Classified sites like OLX are successful in India. The idea of buying/selling used products has brought a revolution in the eCommerce space. Basically, a classified site allows people to sell or buy used products without any limitations.
Before you hire mobile app developers or mobile app development companies in India, it is important to know how does a marketplace app works and how to earn profit using it. We will discuss it later in this article.
Entrepreneurs with a broad vision understand the appeal of this market. It's simply profitable in all ways. So, you might be asking yourself, after all, how much does a classifieds site like OLX?
To understand the cost of any type of project, you need to understand its main characteristics:
How much does it cost to build a classified app like OLX?
Here are some important features-
- Unique P2P buying and selling experience
- Autonomy between transactions
- Optimized platform
- Practicality and mobile usability
- Payment security
- Evaluation system
Market Analysis
The market for a classified site is now growing at a rapid pace. With the increase in access to smartphones and the utilization of eCommerce, portals focused on this type of economy have taken a significant portion of the market. Besides, the opportunity of selling/buying products created a more noteworthy need in their audience. Online classifieds can fall into several categories such as-
- Sale of new products.
- Sale of used products.
- Product exchange.
How does a classified site's user base work?
With a unique way of functioning, the classified app has two types of simple users, who will be responsible for allowing your business to grow:
- Sellers: are those who are looking for a safe place to sell the most varied products. They can range from stores that use the platform as one of their e-commerce strands to individuals selling items they no longer use.
- Buyers: are individuals who are looking for specific products. They are usually taken to them for price or exclusivity, and they look for a safe place to buy their items.
Regardless of the type of user, it is possible to say that he is looking for speed and economy in transactions. That's where the competition between sites and between sellers begins.
Key Features Used in Online Classified Applications
Integrating unique features into the classified application will surely stand it apart from the others. You should nicely opt for useful features as it will straightforwardly affect the cost to create an application like OLX. Let’s discuss them-
User Panel
- Simple Signup or Login
Users can easily sign-up or login using a mobile number to get into the app and leverage all the benefits provided by the app.
- Post Ads
After creating the account, users can post advertisements of products including product information and price.
- Buy the Product
Uses can buy used products from the wide categories such as furniture, mobile, automobile, etc.
- Search and Filters
To find a product from a specific category, users can use filters to find it out easily.
- Real-time Notifications
It helps to alert or notify the users about important updates such as nearby sellers or buyers, profitable deals, discounts & offers.
- Saving the Products or Ads
This feature allows users to save the ads or products in which they are interested. Through this, they can buy it later if it is available in the future.
Admin Panel
- User Management
The admin monitors all the users of the app and verifies the accounts of the users and makes sure that there is no suspicious or fraudulent person.
- Product Management
Admin manages all the selling and buying of products. He/she can approve and reject the ads posted by users.
- Managing Service Providers
Admin confirms all the service providers and keeps every one of their records identified with their recorded things. Through administrator dashboard, they can undoubtedly explore and can oversee service providers alongside users.
- Order Tracking
This feature allows the admin to gather information, handle deals and orders, track stock, create requests, and purchase orders. Admin has full command over the request following until it arrives at the client.
- Spam Prevention Tools
If the admin presumes anybody, be it a buyer or a seller, he can take the assistance of these spam prevention tools to recognize them. The utilization of spam prevention tools is advantageous to improve web security.
- Payment Management
The payments made by users are dissected by the application admin. He knows all the payments done between the purchaser or vendor, the method of the payment transaction, product cost, and so forth.
- Manage Categories
Admin oversees varied product categories shown on the dashboard. Which item lies under which category, is chosen by the administrator.
- Generate Reports
These generated reports by the admin involve exact insights concerning visitors, application users, revenue, products, and many more.
Advanced Features
Including advanced features will surely help you in the success of an app. You can hire eCommerce development company in India to incorporate these beneath referenced features into the application.
- In-app Chat & Call
- Phone Number Masking
- Multi-lingual Support
- Efficient CRM
- Real-time Analytics
Monetization Opportunities You Will Get Through Apps like OLX
Monetization is very important to earn profit from the app. And every entrepreneur makes a revenue model first before diving into the online classified business.
Following are some of the methods that you must keep in your revenue model-
1. Showing Ads
In a classified app, you can earn money by displaying advertisements of other businesses and their products on your app.
2. Top Feature-listing
In this, you can charge users to show their ads at top of the ads list.
3. Transaction Commission
Without fail, a user makes a payment, and for that, you can apply a certain fee as a service charge.
How much does it cost to build a classified app like OLX?
However, it would be hard to say the exact cost of app development. It mainly depends on the technology and features you want to integrate into your app. Furthermore, the cost of development also includes the app development platform, User Interface, team structure, country where the app is being developed, and most importantly the hourly rate charged by different firms in different regions.
Considering all these factors mentioned in the above paragraph, the estimated cost to build an app like OLX would range between $15,000 to $30,000 with all the basic features. To create an app with advanced features that would be compatible with the different platforms and devices, you have to bear the increased cost.
If you hire mobile app developers or mobile app development company in India then you can save a huge amount on mobile app development. Since Indian developers or firms provide mobile app development services at economical costs.
