A matchmaking marketplace is an online marketplace where providers and consumers are matched to have an easier time selling or buying relevant products and services. It combines the ability of a matchmaking platform to connect users, with the ability of a marketplace where users can transact.
The matchmaking marketplace provides a streamlined experience where users can complete transactions after they are connected and matched all on one platform.
It is a win-win situation for business development. Providers save time and lower costs by selling their products and services to other companies or consumers in the matchmaking network. Consumers have a better buying experience with lower risks by being matched with the products that are right for them.
It is an ideal marketplace for B2B sales seeing as the matchmaking software can pair the right businesses together, helping streamline growth and increase sales. When a business decides to use a matchmaking marketplace it opens up opportunities to conduct business worldwide.
Entrepreneurs can be connected with suppliers directly and they can negotiate online. At the same time, new suppliers can offer services to customers who already have a demand for their products.
Examples of matchmaking marketplaces include B2B like Uber and Lyft. Dating marketplaces like Christian Mingle. And marketplaces that connect people at events like Brella.
There are plenty more matchmaking ideas out there to be had. Sign up for our free trial to see how CNXION can bring your matchmaking marketplace to life is.
What is matchmaking in business?
Matchmaking in business is similar to matchmaking in the dating world.
Instead of matching people who have things in common, companies are matched to make new business opportunities.
These businesses might have complementary products or services
They could be suppliers and clients, or they could have the same business interests. When businesses use matchmaking services the goal is to create business opportunities that will benefit both parties.
-
How does matchmaking help business development?
Businesses can minimize risk by taking advantage of trusted networking services. In many cases, they can also expand business by connecting directly to suppliers and consumers without having to invest so much in advertising, marketing, and administrative functions.
This added value is what makes the business matchmaking marketplace a sought out solution for many companies. There are endless scenarios where businesses are looking for easier ways to take care of their lead generation and logistical tasks. Launching a new platform that provides these solutions can be the answer many companies are looking for.
The founders of Airbnb saw a connection between homeowners with extra space to monetize and travellers looking for a proper place to stay; they created a matchmaking marketplace to bring the two groups together.
Homeowners were able to make additional income without dealing with the logistics of running a property rental business and travellers were happy to find personalized places to stay. Both sides of the marketplace had value and Airbnb saw huge success.
How does business matchmaking work?
Business matchmaking works with the help of highly optimized software tools that allow users to identify information about themselves and their needs.
Business matchmaking works with the help of highly optimized software tools that allow users to identify information about themselves and their needs.
Businesses or individuals register with the matchmaking platform to create an account where they fill in specific personalized information. This information is used to match businesses with other business profiles that offer solutions to their needs.
A construction company might be matched with a lumber supplier while a hotel chain might be matched with an event management company. In contrast to networking, which can be casual or altogether invaluable, business matchmaking is extremely deliberate in connecting businesses that offer value to each other.
By providing the right details in their profile a small start-up company can rely on matchmaking software to help them find the right investors to help expand their growth.
Many details go into developing the right software for a successful matchmaking marketplace. The types of goods and services that will be exchanged must be a main factor to consider. What level of fungibility will they have?
If the goods on a matchmaking marketplace are fungible then they can be interchanged with another good without having a big impact on the buyer. This will play a large part in optimizing the algorithms for the best matches across the entire platform.
Look at Uber as an example. If one Uber driver is unable to pick up a passenger then the next closest driver can simply pick up the passenger and get them on their way.
However, an Airbnb stay might be much less fungible. A businessman staying in Denver for a work conference might be looking for a specific stay in a specific area. There may only be one or two acceptable options for his stay.
If a matchmaking platform is optimized at a user level some users could have a great experience while others could have an unacceptable experience.
Unhappy users could leave the platform and eventually the balance between sellers and consumers can become uneven and mismatched due to lack of options.
Optimizing at a network level is a priority for keeping the right balance and providing a satisfactory outcome for the most users possible.
The matchmaker platform workflow
The matchmaking platform workflow has four steps:
1. Registration/profile set up
When a business decides to join a matchmaking marketplace they start by creating a profile and filling in the information. They must be detailed in filling in info about themselves and what they offer as well as their needs and what types of products or services they are looking for. Being detailed in profile creation is a crucial step so that businesses can be matched with the options best suited for them. Profiles can be moderated if desired. Platform administrators can approve each profile before permitting access to the site.
2. Browse and match profiles
Using a search bar and filters users can browse through the other businesses in the matchmaking network. This way they can compare matches and offers before making any decisions.
3. Prearrange and communicate
In order to determine which matches are best, businesses can open up communication with matches. Before making any commitments meetings can be scheduled or emails can be exchanged. Configurations can be set within the matchmaking profile to outline how communications happen, who can send and receive messages, and more.
