‘Community Marketplace’ or ‘Classifieds’ or ‘local buying and selling’ has gone mobile in the recent past and the idea has received overwhelming response. Every time when a disruptive idea surfaces in an industry, the question of “Do I really need to do this” and “How profitable will the adoption be?” arises.
It’s the same with local buying and selling business going mobile. On a broader note, the reason would be the fact that mobile has taken on web but here we are going to dig a little deep.
For any trend, there would be a disruptor who eventually turns into inspiration for other businesses to adopt the trend and when it comes to buying and selling mobile app, it’s “Letgo”.
‘Letgo’ is a community marketplace app founded by Alec Oxenford who’s interestingly the co-founder of OLX. The app allows people to post, buy, sell and communicate with each other instantly and for free.
Letgo allows users to easily communicate and holds loads of added provisions to facilitate everything related to buying and selling. Letgo holds a mobile first design which provides additional convenience for users.
What are the new opportunities the disruptors are set to carve?
Yes, we are talking about revenue model and related business opportunities that apps like Letgo are likely to open up. As the company is yet to spill the beans on its revenue model, here are few takes on what could those be.
Bringing transactions online
In community marketplaces, transactions happen offline. Facilitating online transaction or making it mandatory to buy and sell for free could be the biggest opportunity in this space. Considering the millions worth deals the happen offline, meditating them online securely and taking a fee as commission could be a great source of revenue.
In-app purchase could be another space where classifieds buy sell businesses owners can leverage on. The in-app purchase could be for anything but should be figured out by closely analyzing user behavior. In-app payments for personalized suggestions and privacy settings could be a cool one though.
Apart from, payment transactions, shipping is yet another service related area that opens up opportunities to sell. Business owners can either bring in 3rd party shipment service providers or take over the fulfillment duties themselves by setting up a full fledged delivery team.
Ads, as usual, can be a source for monetizing. In this case we are not talking about in-app adds or featured listings, instead the listings done by users themselves. Considering the vast user base of Letgo, even a low fee based on the time duration for displaying the ad would prove to be a great source of revenue and also improve the quality of the ads provided by users.
Prospects of Community Marketplace app
The community marketplace on mobile is taking on conventional behemoths like Craigslist and other listing based classifieds websites. Considering the revenue generating opportunities discussed above it wouldn’t be a surprise to see more entrepreneurial ventures sprouting up in this space.
For such ideas to surface, the technology spending of building such a technically sound, feature rich, user-friendly and highly scalable app with be a Himalayan task. However, readymade mobile apps are there for the rescue, thanks to the every-competitive mobile app development industry.
These Buy Sell readymade classifieds ads marketplace app that can be used build a buying and selling app in quick time and it is available in both Android and iOS platforms and can be hosted on Amazon AWS cloud which makes it easy for entrepreneurs to kick start monetizing instantly.