The earliest recorded use of the term “market” in English is from the Anglo-Saxon Chronicle of 963. Marketplaces have been around far longer than that, with sources suggesting the first bazaars developed in the Middle East approximately 5000 years ago.
During the past 200 years, marketplaces have gone through a drastic change. Instead of heading to a physical location, the rise of journalism gave people the opportunity to sell their items through classifieds ads in newspapers instead. Now classifieds have moved online.
Online classifieds is a booming business. Statista estimates the market to be around $20 billion in 2019 and grow 3% per year. There are several important trends impacting the growth of the classifieds industry:
- Shift from advertising to transactions: in addition to (or instead of) showing users ads from external advertisers, sellers can pay money to have their listings featured above others
- Moving to a mobile-first approach: the popularity of smartphones have made it mandatory for classifieds portals to provide a mobile user experience that matches their desktop services
- Competition from platform providers: internet giants have entered the classifieds business; Facebook Marketplace today boasts 800 million users across the world
- Personalization provides a competitive edge: pioneered by Amazon and now accessible to every classifieds portal, customers now expect a personalized browsing experience
- Fraud remains an ongoing concern: classifieds portals are a lucrative target for both seller and buyer fraud; classifieds portals need to protect their users to maintain a high level of reputation
In this white paper, we take a look at how carrier billing can help classifieds portals grow faster when shifting to transactional revenue.
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