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“10 Keys to Growing an Online Mobile Marketplace”

In: Business and Management

Submitted By alipruett
Words 487
Pages 2
Alison Pruett, MKTG2103, Online Class, Due on March 16, 2015
Article:
“10 Keys to Growing an Online Mobile Marketplace” by Mark Lawrence. The article was posted March 5, 2015 on Forbes.com
Overview of the Article: One of the fastest growing and innovative organizations to date are online marketplaces. According to Ryan Caldbeck, CircleUp CEO, one of the reasons marketplaces are gaining dominance is due to “Their power to disrupt inefficient and fragmented markets; an ability to add potential value for both buyers and sellers; and their capacity to actually expand a market.” Bill Gurley, General Partner at Benchmark Capitol said “The smartphone amplifies these opportunities, as the Internet’s connective tissue now extends deeper and deeper into an industry with the participants connected to the marketplace 24×7.” Meaning that creating a mobile marketplace has even further impact on marketing a product. The author wrote this article four years after releasing SpotHero, an on-demand, mobile parking marketplace, and would like to share his tips on building a successful marketplace business. Prioritize, and try to focus on one thing at a time. Trying to focus on too much at once can lead to failure. The example the author cites is focusing on serving one geographical location, or one parking garage. Running out of money is the quickest way to cause a startup to fail. Make sure you charge what the service is worth. This also means avoiding giving discounts. This may cause you to miss a few a sales early on. However, it will motivate you to provide a good or service at the best quality possible. It also helps to ensure that your business partners are properly compensated in a timely manner. Strive to provide the best supply as possible because your focus should be on merchants first and consumers second. The reasoning behind this is that one merchant can bring in…...

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