Why Trust is the Key to Building a Successful Peer-to-Peer Marketplace?

 Sharing economy has impacted our lives big time and made our lives easier and comfortable 

Do you want to go to a party at the last minute?

– Try Uber and book your ride!

Do you feel hungry and you don’t feel like going out?

– There is DeliverooUberEats

Are you travelling to another city for a conference and you need to stay in a place where you feel like Home?

 Airbnb is the best!

From these instances, we can say there is a sense of reliability and secureness to use these peer to peer marketplace platforms. They have intertwined into our lives and help people in their activities. The strong reasons for achieving deep penetrating into our lives is designing a platform making convenient to users, less expensive, and easy accessibility.

But if you deeply analyse, the major factor for this kind of impact is building a peer to peer marketplace platform around consumers trust.

Trust cultivates customer engagement

A customer engages the peer to peer marketplace platform if they trust the company and the provided service/product.

The trust is built when the user is:

  • Aware of the marketplace reputation and values
  • Familiar with the service by using their app or website.
  • Word of mouth
  • Customer reviews

Designing your app or website user-friendly with better user experience can engage more users on your platform. If the signing up process is easy and simple, the customer would get easily engaged to your platform.

The user sought for the transparent information of providers to trust the service. Before booking, users would like to know the service providers whereabouts, current location and the authenticity of the information.

Customer loyalty is built only when the customer finds the company process transparent and considerable support is provided.

Trust is mandatory for online transaction

Users have their scepticism when giving their credit card or bank information. And almost most users have fear of doing online transactions when it is their first time to a new marketplace.

Marketplace owners have to find the factors contribute to building a trusted platform.

But the primary factor of trust in the online transaction is offering a smooth and secure payment transaction. The user judges the look and feel of the website. If the user feels at ease and transaction flow is friction-less, it is more likely that users would stay till the end to complete the transaction.

Additionally, the marketplace can protect the consumer and provider with insurance, refundable deposit and guarantees.

To reduce the risk involved in the transaction, a marketplace can practise the following measures such as:

  • Verifying the identity of the Provider before commencing their service in the platform.
  • Offering escrow service
  • Customer reviews

Trust is the seed of scaling a peer to peer marketplace

Scaling a peer to peer marketplace depends upon factors such as high liquidity, balancing the supply and demand, and being financially stable.

But, the basics of all these factors is consumers trust.

The brand of a peer to peer marketplace takes time to build. It takes consistent effort and marketing to prove the value of your company. We all know,

 Rome was not built in a day 

Set forth new customer retention strategies and customer acquisition policies to building loyal customers to your platform.

Trust is earned

‘Trust’ is being an important thing in building your marketplace. Devise and follow the practises mentioned in building a secure, safe, trusted community-driven marketplace platform.

Having an interesting idea to create a rental marketplace? RentALL – Airbnb clone is a customisable rental marketplace solution helps in launching your platform quickly in the market.

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