The curiosity of people to purchase online has increased and due to the vast convenience people prefer online shopping over traditional shopping. The advancement in technology has given a unified shopping experience to the online users. Ecommerce platforms have set an easy way to sell and buy products. The buy and sell marketplace plays the role of classified ads that are usually seen on newspapers. OLX is one of the leading classified apps that has its own customer base. Let us check out the business model that makes OLX run successfully.
Digital Classified Ads Global Revenue from 2015-2021
OLX Business Model
OLX possesses the complete functionalities of classified portals that holds 2 side platforms for both buyers and sellers. OLX is a C2C (Consumer to Consumer) online global marketplace and allows the people to buy and sell products without any intermediary personnel.
With a simple registration process the seller as well as buyers can register themselves. Now the registered sellers can start posting their pictures of the products along with its description and prices. Buyers who are in need of the product will search the platform and will get to know about the seller and will directly communicate with the seller without any third party intervention. They will negotiate and finally will complete the sale process. This is how OLX works.
How Does OLX Make Money
OLX does not charge its users for posting ads. The platform has several ways to make money. The real success of this marketplace mainly lies on the proper utilization of the marketplace revenue streams. Let us analyze the revenue channels of this platform.
Google Adsense / Google Ads
Massive website traffic is experienced by OLX that makes it possible to place Adsense that will allow OLX to earn some good amount. Whenever the site gains huge traffic, it is quite obvious to acquire more new customers. So having Adsense in your platform will let you earn a decent passive income.
OLX utilizes the space in its website and allows advertisers to use those space to post their ads. The advertisers will be charged accordingly and OLX earns through advertisements and banners that are placed in its website. This is one good source of income.
Initially the users are not charged for posting ads with OLX. But in certain cases when the user wants his ads to be posted in specific area and be more particular about the target audience then those ads are considered to be premium ads and they are charged separately.
Features of Classifieds App & Website like OLX
The success of the classified apps like OLX is mainly because of the features it possess that will let the users to have an awesome shopping experience. Let us get to know the basic features that are essential to have an app like OLX.
- Simple registration – users can register easily with the app with not much procedure.
- Post a Products – sellers can post their products with its picture & detailed descriptions so that the buyers can easily identify the products.
- Discount coupons – existing customers can utilize the discount coupons that the admin provides and can get good offers.
- Communication channels – the buyers and the sellers can easily communicate with each other through chat box.
- Advanced filtering options – buyers can browse the products category-wise and be more specific by using the advanced filtering options.
- Product rating & review – users can judge the product and its quality by going through the reviews and ratings for the product.
- Perfect dashboard – with the help of a user-friendly dashboard, the admin have a clear track of the working progress of the app.
- Cloud storage – the complete database is stored in the cloud storage and the admin can access it anywhere, anytime.
- Manage users – admin can verify the sellers and the buyers and can maintain the database effectively.
- Third-party integration – the admin can integrate the payment gateways and also his existing CRM with the app and save his time of operation.
- Reports and analytics – the day to day sales and other functions can easily be retrieved as reports and analytics help to monitor the success rate of the app.
- Push notification – admin can keep updating about the new arrivals and offers to the users through push notifications.
Advanced Features Of Building Website like olx
- Multiple currency & multilingual – to cover the global audience the app should support multiple currencies and also should be multilingual.
- Geo-location integration – used to identify the locality of the sellers and buyers can easily track them.
- Social media integration – for product sharing and comparing, the app should have social network integration that allows them to post the product in their channel.
- In-app payment – the order is complete only after clearing the payment so the app should support in-app payment.
- Certified sellers – at the time of registration, the sellers should provide the necessary document and the admin will verify the sellers.
Key features of OLX app
- 100% FREE – OLX app is completely free to use and we will not be charged during registration or even during posting our product to sell.
- Usability Matters – The app is perfectly user-friendly and well enriched with UI & UX design. This will make the user use the app again and again.
- Privacy Makes Sense – All our information is secured highly. There is no need to worry about any malware attack as the site is secured with SSL.
- Mobile Support – The app is device compatible and highly mobile responsive. This attracts mobile users to use the app.
- Reliability – All the sellers are well verified by the platform so there is no need to worry about fake sellers. The products you purchase will be of high quality.
Cost of OLX like Website & App Development
The cost for developing OLX like app may depend on many factors that are to be considered. The features you need to have and the functionalities that need to work all matters the cost.
- The platform – when planning to develop an app it needs to be either for android or for IOS or even for both. The platform you finally decide to develop on will have impact on the cost.
- Design – a normal or a simple UI & UX may not cost much. But if you plan to include advanced technologies to make it more elegant then the cost may differ.
- App size – to develop the app within the budget then you should reduce the app size by reducing the features and functions.
- Developers – the experience of the developers will help you to get a perfect app like OLX but hiring an experienced developer will cost you more.
- Mobile wallet – customers expect this feature while shopping with your app. But having this feature will cost separate.
Why Zielcommerce is the best to develop a Classifieds App & Website like OLX
Zielcommerce buy-sell marketplace platform is a perfectly developed platform that holds all necessary features for buyers and sellers. The app is available for both android and IOS users. There is no need for IT expertise to use the platform. Hence you can save money and your time by purchasing Zielcommerce marketplace.
- A user-friendly UI & UX design.
- Social media login
- Easy to promote and market your business.
- Reviews and rating facility.
- SEO ready website and app
- Dedicated training and support
- Advanced CMS
Know the real demand that runs in the digital market. This will help you to sustain your business and to acquire new customers. We need to make sure that we have developed the app with all the key features that have made OLX successful.