Classifieds Industry Audience Growth Tendency 2022 vs 2021
The global online classified market is continuously growing and it already includes a wide range of advertising platforms for buying and selling online. Understanding how the industry is developing and what measures should be taken to grow your classified audience can be crucial to success. Let’s explore classifieds audience growth tendency in 2022 and effective ways to stand out from competitors.
For small businesses and individuals, online classifieds are a perfect channel to interact with potential clients for a low cost. There is nothing more cost-effective than an online classified platform for advertising, so the number of sellers on classified sites is rapidly growing. For instance, annual active sellers on Etsy grew by 21% in Q4 2021, to a total of 5.3 million. Consumers, in turn, use classifieds because there’s a wide range of products and services, including job offerings, rental apartments, used cars, and second-hand items. Along with the growing variety of products sold on classifieds, the number of buyers is promptly increasing. According to Etsy, the number of active buyers on the platform has increased by 10%, to a total of over 90 million.
As we look ahead to 2022 and beyond, the online classified market will keep evolving. Experts predict the market growth at a CAGR of around 31% during 2021–2026. The industry is rapidly developing due to the growth in online e-commerce, growing global youth population, increasing number of smartphone users and the rise in use of mobile wallets. At the same time, the online classified market is highly competitive and includes key players like Craigslist, OLX, Locanto, Oodle, etc. Market leaders often capture profit margins of 40 to 50% and clearly dominate their markets.
A highly competitive environment requires more effort to attract new users to an advertising platform. A key metric that helps online classifieds to attract new sellers and grow the audience is conversion rate. A “good” conversion rate for classified sites varies significantly across product categories and price points. For instance, Etsy sellers should expect a conversion rate between 1–5%. One of the effective ways to increase conversion rates is to provide classifieds’ users with interactive online experience by integrating immersive technologies. Immersive content has the power to engage online buyers, bridge the gap between online and offline, and increase time on page and conversion rates.
Until recently, immersive content was unavailable to users of most classifieds because it’s difficult to produce. The 3DShot app is here to change that. 3DShot is a mobile app designed to create and integrate immersive 3D product images for sellers on classifieds and marketplaces. With 3DShot, sellers can easily create and publish interactive 3D Views (data format developed by Cappasity) of goods, cars and real estate. 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.
3D Views allow consumers to interact with products like they would offline: zoom in, rotate them, and examine the details. This minimizes the risks of customer disappointment when they see the product in person and leads to less consumer inquiries, saving much time for the seller. Immersive user experience builds customer trust and loyalty, guarantees higher retention rates and helps to stand out from competitors. After integrating with Cappasity, our clients see higher conversion from search results (6%+), longer time on product page (15–45+ sec), and higher conversion rates of contacting sellers (12%+).
The 3DShot app allows sellers to digitize any object in 3D, even a car. The opportunity to inspect a car in detail is beneficial for used car buyers on classified sites. Thanks to interactive 3D View of vehicles, consumers can examine it as they would offline and notice all visual defects. The ability to zoom in allows the buyer to see chips, dents, and scratches on the vehicle and make an informed purchase decision. By embedding a 3D View of a car into a classified ad, a car seller will attract consumers’ attention to the offer and encourage more potential buyers to contact them.
If you want to integrate 3DShot into your classified or marketplace, contact our team at https://3dshot.io/contact