59 Ideas to Start Your Own Online Marketplace

It’s no secret that online marketplaces are becoming increasingly popular and an increasing number of businesses are starting in this popular niche. On Google, the term “online marketplace” is searched 6,600 times per month and the growth of 347% within 5 years is explosive. [Exploding topics]

Many people are choosing to buy and sell items online because it is convenient and easy. There are many different types of online marketplaces, and here are a few examples: auction sites, classified ads, marketplaces for secondhand items, and social media marketplaces. One thing all these have in common is that they require a platform to run on. That’s where you have an opportunity to start your own online marketplace! There is a wide variety of niches that would be perfect for an online marketplace and below you´ll find a list with 59 ideas. So let´s get right into it!

What is an Online Marketplace?

An online marketplace is a platform that allows buyers and sellers to trade goods and services online. The most popular type of online marketplace is an e-commerce marketplace, which is a platform that allows businesses to sell products and services to consumers. There are also other types of marketplaces, such as peer-to-peer marketplaces and online auction sites.

Why Start Your Own Online Marketplace?

There are many reasons why you might want to start your own online marketplace. First of all, it’s a great way to enter the e-commerce world. If you’re not ready to start your own online store, an online marketplace is a perfect way to dip your toe in the water. You can also use an online marketplace to sell products that you don’t manufacture yourself. For example, if you’re a graphic designer, you could sell your designs on an online marketplace. Or if you’re a web developer, you could sell your services on a freelancing marketplace. There are endless possibilities!

Another reason to start your own online marketplace is that you can take advantage of the network effect. The network effect is the phenomenon whereby a product or service becomes more valuable as more people use it. This is because a product or service with a large network of users is more likely to attract new users. This is one of the key reasons why social media platforms such as Facebook and Twitter are so valuable. And it’s also why marketplaces such as eBay and Amazon are so successful. When you start your own online marketplace, you’re tapping into the network effect and making your platform more valuable as more people use it.

What Do You Need to Start an Online Marketplace?

Now that we’ve answered the question “Why start your own online marketplace?”, it’s time to find out what you need to get started.

The first thing you need is a niche. As we mentioned before, there are many different types of online marketplaces, so you need to choose one that suits your skills and interests. For example, if you’re a web developer, you could start a freelancing marketplace. Or if you’re a keen gardener, you could start an online marketplace for gardeners.

Once you’ve chosen your niche, you need to find a way to stand out from the crowd. There are many online marketplaces out there, so you need to make yours unique. This could involve offering lower fees, a better user experience, or a more niche selection of products and services.

Next, you need to choose your platform. There are many different ways to build an online marketplace, so you need to choose the one that’s right for you. You could hire a software developer, which would cost you probably somewhere between 10,000 and 100,000 $. Or you could start with a no-code marketplace template for less than 300$, which you can edit yourself by drag-and-drop. More on this later.

To get a deeper understanding of your business, you should also build a financial plan. If you want to avoid the pain of building one yourself, check out my template for a Financial Model for a SaaS business.

Why are Online Marketplaces Becoming Increasingly Popular?

There are many reasons why online marketplaces are becoming increasingly popular. First of all, they offer a great way for businesses to sell products and services to consumers. They also provide a convenient way for buyers to find the products and services they’re looking for. In addition, online marketplaces often have lower fees than traditional brick-and-mortar businesses, making them more attractive to both businesses and consumers.

Another reason why online marketplaces are becoming increasingly popular is that they offer a great way for businesses to reach a global audience. With an online marketplace, businesses can sell their products and services to buyers all over the world. This is a great way to tap into new markets and expand your business.

Finally, online marketplaces are becoming increasingly popular because they offer a great way for businesses to connect with each other. With an online marketplace, businesses can easily find and contact each other to form partnerships and collaborate on projects.

What Types of Online Marketplaces are there?

