Web and mobile marketplaces like LetGo and OfferUp have already gained love and popularity among buyers and sellers. In fact, many people interested in creating their own startups google things like how does LetGo make money or what is the monetization model of OfferUp. Both marketplaces claim to be the biggest for local sellers and buyers but you can decide which market place is the best one with our objective comparison.
LetGo
LetGo is a free-to-use mobile application that helps people to sell stuff they don’t need and buy things they want from people living in the same area. Even though it is a digital peer-to-peer marketplace, the app is convenient for communication like price negotiation or discussing delivery details, etc.
Advantages
- You don’t need to pay money to use it.
- A stack of convenient functionalities and features will help you to get money while getting rid of things you don’t need.
- The app offers discounts for buyers.
- The identity verification feature ensures that all users buy or sell stuff to real trustworthy people. The system verifies accounts of sellers and buyers through their personal profiles on Google or Facebook.
- Safe in-app chatting is very handy for conflict resolving when it occurs.
- Users are shown recommendations on safe communication, payment, and a place to meet with a buyer or seller to complete a transaction.
- No listing and selling fees for buyers.
- The app is presented on both iOS and Android platforms.
- The app support several languages, and in addition to English, it includes Spanish, French, Turkish, etc.
- Letgo uses Machine Learning technology to block inappropriate content.
- Items for sale can be shown in a photo and video format.
- Buyers and sellers don’t need to worry about shipping because the app is set up locally.
- Sellers can increase their listings visibility with a small fee to feature their item. This feature is optional.
Disadvantages
- No in-app purchases. However, LetGo advises using PayPal as the most trusted payment system.
- To complete a purchase or transaction, buyers have to meet sellers in person.
OfferUp
OfferUp is also a free-to-use marketplace that allows people to buy things from locals and sell things to locals. The app is very similar to LetGo but is more convenient in usage and gives people an opportunity to buy and sell stuff across the United States.
Advantages
- The application is free to use for both buyers and sellers.
- The app is presented on both App Store and Google Play.
- Sellers can list the unlimited number of items.
- Sellers don’t need to place personal information like postal address, email, or phone number in their listing.
- Safe in-app chatting feature for instant messaging between buyers and sellers.
- Secure in-app payments. This feature is absent in Letgo.
- In addition to PayPal, users can purchase items with cash.
- Sellers can list an item via the mobile app in 30 seconds, which is pretty fast and very convenient.
- Profiles of buyers and sellers include ratings, so you always know whether you’re dealing with a trustworthy person or not.
- User verification is possible via the phone number, ID, email, or a personal profile on Facebook.
Disadvantages
Actually, there’s only one disadvantage – users can only deactivate their accounts and cannot delete them.
As you have noticed, these two services are very similar, and depending on your subject of interest, you need to pay attention to different aspects. As a person who wants to use the platform as a seller and/or buyer, you need to pay attention to how fast and easy you can list items and how each platform protects their users from fraudulent activity.
However, as a person who wants to create a platform similar to LetGo and OfferUp, you need to focus on entirely different things such as:
– UI/UX design. Client-oriented applications must have the most pleasing user interface and the most comfortable user experience, so they won’t get uninstalled in five minutes. A smart layout will prevent user from accidentally buying wrong items.
– Colors. There’s a very strong connection between the psychology and the color scheme of any mobile application. Study the chosen colors of LetGo and OfferUp and what users say about them to develop the most effective brand identity.
– Functionality and features. Compare both sets on these platforms to see their strongest and weakest sides. They will help you create the most efficient unique selling proposition.
– Main and additional monetization models. The wrong business model won’t give your product even the slightest chance for survival. However, if you choose the right one – you’ve struck gold!
Both OfferUp and LetGo are great peer-to-peer marketplaces with millions of unique users. If you want to make an application with the same purpose, take them as examples and learn from their success. The fact that they cover only the United States locals gives you the green light to create a similar platform in your country where someone’s unwanted stuff becomes the most beloved item in the whole world for another person.
