How does on-demand service marketplace works? The right approach for service marketplace development
The inception of digital service marketplaces helps us organize and solve the world’s service needs to a certain extent. Look back to the days when we lack a proper solution to efficiently manages our day to day emergency requirements, those days are far gone, isn’t it? This present moment anyway signifies the most favorable situation for a service booking business to establish. This document centers on rendering crucial insights on approaches one need to implement to be successful in this specific scenario.
On-demand Service Marketplace – Business Model Overview
When it comes to any business, the most basic understanding one need is how exactly does the business work. And without having a proper plan and a strategy there is no way you will make it through.
The core purpose of a service marketplace software is to connect the service seekers with the service professionals. Below explained how basically an on-demand service marketplace business model operates.
- Service seeker creates an account
- Listed the job and seek services from relevant professionals
- Proposals began getting, service seekers analyze each and every proposal received
- Found the ideal service provider, made payment and hired the professional
As a service seeker, you must register and login to your account. Further, you can post the job and invite proposals from relevant service providers. As soon as you choose the right deal, you can make payment and hire the person/organization of your choice. Whereas service seekers have to pay a fixed amount to apply for the job listed. And one the job is chosen, they can start working on it. A service charge will be received at the completion of the assigned task.
How Service Marketplaces Make Money?
Monetizing your service marketplace is one of the key factors. There are diverse methods one can implement to get the best ROI out of their efforts.
- Fix a membership fee for the users
- Charge a fixed amount of money from each service provider to access the job listed
- Also, you can set up a commission rate and charge the service seeker on completion of every task
- Integrating ads can also be an excellent monetization option
Creating an On-demand Service Booking Platform – Best Practices and Features
In regards to building a business around the service booking concept, the one sure thing you need is an efficient digital platform that allows the users to meet their service demands. Integrate functionalities that build trust among users.Below given 4 basic approaches to build an on-demand service booking portal. If you are someone who has a plan to be involved in future on-demand business, it is crucial that you set your mind on one of these 4 methods.
- Analyze, plan, strategize and start coding from the scratch
- Find the ideal resources and hire them to build the service booking software you want
- Employ an all-encompassing ready-made service booking solution and set up a platform quickly
- Hire experienced service marketplace script providers, pay them to build a customized marketplace platform that suits your objectives and plans
Key Features You Need to Include in an On-demand Service Marketplace Software
Features and functionalities decide how the platform is going to respond to the user inputs. Here we list out some of the features, that are requisite for the success of your business.
Responsiveness is the key to digital success nowadays. The users should be able to access the platform laptops, tablets or smartphones. This helps you accommodate more users despite the device they are familiar with.
Geo-location and Maps
Geo-location tracking and maps can improve the efficiency of the process. It helps service providers get the location where the service is needed, also, service seekers can find service providers based on their geo-location.
Usability and simplicity are two crucial aspects in any web or mobile application. Similarly, in service marketplaces, the need of an intuitive search mechanism is inevitable. It aids users to find what they seek easily.
All-inclusive Admin Control Panel
As a person who runs a business, the admin dashboard enables you to take control over the process. You can manage the job listings, sign in/sign up requests, set up the commission and do more by taking advantage of this feature.
Robust Payment Mechanism
Transactions should be secure and reliable; this is what your customer admires. Incorporate genuine payment mechanisms such as Braintree, stripes etc to streamline the payment process.
From an organizational perspective, its growth is closely related to how well they know their customers and themselves. Analytics feature facilitates your efforts to get insights on how the customers behave, what their expectations are and what you need to do to enhance your platform experience.
Pre-built Email Templates
If you want to go a step further, then include ready-made templates, which helps businesses to send promotional emails/newsletters to their clients without spending much time on it.
Private Chat Options
A private communication medium that allows the service seekers and professionals to converse with each other is necessary; it helps service providers understand the requirements clearly.
Providing flexible payment options are essential; especially if you intend to involve international users, you should allow them to pay by the currency they are convenient with.
Interested in On-demand Service Marketplace Solution?
Want to kickstart an on-demand service business right away? Employ Agriya’s premium service booking solution, and set up an inclusive service marketplace within just a few days time. The white-label solution involves everything you need to run an on-demand service business; it incorporates a multitude of features and functionalities designed and incorporated to rationalize the process.