“The test drive is one of the areas where they want to go the dealership and spend more time.” “They want to do as much of the transactional part online,” she said. While OfferUp is often used like a local version of Craigslist, with everything from furniture to ski goggles being listed for sale, it started also attracting big ticket items like cars.Ĭonsumers are already moving more of the car-buying process online, said Michelle Krebs, a director of automotive relations at Cox Automotive, which owns brands like Autotrader and Kelley Blue Book. That’s where the new OfferUp Autos comes in to turn car dealers into power sellers with a new monthly subscription. Instead, most of its business comes from people buying promoted posts, like ads, and a new shipping option, in which OfferUp takes a small cut. The company doesn’t charge anything to buy or sell products on OfferUp. Now seven years in, OfferUp is looking for new ways to make money and turn the company’s growth into profits. OfferUp’s early success and high engagement- the company claims people use its app three times a day, every other day (an admittedly weird metric)-also attracted the attention of Silicon Valley venture capitalists, who have invested over $220 million in the shopping app, most recently valued at $1.2 billion. It’s currently the number four shopping app in the Apple App Store, ahead of Groupon, eBay, and rival startup LetGo. Today the company claims that 43 million unique people used its app in the last year and it’s been downloaded over 60 million times. While Craigslist and eBay might be the incumbents, OfferUp has made some inroads.
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