Smartphones have created a strong revolution worldwide through their attributes. Smartphones simplified our work process and more than a communication tool; it enables us to use it for various purposes. With C2C marketplace apps in mobile phones, people need not have to approach any third parties to sell or buy their things. Apps like Letgo allow users to directly sell and buy stuff to others instantly through their app.
People widely prefer marketplace apps as it is easy and convenient for them to carry out their deals in the market. The splendid success of the apps like Letgo, OLX, Offerup is quite inspiring and caught the attention of many budding entrepreneurs. This blog will discuss the business model of Letgo, and entrepreneurs who are interested in developing a marketplace app can find out the ways to build a Letgo clone app.
Letgo app – An app built with excellence for users
The Letgo app was launched in 2015 as a marketplace for users to directly sell their product to other users through its app and website. The concept of this marketplace is so simple that it aims at the C2C business model. The app users can upload the images of the product they wish to sell, and at the other end, interested users can contact them and buy their product.
The official announcements from Letgo state that the app has 13.2 million active users every month and also forecasted their annual revenue of 2021 would exceed $13.2 billion. The DMR statistics have announced that around 300,000 used things are posted on Letgo, and the buyers purchase nearly 100,000 products. Letgo also recommends the users discuss their deals with each other before purchasing the products. The interested buyers and the sellers can meet in a public place to discuss the development and exchange the product.
What makes Letgo more trustworthy among people?
When it comes to e-commerce platforms, people will also have this fear of whether they will get their products at the right edge or not. Letgo makes it clear to the users by providing various options for communicating with their sellers. So, before making the payment, the users can use those options to clarify all their doubts.
Chat with the buyers: The interested buyers can chat with the sellers and get the necessary information. The users can also check their profiles and verify if it is safe. Positive reviews on the shape are a sign of trust the other users have on that profile. The users also have the right to block anyone who they think is not right in behaving.
Meet your buyers: Before making their payment, the users can meet their seller in a public place. If possible, they can also ask the seller to come with their product to view it.
Pay in cash: Letgo also provides an option for the buyers to pay the amount in cash after receiving the product from the seller’s end.
Compelling reasons why entrepreneurs should launch a similar app like Letgo
Letgo has performed considerably well in recent years. Their market share is also pretty impressive, and they have also created a broad base among the users that makes it trustworthy. So, developing and launching a Letgo clone will be a perfect choice for entrepreneurs like you to start their venture. Letgo Clone app will have all the distinctive features like Letgo and will follow in the same footsteps. Here are the reasons why a Letgo clone will be a sure hit in the market.
Demands from the users:
The online marketplace has created a viable platform for users to sell and buy their products independently. The products that are available on these marketplace apps are pretty affordable for the users to buy. People who want to sell their products second-hand find these platforms convenient as they need not want to wander in search of buyers to purchase their product. Just by uploading the images, the users will approach them to buy the product. So, on launching a Letgo clone app, you can automatically gain many users for your app.
Gain extraordinary profits from the app:
Marketplace apps earn their revenue from the users. Though the app is free for the users, a considerable charge is levied for each transaction. So, through a Letgo clone, the entrepreneurs can earn their revenue from subscriptions, commerce, and advertisements. Here is the revenue model of a Letgo clone app,
Subscription charges :
The users can opt for a premium subscription by paying a fee. Through premium subscriptions, the users can also avail certain services that are limited to the other regular users. Through subscription, the users can get their products featured on the top of the list for the buyers while browsing. The users can pay their subscription fee through online mode to the app.
The entrepreneurs can charge the transaction fee from the users for serving as a platform to carry out their transactions. This fee is employed for the buyers who buy their products from the app. The same applies to the sellers, who should pay a certain percentage of the cost to the app to sell their products on the Letgo Clone platform.
The users who want to sell their products immediately at a reasonable price can advertise their effects on the app. For such advertisements, you can charge separately from them. Apart from this, you can also advertise for retailers who want to promote their products.
Cutting edge features of a Letgo clone:
The main success of an app lies in its functionalities. The cutting-edge features make an app perform its functionalities. The convincing features that are necessary for a Letgo clone app are as follows,
- A Registration page for the users to log in to the app
- Search options for the users to search their products from a huge list.
- Chat and review option to share their reviews and chat with other users.
- Upload images for the other users to buy the products
- Cross-platform for both the iOS and Android users to use the app.
- Notifications to keep the users updated with messages about the app.
The online marketplace is a peer-to-peer platform enabling them to buy and sell their products. The scenario for online classifieds looks promising for you to launch their Letgo clone app in the market. Developing an app is not an easy task. So, the entrepreneurs should focus on hiring a good team of developers to build their apps.