LetGo is a free application that allows you to sell a variety of things with a couple of clicks. It is only necessary to photograph the goods, and then the system itself will determine that it will create an appropriate announcement and conduct a sales transaction. In the article you will find a description of the key features, functions and benefits of LetGo, as well as instructions on how to create a similar application yourself.
Step 1: Idea and Concept
LetGo’s idea is to connect people who want to sell second-hand things with those who want to buy them and help them make a peer-to-peer deal. At the same time, the main user value of the service, in comparison with competitors, is simplicity and convenience, which are achieved by automating some processes. Artificial Intelligence Responsible for Automation.
In practice, this means the following: when the seller photographs, for example, a TV, LetGo artificial intelligence:
- Scans the photo and determines what kind of TV it is.
- Creates a headline for the ad and a brief description of the product.
- Determines the price of the lot based on the history of similar transactions.
If desired, the seller can leave the ad as is or optimize it at its discretion.
Due to this automation, the actions of the seller can be reduced to two things: a photo and confirmation of the publication of an advertisement. That is, you no longer need to spend from 15 to 30 minutes writing a description and determining competitive value. This simplifies the life of sellers, thus increasing the number and variety of lots, which in turn leads to an increase in the number of buyers (network effect).
Step 2: Business Model and Monetization
In addition to traditional announcements, LetGo also has video listings
and operating model is a marketplace focused on buying and selling used goods outside the platform, that is, the system acts just like a message board (like Craigslist)
, and not like an online store (like Amazon)
. To increase the likelihood of such transactions, the system first of all shows buyers the ads of sellers within a radius of 50 miles.
Ads on LetGo, unlike Craigslist, are free for all products and regions. The listings are sorted by relevance, distance from the user and based on the history of past searches and purchases. Another difference from Craigslist is that on LetGo you cannot sell or buy services, only goods.
As for monetization, LetGo makes money with:
- Favorite lists. A premium feature that places an ad at the top of the listing, that is, over the natural search results. LetGo claims that thanks to this, the selected lists receive twice as many views. No sales statistics for selected listings.
- LetGo Pro. Feature for professional car dealers. For subscribing, they will be able to automatically update the listing and receive calls from customers through the application. Prices: 99 dollars a month - 0 cars, 399 dollars - 70 cars, 599 dollars - 150 cars.
- Google Ads. Contextual advertising of products, services.
An important point! Since the content of advertising banners in LetGo
is relevant to the search queries of users, this creates a conflict of interest: the application must sell the products of users, and contextual advertising - products of third-party suppliers. In order to avoid this conflict, contextual advertising should promote either services, or related products, or third-party web resources.
For example, if a user entered the query “iPhone”, advertising should promote websites and blogs, smartphone repair services or games, cases, headphones, chargers, and the like. True, related products can also be sold by LetGo users, therefore it is better that advertising only promotes services and third-party services.
Step 3: Basic and Advanced Functions
Copying existing LetGo functions is certainly a good way to create your own mobile application. However, in order to succeed, you will need to somehow stand out from the competition. Firstly, you can take into account their shortcomings and develop a more advanced service. Secondly, you can create a unique function that only your application will have.