4. Meetings
The goal of a matchmaking platform is to help create mutually beneficial business opportunities. When a potential opportunity is created it is time for the parties to meet and agree on how to collaborate moving forward.
What are examples of matchmaking software business models?
B2B
Connecting People at Events
Dating
B2B
Uber, Lyft, Airbnb, and DoorDash are all hugely successful examples of B2B matchmaking business model. Unlike Craigslist or eBay where a user is in charge of completing any transactions on their own, these matchmakers handle the transactions for them.
A user of one of these platforms provides a product, like a ride to a customer. They can then expect to get paid without any further responsibilities. If someone on Craigslist makes a sale they will have to worry about the logistics of shipping, or delivering the product and collecting their payment.
With Uber, the driver simply gets their payment delivered to them after the ride is given and the passenger’s app is charged. The same type of situation happens with Airbnb. Airbnb acts as a middleman, holding the fees and charges until the transaction is completed and the guest enjoys their stay.
It is the marketplace that takes on the responsibility of the transaction. This is great for businesses because this means they can focus on producing more products or improving branding instead of focusing on the transaction tasks.
Connecting People at Events
Event planners use matchmaking platforms to connect users before the event happens. People can see others who will be attending and communicate with them. They can also follow up after the event.
A popular matchmaking service for events is Brella, which can save event organizers and attendees time and resources when it comes to networking. Using a service like this can improve the attendee experience, provide easier implementation tools to facilitators and allow the event host to collect valuable data about the outcome of the event.
Dating
Dating platforms rely on accurate matchmaking for the success of their entire network. Individuals enter their information and preferences on their profiles and get to browse through the results of potential matches. They choose the matches they want to follow up with.
It is important that users can trust the platform they are participating in. If users feel they don’t actually have anything in common with the matches generated they might lose trust in the site and leave the network. If a network loses too many members it can stop being beneficial to any users and fail to be a viable platform.
Benefits of Matchmaking Software
There are a number of benefits to using matchmaking software, including the opportunity to build a profitable business that doesn’t require a large investment in inventory or business assets. Clients who utilize matchmaking software can also enjoy trusted networks, safe transactions, and customer service support.
Trusted network: Having both sides of the network prioritized and optimized means that all users can get value from the platform from launch. There is no need to worry about whether to find users first or if it is a better idea to find buyers first.
Safe transactions: Because it is a large network with reliable payment gateways users can be reassured that transactions completed within the matchmaking marketplace are safe and secure. Platforms can be integrated with services like Stripe to provide a reliable experience.
Customer service: When a business uses matchmaking software they don’t have to worry about taking care of certain administrative tasks like payment processing or technical troubleshooting. The software providers will handle any backend issues while the payment processing providers tackle transaction issues, freeing up the time of the business for making more sales.
Optimized algorithms: Businesses don’t have to spend thousands on software development and tech teams to make sure their users are happy. Matchmaking software will be optimized by experts who know the nuances of matchmaking platforms.
Why use CNXION
CNXION launches marketplaces for businesses, making their visions a reality. With fully customizablethemes you can take the marketplace framework that has a track record of success and personalize it with your brand and theme.
Our smart matching technology allows you to set highly personalized preferences for matching. No matter what your matchmaking idea is, users will be able to find what they are looking for quickly and easily.
As your business grows CNXION is ready to grow with you, upgrade your plan to scale at any time. Our experts look forward to your success. Any of our team members will be eager to discuss how to refine your idea and guide you through the process to launch your marketplace.
"I feel I have a competent, ethical business partner that is in this together with me and genuinely wants this to succeed. They have a vested interest in growing my Art of the Pet business and as such I will explore a deeper business relationship with them."
Tami Nantz, Founder, Art of the Pet
"CNXION exceeded our expectations, were very well organised and assisted us in making critical business decisions by providing valuable and timely advice. I was able to discuss the project with the CNXION business strategy team on a daily basis."
Mr. Abdulla Naseer, Managing Director, Splendid Asia Pvt Ltd
"We've been thrilled to see the progress of the site. We've found CNXION to be responsive, clear and concise, requiring minimal input from outside."
Dr. Myles Holt, Director - Tender Healthcare
Want to know more?
Frequently Asked Questions (FAQ)
How long will it take to get my site up & running?
The basic site configuration including fonts, themes and colors can be achieved in a day along with switching on basic CNXION features, but we would suggest allowing a week to review, provide feedback and test before going live. Any custom requirements will need to be developed with the schedule defined during the road mapping process.
Is CNXION an off the shelf product or does it require development?
CNXION has a standard set of features which can be configured and deployed as an off the shelf product but depending on your projects requirements CNXION is highly flexible and we have a development team standing by to design and launch any custom features you may require.
