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MARKETPLACE LESSONS // NOV 2018
Jackson Square Ventures | Confidential | 2
Hello, My Name is Josh
Jackson Square Ventures | Confidential | 3
Lessons from Three $B+ GMV Marketplaces
acrowdedspace.com
Jackson Square Ventures | Confidential | 3
Jackson Square Ventures | Confidential | 4
Marketplace Checklist
☑ Productivity gains
☑ Massive existing (inefficient) market
☑ High fragmentation on both sides
☑ In the payment flow
☑ Frequency (recurrence) of usage
☑ Irregular / non-monogamous usage
☑ Standardization possibilities
☑ Network effects on quality, cost, speed
☑ Market expansion (unlock new supply / demand)
☑ No disintermediation possible
Ideal marketplaces have al
l of these
characteristics.
Some of these can
be deal-killers
Jackson Square Ventures | Confidential | 5
☑ Productivity gains
☑ Massive existing (inefficient) market
☑ High fragmentation on both sides
☑ In the payment flow
☑ Frequency (recurrence) of usage
☒ Irregular / non-monogamous usage
☒ Standardization possibilities
☑ Network effects on quality, cost, speed
☑ Market expansion (unlock new supply / demand)
☑ No disintermediation possible
Marketplace Checklist
Nannies
Jackson Square Ventures | Confidential | 6
Marketplace Checklist
☑ Productivity gains
☑ Massive existing (inefficient) market
☒ High fragmentation on both sides
☒ In the payment flow
☑ Frequency (recurrence) of usage
☑ Irregular / non-monogamous usage
☑ Standardization possibilities
☑ Network effects on quality, cost, speed
☑ Market expansion (unlock new supply / demand)
☑ No disintermediation possible
Aircraft Maintenance
Jackson Square Ventures | Confidential | 7
Marketplace Checklist
☑ Productivity gains
☑ Massive existing (inefficient) market
☑ High fragmentation on both sides
☑ In the payment flow
☒ Frequency (recurrence) of usage
☑ Irregular / non-monogamous usage
☑ Standardization possibilities
☑ Network effects on quality, cost, speed
☑ Market expansion (unlock new supply / demand)
☑ No disintermediation possible
Locksmiths
Jackson Square Ventures | Confidential | 8Jackson Square Ventures | Confidential | 8
Frequency of Purchase
Size of
Transaction
Plumbing
Vertical
(HighFrequency)
Vertical
(HighPrice)
Horizontal
Locksmith
Sporting
Goods
Furniture
Flights
Hotels
Taxi
Meals
Homes
Cars
Clothing
Horizontal
B2B
Horizontal vs.
Vertical
Verticalize (buyer picks for high price) / (supplier picks for high frequency)
Or group categories in horizontal; Or build a B2B platform
Jackson Square Ventures | Confidential | 9Jackson Square Ventures | Confidential | 9
50%
0%
20%
High Rakes --Managed marketplace, monopoly
(iOS), opacity
Tiny – Long term, regularwork,users meet in person,
paymentoff-platform
Med – Quality control, insurance,compliance, scheduling
and availability
Low – Transparentfees, buyerbeware, high price goods /
services
Rake
Factors
High rake not necessarily better, just different
More marketplace management – more rake
Jackson Square Ventures | Confidential | 10Jackson Square Ventures | Confidential | 10
Match Types
Upwork,Craigslist
Airbnb,Zillow
Uber,Rev
SupplierPicks
Commodity
Increasing
Fill Ratio
Buyer
Buyer
Buyer
Supplier
Supplier
Supplier
Buyer Picks
Variety
Double Commit
Complex, custom stuff
Marketplaces evolve to increasing fill ratio
Supplier picks is easiest way to approach 100%
Jackson Square Ventures | Confidential | 11Jackson Square Ventures | Confidential | 11
Virtuous Cycles
Lots of time here
Ineffective
Attract OptimizeScreen
Not much time here
Veryeffective
Retain
Expel
Quality is never static (will increase or decrease)
Don’t waste too much time screening; Invest in O.R.E
Jackson Square Ventures | Confidential | 12Jackson Square Ventures | Confidential | 12
Desperation
Curve
Desperation
Willingness to
jump through
hoops
LowQuality
HighQuality
Hurdles can actually lower quality
Jackson Square Ventures | Confidential | 13Jackson Square Ventures | Confidential | 13
Teach Your Users
• Display successful transactions
• Match new and repeat users
• Use community forums on your site
• Have employees onboard every week
All marketplaces are different and have a learning curve.
Pay attention to the onboarding experience
Craft a different experience for newbies and repeats
Jackson Square Ventures | Confidential | 14Jackson Square Ventures | Confidential | 14
Network Effect in
Marketplaces
Quality
Market Penetration
MaxNetworkEffects
Reality Cost
Market Penetration
Uber
UberX
UberPool
Driverless?
