Classified Platform Market Significant Profits Estimated to be Generated by 2024
Online advertising of a particular product or service through classified platforms enables consumer to explore and compare a particular product or service in a better way than print advertising.
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Online advertising of a particular product or service through classified platforms enables consumer to explore and compare a particular product or service in a better way than print advertising. Few of the classified platforms also provides 360 degree view of products which enables consumers to better understand the dimension and esthetics of a product, thereby enhancing consumers’ experience. Moreover, with the proliferation of business applications on mobile platforms, classified ads platforms is providing greater opportunity to both buyers and sellers in terms of saving time and cost.
As classified advertisement platforms do not charge for posting an advertisement, few of the classified platform websites displays clutter of information and lack of genuine content. This is acting as a challenge for classified platforms market. Leading players in this market need to focus on building intelligent processes in order to have genuine content without comprising scale of their business.
Segmentation of Classified Platform market on the basis of ad models:
• Horizontal Model:
This model offers a wide range of categories such as mobiles, electronics & accessories, cars, bikes, furniture, pets, books, fashion, jobs, real estate, and home services. Although, horizontal players are capable enough to drive large audience base on their platforms, they often lack specialized product offering.
• Vertical Model:
Vertical model focuses on single categories such as cars and real estate. Usually these kind of business models charge consumers to for listing their products on the platforms. Vertical model comprises advertisements of all the entities in the ecosystem of a particular industry.
Classified Platforms Market: Key Deals
• On January 2016, Quikr acquired online real estate portal Commonfloor.com for US$ 200 million
• On December 2015, OLX, Inc. raised US$ 13.5 million in series B round of funding
Countries in Europe region such as France and Norway are witnessing increasing popularity for horizontal classified model. Most of the consumer in the Europe are using classified platforms for searching second hand merchandise across a range of categories. Countries such as U.K and Germany have witnessed increased popularity for online classified with vertical business models.
In the North America and Latin America regions, the market of online classified is yet to go as a mainstream business. Few of the enterprises in the countries such as the U.S. and Brazil, prefer advertising their product or service on print media as against online digital media.
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Although overall e-commerce market in Asia-Pacific region is booming, online classified platform market is witnessing moderate growth. In countries such as China and India, the online classified ad penetration is low, primarily due to presence of this platforms in only tier 1 and tier 2 cities.
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 global classified platform market.
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