(just to show you how to monetize a service marketplace hassle-free).<\/em><\/p>\n\n\n\nSo let\u2019s check the first revenue model!<\/p>\n\n\n\n
Taking Commissions<\/h3>\n\n\n\n The most popular monetization strategy for service marketplaces is taking a cut from each transaction that occurs on your marketplace. However, it\u2019s not only the most widely-used revenue model among service marketplaces, but it\u2019s also the most lucrative and scalable one.<\/p>\n\n\n\n
Commission from each sale is the main source of income for such famous service platforms like Fiverr, Thumbtack, Upwork, TaskRabbit, Airtasker and others.<\/p>\n\n\n\n
On your platform, you can charge service providers or customers solely. But most marketplaces charge both parties (e.g., Fiverr charges freelancers with a 20% fee and buyers with a 5% commission)<\/em>. You should decide which model works best for you depending on your marketplace niche. But it’s better not to impose very high fees to remain a comfortable platform for your users. <\/p>\n\n\n\nHow to Set up Commissions with HivePress?<\/h4>\n\n\n\n If you already have the TaskHive theme and the HivePress plugin installed, navigate to the WP Dashboard > HivePress > Settings > Vendors<\/strong> section. Then, locate the Commission Rate<\/strong> field, where you can set a custom rate. The commission rate is set as a percentage value, e.g., if you set it as \u201c10\u201d, there will be a commission of 10% on each sale.<\/p>\n\n\n\nOnce you set the commission rate, click on the Save Changes<\/strong> button.<\/p>\n\n\n\nAlso, it\u2019s possible to set a custom commission rate for each service provider. Simply saying, you\u2019ll be able to charge each user a different percentage if necessary. To do that, go to the WP Dashboard > Vendors<\/strong> section and select any of your service providers. Then, in the Commission Rate<\/strong> field, you can set a custom commission rate for this user.<\/p>\n\n\n\nCharging Listing Fees<\/h3>\n\n\n\n Another revenue model for service marketplaces is charging freelancers for listing their services on your platform. For example, you can create a few listing packages with different per-category restrictions, so service providers will have to choose one of them if they want to list services on your peer-to-peer marketplace.<\/p>\n\n\n\n
This business model is not so widespread among service marketplaces as commissions, but it still can be a great source of revenue, especially for niches, where it’s more reasonable to charge flat fees instead of commissions.<\/p>\n\n\n\n
How to Set up Listing Packages with HivePress?<\/h4>\n\n\n\n Firstly, you need to install the Paid Listings extension<\/strong> that allows you to create listing packages. You can install it in the WP Dashboard > HivePress > Extensions<\/strong> section.<\/p>\n\n\n\nWithin this page, you\u2019ll see a list of the available HivePress add-ons that you can purchase or install for free to extend your service marketplace functionality. Find the Paid Listings extension<\/strong> within this list and proceed by installing and activating it.<\/p>\n\n\n\nOnce you activate the extension, you can start adding the listing packages.<\/p>\n\n\n\n
Go to the WP Dashboard > Listings > Packages <\/strong>section and click on the Add New<\/strong> button. For example, let\u2019s start with adding a free package. Simply enter the package name, describe it and set the maximum number of listing submissions.<\/p>\n\n\n\nOnce you are done with the free package, let\u2019s add a premium one. To do this, navigate to the WP Dashboard > WooCommerce > Products<\/strong> section to add a new product so you can link it with the package later.<\/p>\n\n\n\nYou need to fill in the name field, set the product price and mark it as a virtual product. Then, finally, click on the Publish<\/strong> button.<\/p>\n\n\n\nNow, let\u2019s return to the WP Dashboard > Listings > Packages<\/strong> section and add a new premium package. Enter the package name, fill in the description, set the maximum number of listing submissions, and finally select the WooCommerce product that you\u2019ve created previously (check the screenshot below)<\/em>. When finished, click on the Publish<\/strong> button.<\/p>\n\n\n\nMost marketplaces offer various extra services, including a paid promotion. For example, some freelancers may want to stand out from the crowd and are willing to pay an additional fee to be featured somewhere at the top and get better visibility on the website.<\/p>\n\n\n\n
By selling several additional services you can easily play a big game of small numbers.<\/p>\n\n\n\n
How to Set up Featured Listings with HivePress?<\/h4>\n\n\n\n Using the same HivePress Paid Listing extension<\/strong>, you can charge users for featuring listings. Simply create a new product in the WP Dashboard > WooCommerce > Products<\/strong> section. Mark it as virtual, set the price and click on the Publish<\/strong> button. <\/p>\n\n\n\nNext, move to the WP Dashboard > Settings > Listings > Featuring<\/strong> section and select a newly-created product from the drop-down menu. Also, don\u2019t forget to set the featuring period (the number of days after which a listing loses featured status). <\/em><\/p>\n\n\n\nThat\u2019s it! Now users can mark their listings as featured via their personal dashboards (after completing checkout, of course)<\/em>. As easy as pie, isn\u2019t it? If you have any issues with setting up this feature, please check out the screencast below.<\/p>\n\n\n\n