Network effects often plateau
Reinforce with new service offerings
Jackson Square Ventures | Confidential | 15Jackson Square Ventures | Confidential | 15
Tiering Marketplaces
The classic 80/20 rule where 80% of the
activity might come from 20% of your
users.
Segment users to reward and retain the most active users
Make it easy for the best users
20%
USERS
80%
ACTIVITY
Jackson Square Ventures | Confidential | 16Jackson Square Ventures | Confidential | 16
Disintermediation
Users often seek the best financial outcome
Either increase value or decrease fee over time
Time
Perceived Value
Total
PerceivedValue
FlatFee
Disintermediationhappens
here
Jackson Square Ventures | Confidential | 17Jackson Square Ventures | Confidential | 17
Feedback and False
Signals
0% 20% 40% 60% 80% 100%
Yelp
oDesk
Amazon (Books)
Amazon (Toys)
5
4
3
2
1
Beware of false signals
Ask for private feedback, 3 point scales, and use behavioral data
Jackson Square Ventures | Confidential | 18Jackson Square Ventures | Confidential | 18
Fraud
Curve
Time
% of Fraudulent
Transactions
The
Beginning
First
Fraud
Over-
correction
Steady State
Trust and safety is a part of every marketplace
Zero fraud is bad -- means you’re underinvested in growth
Jackson Square Ventures | Confidential | 19Jackson Square Ventures | Confidential | 19
Master
Marketplaces
Master
Commodity
PayforAccess,
Expertise
Buyers
PayforCostSavings,
Speed,Convenience
Suppliers
ValuePrestige,
Brand,Reputation
ValueEarnings,
Convenience,
There is a new emerging class of marketplace
Master marketplaces must be designed differently
Jackson Square Ventures | Confidential | 20Jackson Square Ventures | Confidential | 20
Liquidity Hacking
Find Aggregators
• Physical (office / campus) – Zesty
• Enterprise client – Gigwalk, Wonolo
• Scrape – Craigslist
Provide Value to One Side – Github
Narrow your Focus – OfferUp
Curation (reduce options) – YourMechanic
Brute Force (do things that don’t scale) - oDesk
Solving the liquidity problem is the most important challenge
Figure out your liquidity hack
Josh Breinlinger
josh@jsv.com
THANK YOU
QUESTIONS?

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Marketplace Lessons

  • 2. Jackson Square Ventures | Confidential | 2 Hello, My Name is Josh
  • 3. Jackson Square Ventures | Confidential | 3 Lessons from Three $B+ GMV Marketplaces acrowdedspace.com Jackson Square Ventures | Confidential | 3
  • 4. Jackson Square Ventures | Confidential | 4 Marketplace Checklist ☑ Productivity gains ☑ Massive existing (inefficient) market ☑ High fragmentation on both sides ☑ In the payment flow ☑ Frequency (recurrence) of usage ☑ Irregular / non-monogamous usage ☑ Standardization possibilities ☑ Network effects on quality, cost, speed ☑ Market expansion (unlock new supply / demand) ☑ No disintermediation possible Ideal marketplaces have al l of these characteristics. Some of these can be deal-killers
  • 5. Jackson Square Ventures | Confidential | 5 ☑ Productivity gains ☑ Massive existing (inefficient) market ☑ High fragmentation on both sides ☑ In the payment flow ☑ Frequency (recurrence) of usage ☒ Irregular / non-monogamous usage ☒ Standardization possibilities ☑ Network effects on quality, cost, speed ☑ Market expansion (unlock new supply / demand) ☑ No disintermediation possible Marketplace Checklist Nannies
  • 6. Jackson Square Ventures | Confidential | 6 Marketplace Checklist ☑ Productivity gains ☑ Massive existing (inefficient) market ☒ High fragmentation on both sides ☒ In the payment flow ☑ Frequency (recurrence) of usage ☑ Irregular / non-monogamous usage ☑ Standardization possibilities ☑ Network effects on quality, cost, speed ☑ Market expansion (unlock new supply / demand) ☑ No disintermediation possible Aircraft Maintenance
  • 7. Jackson Square Ventures | Confidential | 7 Marketplace Checklist ☑ Productivity gains ☑ Massive existing (inefficient) market ☑ High fragmentation on both sides ☑ In the payment flow ☒ Frequency (recurrence) of usage ☑ Irregular / non-monogamous usage ☑ Standardization possibilities ☑ Network effects on quality, cost, speed ☑ Market expansion (unlock new supply / demand) ☑ No disintermediation possible Locksmiths
  • 8. Jackson Square Ventures | Confidential | 8Jackson Square Ventures | Confidential | 8 Frequency of Purchase Size of Transaction Plumbing Vertical (HighFrequency) Vertical (HighPrice) Horizontal Locksmith Sporting Goods Furniture Flights Hotels Taxi Meals Homes Cars Clothing Horizontal B2B Horizontal vs. Vertical Verticalize (buyer picks for high price) / (supplier picks for high frequency) Or group categories in horizontal; Or build a B2B platform
