Define the transaction unit
Specify what is matched, who initiates, how frequently the need occurs, and what makes a match acceptable. Marketplaces for standardized goods behave differently from services requiring timing, location, trust, and negotiation.
Count completed useful transactions, not only listings or app opens.
Map the trust system
Identity, reputation, guarantees, payments, moderation, insurance, and dispute resolution make exchange possible but create cost and liability. Off-platform leakage may indicate that the marketplace creates discovery value but does not capture the transaction.
Governance choices also shape which participants remain and how quality evolves.
- Verification
- Search and ranking
- Payment and settlement
- Disputes
- Safety
- Quality enforcement
Decompose the take rate
Compare gross transaction value, net revenue, incentives, refunds, payment costs, support, insurance, and taxes. A higher reported take rate can reflect additional services or a different denominator rather than stronger pricing power.
Evaluate liquidity and unit economics by the smallest meaningful market, not only in aggregate.
For one representative transaction, follow the money and operational work from discovery through settlement and possible dispute.