Fiix is the Uber for auto repair. We send expert, licensed technicians to your home to fix your car within 3 hours (hence the name “Fiix”). The truth is, 80% of jobs performed in a repair shop can actually be completed in your driveway with the proper tools and equipment. And by cutting out the middleman of a repair shop, we’re able to pay our mechanics 3x the amount they would make working at a shop while at the same time allow our customers to pay 30% less than what the dealership charges. And so far, our customers and mechanics love the experience! 98% of reviews left by our customers are 5 star reviews!
Despite all this, running a business with a marketplace model is a constant learning experience. And over the course of Fiix’s lifetime, we’ve learned a lot of lessons that can apply to every marketplace out there.
That a lot of marketplaces fail due to poor unit economics. When it comes to unit economics, we’ve found that it’s often easy to exclude hidden costs in the breakdown which then skews your numbers and paints a misleading picture. For example, excluding the customer support costs associated with booking an individual service underestimates how much you end up spending to acquire the customer and can lead you to have unprofitable unit economics.
It’s a back and forth game, and a “chicken and egg” problem. Initially, we tested demand first by putting out free ad postings to test if customers really wanted the service. Then, we acquired a very small amount of supply to fulfill a small amount of demand. Then as demand started to pick up, we would increase supply accordingly. However now, we try to always keep supply ahead of demand so that we can ensure we have very quick response times.
At Fiix, we act as your first point of contact for anything related to your car. If you have any problems, you can simply request an instant quote or talk to a live mechanic on our website and we’ll help make sure your car is taken care of. At the same time, all of our payments are processed through Stripe which has made the creation of a marketplace so much more seamless. Now that the payment transaction complexity of the marketplace has been removed, it allows us to provide a much more simplistic, effortless experience to the end customer and mechanic.
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