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💡 Opportunity #1 - Online Marketplaces
🗂 Overview:
It’s worth starting off by saying, that building a marketplace is incredibly difficult - as you need to attract not only the customers but also merchants and other listings. But that being said, once they take off they can be incredibly lucrative.
📈 Trends:
I’ve included some search trends for marketplace niches I think could be worthwhile. More on them later.
📊 Stats:
The online marketplace industry is valued at $3.2 trillion and continues to grow, offering substantial opportunities for business growth and expansion. (source)
By 2027, online marketplace sales are expected to account for 59% of global eCommerce. (source)
Clothing and accessories are popular niches, with Zalando, Vinted, and ASOS among the top marketplaces. Homewares and electronics are also significant categories, led by marketplaces like Wayfair, ManoMano, and Newegg. (source)
⭐️ Examples:
Sharetribe is a platform that makes it super easy to create a marketplace for digital products, services, rentals and more.
Vinted has outsold rival Depop every year since 2019 and made around €370m in 2022 vs Depops €90m.
eBay is one of the OG online marketplaces and dominates its category - it makes around $10b in revenue annually.
Fiverr made around $330m in 2022 and is one of the most well-known service marketplaces in the world.
Swimmy grew to hundreds of thousands of users and millions in bookings. Swimmy lets people to rent private pools in France and Spain. Each summer season has meant considerable growth for the marketplace.
Landtrust connects outdoor enthusiasts with private landowners across the U.S. to build a more sustainable future for working lands. They raised a $6 million Series A funding round.
🧐 Opportunities:
Here’s a list of some online marketplace niches you could try:
Content Creators: Connect businesses with content creators for paid social ads or organic content. There are a few of these but most are based in the USA so businesses in other markets don’t have access to local talent.
Handcrafted Jewellery: Unique, handmade jewellery pieces.
Craft Supplies: Specialized in supplies for crafting.
Fitness Coaching Services: Personal trainers and fitness programs.
Pet Care Services: Dog walking, pet sitting, grooming services.
Custom Furniture: Handmade or custom-designed furniture.
3D Printing Designs: Buy and sell 3D printing designs.
Upcycled Fashion: Marketplace for upcycled clothing and accessories.
Indie Video Game Platform: Independent video game developers.
Photography Services: Connecting photographers with clients.
Language Tutoring Services: Language learning and tutoring.
Health and Wellness Products: Organic and natural health products.
Aquarium Supplies: Everything for fish and aquarium care.
Custom Art Commissions: Platform for artists to offer custom work.
Remote IT Support Services: Tech support marketplace.
Yoga and Meditation Classes: Online classes and retreat bookings.
Collector's Items Exchange: Rare collectibles and memorabilia.
Mobile App Development Services: Freelance app developers.
Custom Fragrance Marketplace: Bespoke perfumes and scents.
Nutritionist Services: Diet plans and nutrition consultations.
Indie Comics and Manga: Platform for independent comic artists.
Custom Cake Designers: Bespoke cake makers for special occasions.
Elderly Care Services: Connecting caregivers with families.
Virtual Interior Design: Online home styling and design services.
Digital Marketing Freelancers: SEO, PPC, social media services.
Online Cooking Classes: Interactive, live cooking tutorials.
Handmade Stationery: Unique, handcrafted paper goods.
🚀 How to Build/Grow:
How to Build:
Identify Your Niche: Determine the specific market or sector you want to serve or problem you want to solve.
Market Research: Understand your target audience, competitors, and market needs.
Choose the Right Technology Platform: Decide whether to build from scratch or use existing marketplace software. Sharetribe seems to be a good tool to get started and validate your idea quickly (I have no affiliation with them).
Develop Your Marketplace: Either develop in-house or hire a development team.
Create Legal Framework: Terms of service, privacy policy, vendor agreements, etc.
Secure Payment Processing: Integrate reliable and secure payment gateways. I believe Sharetribe takes care of this for you.
Onboard Vendors: Recruit initial vendors or sellers for your platform. Let them know you’re a knew marketplace and give them loads of support or information.
Beta Testing: Test your marketplace with a limited audience to gather feedback.
Launch Your Marketplace: Officially open your marketplace to the public.
Gather Feedback and Iterate: Regularly collect user feedback for improvements.
How to Grow:
SEO Optimization: Optimize your marketplace for search engines to increase visibility.
Content Marketing: Create valuable content to attract and engage your target audience.
Social Media Marketing: Leverage social platforms to build a community around your marketplace.
Email Marketing: Use email for direct communication, promotions, and updates.
Referral Programs: Encourage users to refer others with incentives.
Partnerships and Collaborations: Partner with complementary businesses or influencers.
Paid Advertising: Utilize PPC campaigns, social media ads, and retargeting.
Community Building: Engage with your users through forums, social media groups, and events.
Customer Reviews and Testimonials: Showcase positive feedback to build trust.
Data-Driven Decision Making: Use analytics to understand user behaviour and optimize strategies.
Offer Promotions and Discounts: Attract new users and retain existing ones.
PR and Media Outreach: Get featured in media to gain credibility and exposure.
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🔒 Opportunity #2 - The Watch Niche
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🗂 Overview:
📈 Trends:
📊 Stats:
👎 Problems:
🧐 Opportunities
⭐️ Examples:
🚀 How to Build/Grow:
👍 Tips:
🔒 Opportunity #3 - Table Top Games
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