Categories: Business / Mobile Apps
Trust is crucial to the success of your marketplace app startup. In a peer-to-peer environment, people on both sides of the transaction are taking a risk. The buyer might not get what they’re paying for; the service provider might not get paid, or might end up dealing with damaged goods. Unsurprisingly, these concerns will have an impact on your platform’s transactions.
Building trust into your marketplace platform startup will help tackle these fears. Here’s what to do.
1 Know your users’ concerns.
What issues are likely to arise with your particular marketplace platform? In the sharing economy, vendors are likely to worry about damage to the cars, homes or other items they’re loaning out. Buyers are probably concerned over whether they’ll be getting what they’re paid for. And both want to know that their data – and financial information – is safe.
A few factors that can influence the amount of perceived risk are:
- Who your users are
- How much money they’re spending
- The worst-case scenario
Once you know what your users’ concerns are, you can start addressing them.
2 Build trust between users
If you’re a new platform, building trust between users should be your focus. More established platforms come with some degree of trust built-in – it’s one of the benefits of scale.
Start with a basic set of rules and standards. These outline the expectations around how people should behave on your platform. If you have rules, you can enforce them. Next, get people to share information about themselves – think real names, bios, photos and brief Q&As.
Other approaches that help build trust include letting users communicate with each other, showing how they’re connected socially, verifying users and using feedback mechanisms such as ratings and reviews.
3 Build trust in your platform
Next comes building trust in your platform. After all, your marketplace app startup is the piece of the puzzle handling the transactions and the money.
First, make sure that your app looks polished and professional. A great first impression can help overcome trust concerns. If you’re new, you might also want to curate your early users, products and experiences. While this isn’t scalable, it will help give you a leg up during those early days.
Next, have a process in place for handling issues. What if someone crashes a car, trashes a house or doesn’t show up to a job? Great customer service, insurance coverage and clear refund policies are a must. Similarly, easy and secure payments will help users build trust in your system.
Ready to launch your marketplace app startup?
Marketplace app startups are on the rise. By building trust in your platform, you can separate yours from the competition. If you’re looking for help building a marketplace platform that stands apart from the rest, get in touch!