I have an idea for a marketplace that I would like to get some feedback on before I spend a lot of capital to develop a MVP.
My concept is an online marketplace, much like Amazon, where merchants sell products to consumers. How my idea is different however, is that it has social media features to it as well (benefiting from the network affect). Consumers refer products they have purchase on the platform to other users of the platform, their friends. If their friend purchases a referred product, the user will get a percentage commission (much like affiliate marketers) credited to their account, which can then be spent on other products on the platform.
My initial thoughts, much like anyone with an idea, thought this was going to be big. Upon further contemplation however, my confidence started to wear off. I thought this had the power to be super successful as most people are motivated by money and enjoy buying stuff. But a lot of other companies offer a ‘refer a friend’ feature (only for their own products) yet I rarely see these being utilised (I have personally never used one).
I would very much appreciate any feedback or questions you have about my idea.
