Before starting your own sharing economy platform, you need to be aware of the critical factors to grow and be successful in it. And that’s what this post is about. Let’s go through one by one and examine it. For more info visit: https://www.rentallscript.com/sharing-economy-platform/

1. 6 Critical Success Factors
of a Sharing Economy
Platform

2. Introduction
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Sharing economy has disrupted the existing business
model and changed the way we rent and share stuff with
others. Business owners foresee it as the next industrial
revolution and set their footing towards it.
Before starting your own sharing economy platform, be
aware of the critical factors to run a successful
marketplace.

3. Choose a scalable idea
for your sharing economy
platform
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4. Choose wisely!
▰ Choosing a scalable business idea
▰ But how to find out? A sharing economy
platform resolving people’s problems and
elevates the burden of a mass audience is
sustainable in the long run.
▰ If you take Uber, it reduces the burden of
booking a ride for a short distance.
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5. Balance the providers
and Consumers
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6. Providers - Consumers
1
A marketplace can
function smoothly if
there is a minimum
number of customers
and providers in the
marketplace.
2
The platform owners
should concentrate on
building enough
supplies(i.e Providers
or Host) to provide
service to customers.
3
Calculate the minimum
number of Providers
and customers
required by estimating
the liquidity of the
marketplace.
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7. Explore.
Determine the liquidity of the
marketplace based on the
company target.
Furthermore, invest time in
roping providers into your
marketplace by devising
effective strategies in
retaining them inside the
marketplace. 7

8. Build a Safe and Secure
sharing economy
platform
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9. Trust is important.
Customers naturally
approach a platform if it is
trustworthy, safe and secure
to use. It is an innate quality
of humans to be safe and
secure.
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10. To build a trusted marketplace employ methods
such as:
Verifying the provider’s
identification details
Details such as their
identity and if the
marketplace deals with
their concerned assets
such as car, home,
bike, etc.
Keeping customer
reviews
Reviews can help in
identifying the bad
apples from the good
one.
Building an appealing
website
Embellish website with
all the crucial details to
build trust in the
marketplace.
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11. Keep your loyal
customers happy
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12. Earn Loyalty.
▰ Look after the existing ones who are loyal to
your sharing economy platform.
▰ For instance, you have booked an Airbnb home
and felt extremely happy with the stay and
service, obviously, you would give a good
rating and recommend to people in your social
circle.
▰ Making one customer happy invites a few new
people to the marketplace. 12

13. Have a smooth
transaction process
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14. Make it smooth.
▰ Design the booking flow to provide a smooth
transaction flow where the user has to
experience few seconds in booking and money
transactions.
▰ Using multiple payment options would be
beneficial for the platform as it builds trust
among users, as they feel of having an option
to choose their trusted payment service.
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15. Online and offline
presence of your sharing
economy platform
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16. Have a majestic presence.
Marketing your sharing
economy platform both in
online and offline boosts the
visibility of your service.
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17. Take steps:
Basic things to start from is:
▰ Advertising your platform online through
social media and search engines. Offline such
as television, billboard, at local events, etc.
▰ Taking care of SEO of the website.
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18. Slay it!
Sharing economy is becoming indispensable part of our lives.
Start you business quickly and be successful learning new
tactics.
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19. But
Confused in how to start?
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20. RentALL
A customisable online marketplace solution.
Launch your platform quickly in the market.

21. Contact Details
Get in touch with us.
You can find us at:
▰ Email : support@radicalstart.com
▰ Skype: radicalstart
▰ Website: www.rentallscript.com
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THANKS!