Classified Sites Regional Market Growth: Leading Categories and Business Solutions
The online classified market is estimated to grow significantly over the next few years. Knowing the most promising regions and product categories for online classified advertising is a key to building a successful classified site. Let’s explore the fastest growing regional markets, leading product categories, and helpful business solutions.
The global online classified market is expected to reach US$32.33 billion in 2024. The rapid growth of the market is driven by the rising usage of the internet, smartphones, mobile wallets, and mobile ads. Experts predict that North America (primarily, USA and Canada) will hold the largest market share due to rising awareness for online classified ads in the region, along with the increasing number of internet users. The leading product categories in the region include a wide range of items. For instance, on Ebay, a widely-used e-commerce platform in the US, the leading selling categories are Electronics & Accessories (17% of all sales), Clothing & Accessories (16%) and Automotive (11%).
Like in North America, online classified advertising is rapidly growing in Europe. Adevinta, a global e-commerce specialist operating classifieds in 16 countries, mentioned that its revenues in the European markets segment increased by 12% in 2021, supported by very strong growth in Germany (+20%), in Spain (+14%) and Italy (+19%). Adevinta noticed rapid revenue growth in Consumer Goods (+16%) in Europe. In France, for example, the number of Consumer Goods transactions grew by a whopping +61%.
As for Asia-Pacific, it is expected to be the fastest growing region in the classified market due to the increasing number of businesses and large investment in digital advertising. China is one of the world’s biggest spenders on advertising, so it comes at no surprise that the online classified market will keep rapidly growing in the country. Classified ad spending in China is expected to show an annual growth rate (CAGR 2022–2026) of 6.01%, resulting in a projected market volume of US$8,938m by 2026. The most purchased products online in China include clothing, shoes, food & drinks, consumer electronics, and cosmetics (Statista Global Consumer Survey). These product categories will be the leading ones in the Chinese online classified advertising market as well. For instance, according to Alibaba Group, FMCG, apparel & accessories, and consumer electronics are among Tmall’s most popular product categories, which continue to grow quickly.
Such a rapid growth of the global online classified advertising market is related to the growing need for inexpensive advertisements. Small businesses often can’t afford advertising mediums such as large print ads. Online classifieds, on the contrary, allow any seller to target a wide audience at a comparatively low price. However, sellers face extremely high competition on these advertising platforms. It gets more and more challenging to attract consumers to an ad, and more importantly, to build customer trust and loyalty on a classified site.
How can a classified site help sellers stand out from competitors and attract more potential buyers? Is there a way to make buyers trust classifieds sellers? With the 3DShot app, sellers can easily create immersive 3D product images of goods, cars and real estate, and embed them into classified ads. To create a 3D View (data format developed by Cappasity), the seller simply launches the app, circles the item, and 3DShot automatically creates a 3D View. The resulting content is then saved in the Cappasity account and the seller can display it on classified sites. To allow users to share 3D Views, classifieds need to integrate with the Cappasity platform via API or support iFrame code integration.
Interactive 3D Views allow buyers to zoom in, inspect all tiny details of the product, and change the angle of perception to get the full picture. The ability to examine the product from any angle improves perception of the product and increases customer experience. By interacting with 3D Views, customers get more visual information and are more likely to contact the seller and purchase the item. For sellers, interactive product images are a great way to stand out from competitors and attract more potential buyers to their ads.
The best part is, the app allows sellers to create 3D product images of practically any object, even a car. For example, willhaben, a strong e-commerce player in Austria’s car market with more than 16 million visits per month, has integrated with the 3DShot app. Car sellers can now create interactive 3D Views of their vehicles and share them on the willhaben platform. Additional interactivity allows consumers to examine cars as they would offline: rotate them, zoom in and see all tiny details. This is especially important for used car buyers since they can spot any hidden damages on the vehicle, meaning they can choose a used car online with confidence.
To provide your classifieds’ users with cutting-edge 3D digitizing technology, contact our team at https://3dshot.io/contact
Download the app to digitize your items in 3D and boost online sales: https://3dshot.io/