Remember how going to the shop to buy anything used to be a time-consuming job before the development of technology?
And we’re talking about products that might be time-consuming to buy or sell.
Prior to the arrival of technology, this work was tough. However, it is now a lot easier to handle and deal with owing to the internet and online selling applications. This is why people choose cash applications and weigh app development expenses before making any selections.
People increasingly prefer to purchase or sell items online rather than in person.
As this trend develops, business owners are encouraged to offer their products or services on multiple free classified marketplace sites such as Craigslist or Letgo.
We’ll be talking about the Letgo app in general over here.
Contrary to common belief, the used market is reaching its full potential. It is reasonable to assume that the moment has come for businesses to invest in it in order to enjoy the rewards.
There is no way to remove consumerism from our existing social structure. We are depleting resources at an unsustainable rate, resulting in a natural and economic imbalance. The secondhand market, on the other hand, looks to be a suitable answer to these difficulties.
This tutorial will walk you through the process of creating a marketplace app with LetGo clone. Continue reading to find out more about the details.
The LetGo Marketplace app’s Growth Timeline
When it comes to the forerunners of the second marketplace, it’s difficult to forget Letgo, which is one of the most popular classified applications on the secondhand market. For a long time, LetGo has dominated the second marketplace. Despite being a startup, it fights strongly with established competitors such as Craigslist, eBay, and others.
LetGo has so far successfully facilitated $23 billion in transactions. The app has over 45 million downloads and a $5 million minimum weekly transaction. The company was founded in 2015 with the goal of providing its customers with an exceptionally well-experienced, highly optimized, and intuitive user interface. To date, LetGo has successfully funded $975 million.
According to DMR data, 500,000 used items are offered on LetGo every day, with 100,000 of them sold. Assume you’re curious about what propelled the user base to such heights. All you have to do in that scenario is analyze how important functionality and user ease are in popularizing a peer-to-peer e-commerce marketplace software like LetGo.
LetGo has surely developed into a fantastic platform where people can easily sell and purchase a broad selection of items during the course of its existence.
How to Create a Marketplace App?
Before you begin developing an extensive application with several features, such as LetGo, it is more vital than ever to have a thorough game plan in place so that you can use the best strategy for developing such an app. The best way to go about it is with a solid business concept. This ensures that you have everything prepared from the beginning and that you do not become caught in the work process at any point.
1. The Business Model and Workflow
Building an application from the ground up necessitates a clearly-defined and streamlined methodology, as well as focused efforts and dedication. A method can help you channel your resources much more efficiently. Here’s an example of what you may expect if you try to develop an app like LetGo and wish to create your own model. Continue reading to find out more about the specifics.
2. Conceptualization
It makes no difference what the nature and qualities of the application are. An ideation phase is necessary to obtain a better knowledge of the notion of what you want to create. LetGo was founded with the goal of giving individuals an easy-to-use program through which they could sell and purchase old products. As a result, he acts as a conduit between vendors and buyers. If you are unable to incorporate this essential essence into your application, you will find it extremely difficult to turn the tables in your favor over time. If you want to reach a larger audience, you should prioritize simplicity and convenience.
3. Optimal Architecture
When working with massive volumes of data, it is more critical than ever to have the proper architecture to support an application’s operations. While you expect a daily growth in user numbers, you must be able to handle traffic management with the assistance of a well-designed structure.
4. Database Servers
Only by delving deeply into the realm of data will you learn that the need of the hour is to have highly efficient data servers that ensure the back end of your application functions properly. While there are numerous options accessible on the internet, keep your application’s and users’ demands in mind while selecting your choice.
5.Backend
If you want to add features that set you different from other applications where users can sell and buy used products, you’ll need to put in a lot of time, research, and effort to create a back-end system that will help you reach your goals. The backend is where an application’s core functionality may be located. The less time you have to dedicate to maintenance in the future, the more streamlined, efficient, and optimized your backend is.
6. Front-End Development
The aesthetic of your application has a huge influence on user popularity, which is a well-known fact. While most people focus on how it varies from other programs, you must guarantee that the user interface you choose will eventually develop confidence among application users, allowing them to feel comfortable using payment gateways.
This, though, is something you’ll have to figure out on your own. You have completed the front end of the program when you are happy that the application’s outlook and user interface are user-friendly, somewhat familiar, easy to use, and reflect the spirit of your application.
7. Application for Mobile
After the back and front ends of the application have been finished. Testing and deployment are the next steps. However, in order to avoid being locked in an endless loop of testing, you must keep the app’s implementation in mind. This will help you create an application with fewer faults and issues.
Because communication through APIs must be frictionless in order to attract new users and retain them by offering a great customer experience, the mobile application is the most crucial component of the process.
Aside from that, app nativity is something that inexperienced developers are prone to miss. If you’re developing an iOS version of your product, make sure you strictly adhere to the iOS standards; the same goes for the Android version.
8. Payment Gateways
Payment gateways are usually a big concern for an eCommerce platform. These gateways must be safe at all times since they handle financial transactions.
9. Marketing Techniques
Standing apart from rivals in the eyes of customers should be a key priority when trying to carve out a niche in a crowded business. One of the most effective ways to achieve this is through the use of excellent marketing strategies.
How a Letgo-like Marketplace App Earns Money
A business model for an app like LetGo includes a variety of components and strategies. The ideal approach, though, is to concentrate on item selling and acquisition.
Membership options on the platform also provide a strong cash source. However, if you’ve been successful in keeping a specific number of consumers, this is something you should consider.
Aside from that, clickable advertising can help you monetize your software. If you want to understand more about LetGo’s revenue model, have a look at the following features.
Improve the Premium Function
This premium feature will stimulate the sale of a certain entity by placing it at the top of the search results for a period of 24 hours, and it will cost sellers $2.
LetGo Pro
LetGo is a cutting-edge car dealer sales platform. LetGo Pro may be used to create more local leads to boost the stakes and support the agreements. This is made feasible through imports and ad synchronization. LetGo Pro costs $99 and includes a 30-day free trial.
Google AdWords
If you follow the directions in the book, you will find how contextual advertising may be advantageous.
Bonus – How To Create A Letgo-Style App
Here’s a list of pointers for creating a successful marketplace program, such as the Letgo clone app. Continue reading here:
- Consider how, from the user’s perspective, this program may act as a conduit between merchants and buyers.
- Make a cash flow strategy. The amount of money you invest and spend, as well as the period of time it takes to break even.
- Ensure that the project’s business strategy, procedure, and technological components are all in line so that everything runs smoothly.
- Testing is an essential part of the app development process. Any defects or problems you find must be remedied.
