For years, eBay was the only platform to buy and sell used goods. For used goods worth billions, there was only one marketplace for years. In this day & age where there are dozens of apps for everything, there are still just a few competitors for eBay in USA – Craiglist, OfferUp & Letgo. The peer to peer marketing is at an all-time high. The second-hand market has boomed after the mobile internet evolution. Users of Letgo claim that the best feature about the app is its geographical search. They focus on giving you options in your own area or nearby instead of flooding your search results with irrelevant results. To add to the ease, the app allows you to sync your Google or Facebook account so you can skip the headache of signing up & verifying your account.
Based in New York, with over 20 million active monthly users, the Letgo has made transactions worth $23 billion in the first half of 2017, no wonder it created a curiosity how does Letgo make money? They claim that items worth close to $381 billion are placed useless in American homes. Letgo was co-founded by former CEO of OLX Alec Oxenford, Jordi Castello & Enrique Linares. Having worked on a similar concept at OLX, Oxenford just knew what was needed to make the experience of buying and selling used goods exciting. Now, let’s see how does Letgo work & make money.
How does Letgo Work?
Letgo is a classified app that helps buyers and sellers connect. It is limited to goods only while other apps list services as well. It is very simple to use. All you have to do is to put up a picture of the item you want to sell & then interact with potential buyers. For buyers, they can search an item they want to buy and Letgo will show a result based on your location. Take a look at some of the key features of the Letgo:
- Chat: Buyers and sellers can interact with the chat feature. This chat could be about anything from price negotiations to exchanging contact details of each other.
- Image recognition: Letgo has integrated artificial intelligence to optimize your buying and selling experience. It uses image recognition technology to suggest you categories in which your item can be put once you click and upload its picture.
- Geographic Location: Letgo uses your location to get you best possible results. This filters a lot of irrelevant spam that you do not wish to see. The results shown are within 50 miles of your location to encourage better deals.
- Review: Once you purchase something from someone, you can leave a comment or you can rate your overall experience. This will show on the seller’s profile. This makes it very easy for new buyers to recognize genuinely good sellers by their ratings and feedback comments.
Primary speculators in the Letgo incorporate 14W, Accel, Eight Roads Ventures, FJ Labs, Insight Venture Partners, Mangrove, Naspers, NEA, NextView, and Northzone.
With ventures and consolidations like this, they definitely brought up certain issues on Craigslist and Ebay.
With more than 45 million downloads and 20 million month-to-month customers, this objective for how Letgo brings in cash didn't appear to be over-yearning by any stretch of the imagination.
Challenges for Letgo to bring in cash: Right now, the greatest test for the Letgo plan of action is the first experience with Marketplace, an idea like OLX, eBay, and Letgo.
There is no uncertainty about the way that Facebook has the most number of dynamic customers contrasted with any remaining applications.
The interpersonal interaction giant is anticipating presenting another element where individuals can purchase and sell items through mingling.
Joysale LetGo clone gives users a chance to offer anything just by taking a photograph and posting it to a marketplace which has people flourishing to buy used goods.
LetGo has decided to relinquish prompt income making listing, buying and selling commission-to free.
Sell anything you want, it may be physical products, digital downloads.Offerup clone script is the best option they could choose for their shopping.
While the social media part of the website engages people with likes, shares, comments, invites, gifts and referrals, the ecommerce part of the site can cater to the real sales hub.Letgo always focuses on the mobile-dependent millennials as its users Provides a medium of a source for buyer and seller communication with real-time chat instead of emails or calls or blah blah blah texts.Letgo is simply very fast to use and there is no need to scan products and its description because it makes your valuable time to spend in finding the right product.In Letgo there is a built-in chat and people can communicate within the app and also descriptions of the product are optional and you don't have to confirm the listing on your e-mail, your product is published automatically.
Letgo is more local as compared to other e-commerce clones, so it is easier to find your customer.Another offerup app clone solution from Hitasoft offers users with the ability to create advanced listing search, multiple promotion mechanisms, live chat with users, native apps in Android & iOS, location based product search, chat & buy option among many other options.
The letgo clone is built on CSS3, bootstrap for frontend and PHP.https://appkodes.com/carousell-clone/