There are tons of different niches of online marketplaces. You can create a specific marketplace for literally any industry, product, or service. Here´s a list of 59 niche marketplaces to jumpstart your brain:

1. Auction Site
2. Classified Ads
3. Secondhand Items
4. Social Media
5. Ecommerce
6. Sports
7. Fashion
8. Design
9. Hobbies
10. Music
11. Art
12. Service
13. Transportation
14. Personal services
15. Travel
16. Computer
17. B2B
18. Rental
19. Lifestyle products
20. Handymen
21. Babysitter
22. Pet sitter
23. Services to seniors
24. Young adults
25. Students
26. Golf
27. Tennis
28. Ice hockey
29. Events
30. Financial
31. Loan
32. Morgage
33. Cryptocurrency
34. Precious metals
35. Micro-lending
36. Crowdfunding
37. Freight
38. Construction
39. Jobs
40. Freelancer
41. Roofing
42. Learning
43. Video editing
44. Hotel booking
45. Coaching
46. Fitness
47. Weightloss
48. Nutrition
49. Cooking
50. Electronics
51. Handmade crafts
52. Vegans
53. Gaming
54. Bodybuilding
55. Software
56. Startup
57. Furniture
58. Cars
59. Car parts

What are the Advantages of Niche Marketplaces?

1. Less Competition

When you focus on a specific niche, it’s easier to stand out from the crowd. There are already many successful general marketplaces, so it can be hard to compete.

2. Better User Experience

Niche marketplaces offer a better user experience because they’re focused on a specific audience. This allows you to design your marketplace specifically for your target users.

3. Easier to Monetize

It’s often easier to monetize niche marketplaces because you can target businesses that are willing to pay for access to your specific audience. For example, you could charge businesses a monthly listing fee or take a commission on each transaction.

4. Targeted Audience

When you create a niche marketplace, you can target a specific audience. This makes it easier to market your marketplace and attract users.

5. Build an Email list

Niche marketplaces offer a great way to build an email list. You can use your marketplace to promote your other products and services to your users. This is a great way to grow your business.

6. Higher Profit Margins

Niche marketplaces often have higher profit margins because they’re focused on a specific audience. This allows you to charge more for your products and services.

7. Lower Marketing Costs

Niche marketplaces often have lower marketing costs because it’s easier to target your audience. You can use targeted advertising to reach your target users at a lower cost.

8. Improved search engine ranking

When you focus on a specific niche, it’s easier to rank high in search engines. This is because you can use targeted keywords to improve your search engine optimization.

9. Loyal Customers

Niche marketplaces often have loyal customers because they’re focused on a specific audience. This allows you to build a community of users who are passionate about your marketplace.

Roadmap to Start an Online Marketplace

Starting a business can be confusing. But don’t worry, we’ve got you covered. Here’s a step-by-step guide to starting your own online marketplace:

Step 1 – Find a niche

The first step is to find a niche for your marketplace. This can be anything from cars to clothes to books.

Step 2 – Research your competition

Once you’ve found a niche, it’s time to research your competition. This will help you determine what’s already out there and how you can make your marketplace better.

Step 3 – Choose a business model

There are two common business models for online marketplaces:

* Marketplaces that charge fees: These marketplaces typically charge businesses a listing fee or take a commission on each transaction.

* Marketplaces that don’t charge fees: These marketplaces are free to use and make money through advertising.

To find the fee structure, that fits your idea best, check out my Financial Model Template for a SaaS Business.

Step 4 – Build your marketplace

Now it’s time to build your marketplace. This can be done by hiring a developer, or with a software template. I would recommend building an MVP first. MVP means a minimum viable product, which is a minimalistic version that already provides value to your targeted customer group. It’s more than a mockup, and it’s less than the intended complete software solution. The building of your marketplace from scratch would cost you a fortune. To reduce development costs, I would suggest starting with a software template, that is based on a no-code platform like bubble.io.

Marketo is a no-code template, which you can get for $ 249 from my affiliate partner Zeroqode. And with my code 0VXN62, you get a 5% discount.

Step 5 – Launch your marketplace

Once your marketplace is built, it’s time to launch it to the world. This can be done through online marketing or PR.

Step 6 – Grow your marketplace

The final step is to grow your marketplace. This can be done by adding new features, expanding to new niches, or marketing to new audiences.

Conclusion

Starting a niche marketplace is a great way to build a profitable business. If you follow the roadmap and use my templates, you can get your marketplace up and running in no time.

Sources:

• Exploding topics
• Software Template Marketo
• Financial Model Template for a SaaS Business