How to Build Trust in the Marketplace by HomeAway Product Manager
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The sharing economy has introduced the need to build trust between marketplace participants. The level of trust needed is commensurate with the transaction: catching a rideshare may require less trust than renting your home to another person. Each marketplace must find the right balance between sharing trust signals and adding user friction to its key workflows. Jordan compared popular marketplace products and how they approach this product decision.
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How to Build Trust in the Marketplace by HomeAway Product Manager
- 1. How to Build Trust in the Marketplace by HomeAway Product Manager www.productschool.com
- 2. FREE INVITE Join 23,000+ Product Managers on
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- 11. Let’s try an Experiment
- 12. Marketplace
- 14. Trust
- 15. Trust builds your Reputation
- 16. trust time Build trust over time Display reputation
- 18. Driver License & Registration Proof of Insurance Background Check Ratings Passenger Create an Account Verify Phone Number Ratings
- 20. Facebook Name & Photos Bio / Profile Shared Connections craigslist ...
- 21. Bio / Profile Ratings & Reviews Dispute Resolution “Top Rated” Status
- 23. Trust Signals Name Photo Verified Email & Phone Verified Social Accounts ID Verification Background Check Shared Connections Ratings & Reviews Marketplace Behavior
- 24. Trust Signals Identity Reputation Name Photo Verified Email & Phone Verified Social Accounts ID Verification Background Check Shared Connections Ratings & Reviews Marketplace Behavior
- 26. Recap ● Building trust is critical for a modern marketplace ● Nature of the transaction dictates the level of trust needed ● Marketplaces must find a balance of trust and user friction
- 27. Questions?
- 28. Part-time Product Management Courses in San Francisco, Silicon Valley, Los Angeles, New York, Austin, Boston, Seattle, Chicago, Denver, London, Toronto www.productschool.com
Editor's Notes
- understand web analytics, learn SQL, and machine learning concepts
- Why it’s critical: the product depends on it! You're getting into someone else's car Someone else is staying in your house
- Marketplace is a place where buyers and sellers meet to conduct commerce. Historically, this was done in person. Marketplaces benefits: Often involve low capital costs, as inventory is brought to the market from the suppliers. Seasonality; example: Austin during SXSW. Marketplace challenges: Can't increase supply overnight. Can be difficult to control the quality of inventory.
- Uber/lyft: matching marketplace; unique trust requirement to give all matching responsibility to marketplace Etsy/Ebay/FBMktplace/Craigslist: search marketplace
- Belief in your reliability Willingness to commit to a collaborative effort before you know how the other person will behave Critical when you’re transacting with someone you don’t know. Marketplaces must find a balance between trust and friction.
- Reputation: how much a community trusts you. Something you can build by being a good actor in a marketplace.
- Quality transactions among many participants builds trust in the platform
- Ensure rider safety but build for scale No fingerprint based background checks Be cognizant of tradeoffs of trust vs friction. Ecomm has moved towards one click purchase, voice orders, and 1 hour delivery.
- Was anyone aware that Lyft requires a minimum driver rating of 4.6? 5 = acceptable. 1,2,3,4 = not good enough for marketplace.
- Has anyone used dispute resolution?