Letgo is an online portal that lets the users to buy and sell products to people locally. There was only one marketplace for selling and buying used goods and that was eBay for years. The competitors of Letgo were eBay, Craiglist, and OfferUp. The best feature of the Letgo app is its geographical search. Instead of flooding with irrelevant results while searching Letgo app only shows the options available in your location or nearby area.
How does Letgo works?
Letgo is an application with online classifieds which allows the users to connect with each other for buying and selling. The app is easy to use, Seller has to take pictures of the item he is going to sell. And list the items in the site, For buyers, when they search for the item they want to buy Letgo will show the items which are closer to their location.
On the ‘Build Trust’ feature of Letgo users can verify their profiles. These verified profiles will get more visitors and items will be sold easily.
Key features of Letgo
Let’s have a look at the user-friendly applications at Letgo
- Home Screen: The user has access to the product listings. There is an option for searching products users want to buy or sell.
- Chat: Chat feature gives an interaction between the buyers and sellers. It can be negotiations or exchanging contact details.
- Image Recognition: For better optimization of user experience on selling and buying, Letgo has integrated AI to suggest the categories where you have to upload the listed pictures.
- Location: Letgo uses the user location for showing the best results. It will spam the irrelevant items and the result shown will be within 50 miles of user location.
- Review: Buyers have an option to rate and comment on the product they have purchased. This will help the new buyers to choose the right sellers.
How does Letgo make money?
Letgo is a platform to buy and sell used products. They are not taking any commissions for buyers and sellers for listing their products. Letgo is not even forcing their users to make transactions through their app or website. Letgo doesn’t charge its users for posting ads.
Then how does Letgo make money?
The way Letgo makes money is through premium memberships. The new feature of Letgo for revenue-generating, ‘The Bump Feature’, which is similar to sponsored ads. When the users search for products similar to your listing, the bump feature will help users to show your product listing at the top of all the search results. However, Letgo gives relevant results according to the location of the user. Even though you enable the bump feature, don’t think that the user will see your products above from all the listings. For showing your products at the top of the search results, you have to spend $1.99 per day. The good thing about the bump feature is it will not put sponsored ads everywhere. The ad only shows up if the search is in a predefined radius of the buyer.
The trust factor on Letgo is their sponsored ads which result in more revenue.
As of now, Facebook’s introduction to the Marketplace is the biggest challenge of Letgo.
What can you sell on Letgo?
- Baby Products
- Clothing and accessories
- Home and Garden
- Jobs and services
- Real estate
How to Create Buy and Sell App Like Letgo?
So, if you are planning to build an app like Letgo then here is a unique multi-vendor shopping cart software that allows you to easily create your own e-commerce marketplace with multiple vendors in the backend, similar to Etsy or Amazon Marketplace.
iScripts Multicart is a multi-vendor shopping cart with an administrator panel where you can control all the main website operations within the iScripts MultiCart Administrator Panel. You can manage sellers, products, payments, affiliates, and buyers while generating reports, sending newsletters, and more directly from the backend of your marketplace.