Online marketplaces have found massive success by ignoring traditional business models — the famous examples are Uber not owning vehicles and Airbnb not owning real estate. They became massive companies without managing physical properties, but they still needed to build and manage trust with their users. 

Now that firms have found a way to successfully monetize trust, they need cost-effective ways of measuring and maintaining it. Hundreds of marketplace platforms are organized like multiplayer markets that offer reduced transaction costs as a way to attract buyers and sellers on both sides of a transaction. 

To remain competitive, these companies will need to apply tools that can help them operate more efficiently. One such tool is the external data that can improve onboarding workflows.

APIs to Actively Manage Trust

Marketplace companies will need more than an effective onboarding process to maintain trust with their users. They must actively monitor participants over time, ensuring that their characteristics, profiles, and behaviors are consistent. 

Basic precautions, like address verification, are useful for checking individuals. For businesses, external data sources like ZoomInfo’s Everstring product and JSON Who Is can be used to confirm an online presence. Although individual data products are uniquely valuable, deeper insights can be gained from a more robust dataset created with multiple data products.

Instead of focusing on a single upstream data source, Demyst maximizes flexibility and efficiency by accessing a catalog of external data providers through a single API. In addition to crafting personalized solutions, Demyst also provides plug-and-play API recipes that combine data from multiple sources.  

Create a free account on the Demyst platform and learn how external data can improve business processes.