instead of testing only one brand. business law case study examples With a fantastic financial segment that provides plenty of opportunities for disruption, FinTech is the hottest marketplace idea on this planet.
FinTech provides modern technologies, promisingly fast-working entrepreneurs, transparent investment plans, and more productive financial services to the end clients. You can take the example of Master stone, a highly dedicated FinTech marketplace for innovative management consultancy.
Handyman Marketplace (Uber for service)
A handyman is the second marketplace that is up for grabs in 2022. Are you not aware of how Uber carved an entire industry out of scratch, morphing an earlier taxi business model into a normal-life necessity today? Thanks to the Handyman marketplace, you cannot think of avoiding an Uber service in today’s fast-paced world.
Because of the booming Handyman services – from gardening to cleaning, car repair to salon services, and more, Handyman remains the first choice of customers. A handyman will always have everything you have done or are doing or possibilities as an entrepreneur. So, here is Handyman ready for you to open up new prospects for you to launch your lucrative marketplace.
If your country shelters a greater percentage of sports enthusiasts, a sporting marketplace can be an excellent idea for you. Take Soccerji, for example, the market is slowly yet steadily disrupting the Football culture in India by shepherding Football lovers and bringing them together on a single platform.
Creating a football marketplace can be a submitting idea if you want to take the sporting marketplace into account. Because here, you can have club managers, ground owners, and players assembled who might interact and discover each other. While ground owners can list their grounds for conducting matches and organizing tournaments, players can remain updated about upcoming training and selection sessions.
Health and fitness marketplace
As per a recent study, the overall growth of the health and fitness marketplace is projected at a CAGR of 21.1% in the next five years. What, according to you, catalyzed this projection? You are right if you had COVID-19 in your head.
Well, we all know how COVID-19 took us on the roughest ride in the year 2020. With the abrupt shutting down of fitness centers and some stringent social distancing protocols, even the health and fitness industry sought physical presence. That is when online fitness clubs took us by our attention, enabling flexibility and comfort on all fronts. The work-from-home culture has been another stimulating factor that responded positively to the health and fitness marketplace. Since technology smashed physical barriers and created unavoidable possibilities for fitness freaks in the online space, you as an entrepreneur can mull it over.
Grocery delivery marketplace
The online grocery marketplace has witnessed a tremendous rise in its popularity recently. During the pandemic, people felt the inevitable need to place online grocery orders adhering to the strict social distancing norms. So naturally, the pandemic-induced panic buying subsided soon after the grocery stores moved their services online, some partially and others permanently.
And once everybody got accustomed to the relief of placing the order for the basic grocery items at the touch of a button, they found it irrelevant to head towards the local grocery store. People now have the privilege of ordering essentials from the comfort of their homes. In fact, some studies show this decade will be revolutionary for online grocery marketplaces. If one prominent player in the industry is Walmart, the next could be you!
Travel activity booking marketplace
According to what Rezdy data surveyed, 40% of all tourism activities are booked online. On that note, the global online travel market was worth USD 396.08 billion in 2020 and the number is expected to reach USD 690.71 billion by 2026.
So, you can see that the market tourism industry is receiving massive customer responses. That also means the sector is facing cut-throat competition with tech giants like Expedia, that is seemingly hard to beat, especially as a start-up. But you can give it a thought, of course. Like, you can take up your chance to stand out in the travel activity booking field. You can strategize the way you respond to customers’ requirements. Here is one way to make your business flourish faster – launch a marketplace where customers can book travel activities before travelling to the destination. If sorted out meticulously, this can become a lucrative business idea for you as an entrepreneur.
Telehealth and Telemedicine marketplace
Telehealth and Telemedicine marketplaces enable people to explore telemedicine services in a particular region to book a tele consultation.
The global telemedicine market was worth USD 38.7 billion in 2020, which is anticipated to reach USD 191.7 billion by 2025. And naturally, the pandemic that hit us in 2020 had tremendously increased the burden on nursing homes and healthcare workers, unlike ever before. Telehealth and telemedicine services come to the rescue to cater consistent help to patients. These marketplaces offer the much-needed assistance to combat the degradation of people’s health.
Now, patients can book online appointments with doctors, which reduces the burden on hospitals to a great extent. And as this marketplace is booming today, starting a business as an entrepreneur can be another lucrative decision you can take.
When it comes to creating an online marketplace business, the biggest challenge is coming up with an idea. A highly competitive space among the already established tech giants in different niches is challenging to develop traction with. But if you find a niche that clicks, the upside could be profitable.
And now that you have the marketplace ideas laid down in front of your beliefs, you can give each of them a thought. Discuss with your friends or partners and try to find out which marketplace would be profitable to start and end with. You can create a thorough business plan to gain in-depth knowledge on the same. Here are some essential parameters that you should consider before deciding on a niche:
- An idea on which you will build the marketplace
- The technology you will use to build the marketplace
- Features that you want to include in the marketplace
- The total amount of investment required to plan, develop, and grow
Once these four points are sorted, you are already 30% towards success as an entrepreneur. Good luck!
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