Although the paradigm shift from print to digital has wreaked havoc for the former’s bottom line, it has driven revenues for the latter. As traditional media organisations make the move to digital formats, a new category of websites and apps has had users hooked. Classified advertising websites, such as Olx, and Groupon have gained massive popularity over the years, influencing new entrants to leverage on the behemoth opportunities available in the market.
The global classified platform market is currently dominate by online players, and the status quo will only become stronger in the future. Success of online classified platforms, such as Craigslist, Olx, Quickr, Wallapop, letgo, and VarageSale have caught the attention of venture capitalists and budding entrepreneurs. In addition to e-commerce websites and social platforms, online classified platform market has emerged as a lucrative investment option for angel investors.
The global classified platform market has been dominated by Craigslist for over two decades now. However, considering the recent spate of investment in classified ads sector, Craigslist will finally have competition. However, new entrants in the market will have to quell challenges Craigslist has been grappling with for years – vulnerability to scams and dummy offers. Upcoming players will have to build trust and reliability to stay profitable in the long run.
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Round-the-clock costumer support, stringent quality and verification checks, and consumer feedback through ratings and buyer experience are effective ways through which classified ad companies can address some of the challenges prevalent in their market. Considering the ever-increasing barrage of online threats and hacks, it is imperative for classified ads to have a robust security in place, which offer both preventive and recovery mechanisms.
Increase in smartphone ownership and proliferation of internet in populous countries of the world is expected to have a positive impact on the global classified platform market. Amalgamation of e-commerce and classified will open up the market, posing challenges to the traditional Goliaths, like Craigslist. Overall, the global classified platform market is poised for strong growth, with entry of new players, consolidation, and technological innovations expected to grab headlines in the future.
Classified Platform Market Segmentation
The global classified platform market is segmented on the basis of the operating model into,
Websites/apps that follow the horizontal mode of operation offer a broad range of products, including mobiles, furniture, books, accessories, real estate, and jobs. Classified ad websites that offer niche services, such as specialised car, consumer electronics, and real estate follow the vertical operation model.
Craigslist Inc., Finn.no, Gumtree (ebay), Quikr India Private Limited (CommonFloor.com), OLX, Inc., Rightmove plc, Backpage.com are some of the key player of the global classified platform market.
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