  • 9. Jackson Square Ventures | Confidential | 9Jackson Square Ventures | Confidential | 9 50% 0% 20% High Rakes --Managed marketplace, monopoly (iOS), opacity Tiny – Long term, regularwork,users meet in person, paymentoff-platform Med – Quality control, insurance,compliance, scheduling and availability Low – Transparentfees, buyerbeware, high price goods / services Rake Factors High rake not necessarily better, just different More marketplace management – more rake
  • 10. Jackson Square Ventures | Confidential | 10Jackson Square Ventures | Confidential | 10 Match Types Upwork,Craigslist Airbnb,Zillow Uber,Rev SupplierPicks Commodity Increasing Fill Ratio Buyer Buyer Buyer Supplier Supplier Supplier Buyer Picks Variety Double Commit Complex, custom stuff Marketplaces evolve to increasing fill ratio Supplier picks is easiest way to approach 100%
  • 11. Jackson Square Ventures | Confidential | 11Jackson Square Ventures | Confidential | 11 Virtuous Cycles Lots of time here Ineffective Attract OptimizeScreen Not much time here Veryeffective Retain Expel Quality is never static (will increase or decrease) Don’t waste too much time screening; Invest in O.R.E
  • 12. Jackson Square Ventures | Confidential | 12Jackson Square Ventures | Confidential | 12 Desperation Curve Desperation Willingness to jump through hoops LowQuality HighQuality Hurdles can actually lower quality
  • 13. Jackson Square Ventures | Confidential | 13Jackson Square Ventures | Confidential | 13 Teach Your Users • Display successful transactions • Match new and repeat users • Use community forums on your site • Have employees onboard every week All marketplaces are different and have a learning curve. Pay attention to the onboarding experience Craft a different experience for newbies and repeats
  • 14. Jackson Square Ventures | Confidential | 14Jackson Square Ventures | Confidential | 14 Network Effect in Marketplaces Quality Market Penetration MaxNetworkEffects Reality Cost Market Penetration Uber UberX UberPool Driverless? Network effects often plateau Reinforce with new service offerings
  • 15. Jackson Square Ventures | Confidential | 15Jackson Square Ventures | Confidential | 15 Tiering Marketplaces The classic 80/20 rule where 80% of the activity might come from 20% of your users. Segment users to reward and retain the most active users Make it easy for the best users 20% USERS 80% ACTIVITY
  • 16. Jackson Square Ventures | Confidential | 16Jackson Square Ventures | Confidential | 16 Disintermediation Users often seek the best financial outcome Either increase value or decrease fee over time Time Perceived Value Total PerceivedValue FlatFee Disintermediationhappens here
  • 17. Jackson Square Ventures | Confidential | 17Jackson Square Ventures | Confidential | 17 Feedback and False Signals 0% 20% 40% 60% 80% 100% Yelp oDesk Amazon (Books) Amazon (Toys) 5 4 3 2 1 Beware of false signals Ask for private feedback, 3 point scales, and use behavioral data
  • 18. Jackson Square Ventures | Confidential | 18Jackson Square Ventures | Confidential | 18 Fraud Curve Time % of Fraudulent Transactions The Beginning First Fraud Over- correction Steady State Trust and safety is a part of every marketplace Zero fraud is bad -- means you’re underinvested in growth
  • 19. Jackson Square Ventures | Confidential | 19Jackson Square Ventures | Confidential | 19 Master Marketplaces Master Commodity PayforAccess, Expertise Buyers PayforCostSavings, Speed,Convenience Suppliers ValuePrestige, Brand,Reputation ValueEarnings, Convenience, There is a new emerging class of marketplace Master marketplaces must be designed differently
  • 20. Jackson Square Ventures | Confidential | 20Jackson Square Ventures | Confidential | 20 Liquidity Hacking Find Aggregators • Physical (office / campus) – Zesty • Enterprise client – Gigwalk, Wonolo • Scrape – Craigslist Provide Value to One Side – Github Narrow your Focus – OfferUp Curation (reduce options) – YourMechanic Brute Force (do things that don’t scale) - oDesk Solving the liquidity problem is the most important challenge Figure out your liquidity hack

Hinweis der Redaktion

  1. Option 1
  2. Wants to make some visual (ignore for now)
  3. Option 2
  4. Option 2