Used goods are no longer e-waste since the classifieds app came into effect. Buying and selling used goods existed for a very long time. But the reach to the audience was very minimal as the source to pass on the information or advertisement was difficult. Then people started to post their ads in the newspapers, which in turn had some reach among the audience. With emerging technologies and smartphones in hand, everything is made easier and possible.
People across the globe can now easily sell their used goods that are no longer needed, whereas, on the other hand, people who can’t afford to buy new products can get a chance to buy their desired product at a lower price. Thus the classified app has a larger outreach than an e-commerce app.
What is The Letgo App, And How Does it Work?
Letgo is an online C2C classified marketplace that acts as an intermediate between the sellers and the buyers. It was established in January 2015 by Alec Oxenford, who is the former CEO of Olx- one of the pioneers in the online classifieds business. Online classifieds app like Letgo was initially designed to sell used smartphones, and later the app was extended to buy and sell a variety of products.
If you are an imminent entrepreneur thinking about getting into the online classified market, it is important to understand how the app works,
- Sellers post the pictures and videos of the product and wait for the buyers to contact them. They can also add a short description of the product to engage users with a better understanding.
- Buyers browse through an ocean of products embedded in the app and select the right product in the nearby location.
- Upon successful selection, users can directly contact the sellers via the app for further information and price negotiation.
- If the final offer is accepted by both parties, the deal is fixed, and they can decide on a nearby location to exchange the product for the price.
- The buyers can pay the seller with multiple payment options available in the app.
Let’s explore the remarkable features of the Letgo clone app.
The features of the clone app vary from seller app to buyer app and the admin panel. Each app has different features designed in such a way that it enhances the overall user experience.
Seller App Features
- Sellers can have an independent profile page to establish their products or service online.
- A catalog of products can be posted by the seller, of which the products can be added or removed at any time.
- Upon successful posting of the products, sellers can easily track the status of their products and services on the platform.
- An interactive dashboard enables the users to understand the market trends and view the performance of their products. This allows the sellers to gain knowledge about the market.
Buyer App Features
- Buyers or users can log in to the platform in multiple ways. Users can also sign up using social media credentials, which allow the users to share the products in the app with others via social media platforms.
- With an advanced search bar, users can easily find their desired products and purchase them quickly.
- Users are consistently notified about any activity happening on the app, discounts, offers, and other promotional notifications. Users can also save an alert for specified product availability.
The Revenue Model Of Letgo
Initially, Letgo didn’t charge for its service, and so no revenue was generated. It was all part of the game. This strategy led to a spike in the number of users sharply. Upon gaining popularity, Letgo slowly turned the app into a monetizing tool. And now it has more than 75 million downloads and raised revenue of more than 100 million dollars. Let’s explore a few methods to generate money from your Letgo clone app.
- A commission-based model is a basic way to generate money. Implementing a nominal fee for the sellers to use the platform to sell their goods can generate a steady income for the app.
- Promotion based model allows the sellers to promote their goods and services with promotional campaigns. This tends to gain the attention of the users quickly.
- Users with a premium membership can take advantage of a number of the app’s more advanced capabilities, as well as other perks. Premium memberships are available on an annual or monthly basis.
- By utilizing the banner space of the app to display the ads of third parties is an effortless way to earn a steady income for the app.
Thus you may have gained a clear understanding of the Letgo app. Get going with the Letgo clone app development and grab your space in the online classified industry. A white-labeled Letgo clone app will allow you to launch your dream app both in Play Store and App Store within a short span. Visit a Letgo clone app development company and deploy your tailor-made app right away.