A prime example of that is Uber, which made it possible for a consumer to hail a ride to pick them at any location from their smartphone.
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Innovative marketplaces don’t just connect consumers with suppliers in the offline world, they deliver entirely new wow experiences that didn’t exist before. No such capability existed for hailing rides when Uber and Lyft launched in the US. Similarly, Uber also leveraged the move to mobile to make it very easy for users to hail a ride and view the progress of the ride on their phone. Users communicated using email where responses took much longer compared to the instant messaging capability of OfferUp.
In contrast, Craigslist didn’t have a mobile app for a long time, making it difficult for people to upload their pictures. Users could also instantly communicate with each other by leveraging the instant messaging capabilities that the OfferUp app provided. OfferUp was able to leverage the market transition to mobile by making it very easy for users to take pictures of used items that they wished to sell. They were successful in disrupting Craigslist which was the 800-pound gorilla in the space. A prime example is OfferUp, which allows users to buy and sell used goods. Generally, incumbents are slow to adopt a new platform and are, therefore, ripe for disruption. This article will help you sort out which marketplace ideas have the best opportunity to become massive opportunities.Ī change in the technology platform is a prime opportunity to displace incumbents in the space.
Some like eBay grew rapidly from inception whereas some like DoorDash took much longer to grow into a dominant market position. Not all marketplace opportunities are equal in terms of potential growth and size.
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