Aggregator

An aggregator owns the customer relationship at the point of demand and treats the supply behind it as interchangeable, using scale to set terms with suppliers.

The distinguishing feature is control of discovery: when customers begin their search at the aggregator, suppliers must accept its terms to be found.

Revenue comes from commissions on bookings, advertising for placement, or subscription fees from suppliers wanting visibility.

Because supply is commoditised, the aggregator can raise take rate over time in a way a two-sided marketplace with differentiated supply cannot.

• Share of category demand originating on the platform
• Take rate and its trajectory
• Supplier dependence on platform-originated volume
• Direct traffic share versus paid acquisition
• Repeat purchase rate among consumers

A strong aggregator shows high direct traffic rather than paid acquisition, suppliers who cannot afford to leave, and consumers who treat it as the default starting point for a category.

The tell is whether suppliers advertise their own presence on the platform — that indicates dependence.

• Travel and accommodation booking
• Food delivery and local services
• Price comparison and insurance aggregation
• Content aggregation with algorithmic distribution
• Job boards and recruitment marketplaces

• What share of the category's demand starts here?
• How much traffic is direct versus purchased?
• Could suppliers realistically coordinate against the platform?
• What upstream distribution does the business depend on?
• What regulatory exposure comes with this position?