The expansion in digital technology has set ways for establishing online E-commerce businesses. People can search online before they buy a product or get a service. Many online buy-sell platforms encourage online buyers and sellers. As per the latest survey, the highest-earning buy-sell marketplace is the Letgo Clone App.
Letgo is an Online based marketplace that connects buyers and sellers to selling or buying a second-hand product in a smart way. The app acts as a dealer to allow users to buy or sell their products or services.
Because of its popularity, many entrepreneurs are showing interest in developing an app like Letgo as their marketplace. But getting into the development process you need to understand the Letgo clone app.
Are you curious about why getting a Letgo clone app is beneficial for your business? If yes, read this blog to know why!. Let’s go.
How Does Letgo Clone App Works?
- The functional model of Letgo buy-sell marketplace is simple and easy to understand. The user will first register on the platform and the registration process is completely free.
- If the user is the seller, the seller will post their product on the platform and wait for the buyer’s response. The seller will select the buyer who gives excellent value for the product.
- Likewise, If the user is a buyer, then they will search for the product and the platform will display the nearby available sellers. Buyers can debate with the seller and finalize the price. The buyer can collect the product by visiting the seller’s location.
Why is the Letgo Clone App Significant for Your Business?
Here, listed the significance of a Letgo clone app for entrepreneurs like you!
A Letgo clone app gives space to scalability, you can continuously add more features and functionalities to your app according to the latest trends. As a result, new entrepreneurs can focus on launching an app like Letgo with essential functionalities, and when their app picks up speed, they can scale it by adding more and more features to their app accordingly.
2. Marketing Activities
Word-of-mouth spreads information about such apps quickly, and thus does the marketplace community. It implies you can make use of your current user base and social media platforms to promote your Letgo clone app.
As a result, you won’t have to spend bucks on promoting and advertising your product.
3. Increased Customer Base
It is clear that the marketplaces like Letgo offer numerous benefits to sellers and buyers. The platform furnishes buyers with an abundance of choices in terms of various sellers, along with lower prices.
And for sellers, the Letgo platform gives them an influx of interested buyers who can purchase at their stores.
As a result, both sellers and buyers gravitate to marketplaces like Letgo clone app, giving your business a boost.
Marketplaces like Letgo clone apps earn money with the help of some monetization strategies. That is, they make use of ways such as seller charges, subscription plans, transaction fees, and featured listing and advertisement charges.
Since perusing a Letgo Clone app benefits you in revenue, too, let us see what the revenue model of online Buy /sell marketplaces like Letgo clone app is.
Revenue Model of a Letgo Clone App:
Apps like Letgo have similar revenue models, and some of the ways in which they make revenue are as follows:
1. Featured Listings and Advertisements
Frequently sellers are anxious to sell their products immediately at a reasonable price. In this case, they can use the featured listing facility to track down relevant buyers. And when they do as such, they pay fees to the app owner/ platform provider.
Likewise, you can allow third parties to run their advertisements on your buy-sell platform and ask for a fixed amount of fee.
Thus, setting up such a marketplace helps you to make revenue in this way.
2. Subscription Fees
Apps like Letgo provide a few functionalities and features to the app users at additional charges. You can also do so by allowing sellers to get their “classifieds” to appear at the top. More premium features like this also exist, which you can use for your potential benefit as in asking users for fees by offering them other exclusive features.
3. Transaction Fees
Every online buy-sell marketplace uses this approach to make revenue. Here you charge a fee from the buyers to facilitate a smooth exchange of goods and services on the platform. The charge extracted is known as the Transaction fee.
You can set a fixed amount as a transaction fee or decide on a specific percentage you would like to keep for every exchange amount.
4. Seller Fees
Seller fees and transaction fees are indistinguishable, with the only distinction being that it is sellers who pay them. Fundamentally, it is a commission that the platform owner charges sellers for furnishing them with a platform.
You can set a fixed amount of fees or keep a fixed percentage of every transaction happening on the Letgo Clone application.
Hope, by this blog you are clear with why the Letgo clone app is important for your business. Owning such an online marketplace helps you to acquire benefits in the form of seller transactions and subscription charges.
Apart from the revenue aspects, a Letgo clone app lets you reach many users (sellers and buyers) from around the world.
However, you can only enjoy these perks when your app is par excellence and so convenient. Furthermore, the main way you can ensure is by going to the right app development team!
Trioangle is a reputed app development company backed by several professional developers and testers. Contact Trioangle today to get started and take the online buy-sell marketplace by storm!