The success story of OLX, Need to know everything?
Need to implement tactics to reach the success like OLX.
You can say that you are going with society forward if you have a smartphone. These days’ only mobile application and social media sites are ruling towards the growth of the society. We all know that our personal work or some other stuff can be done easily if we are using mobile applications.
There are many applications that are useful and can be your friend. If you are talking about some fun apps then you can download any gaming application from your play store, but here we want to say many of the users always want such mobile apps that are the best for operating their business and ready to help them to earn a good amount of money.
Such an application can get good success in the market whether it is for buying purpose or for selling purpose. So, now I want to ask one question and sorry if it is personal for you. Is there anything in your house which is useless for you and you want to sell soon? Well, there are many but where you will sell? It might be a tough situation for you all but we suggest everyone use the application like OLX which have gained lots of popularity and success in a quick start.
Let’s introduce OLX
You can also say a best for e-commerce business as here you can sell or purchase any product which is of good quality. Are you aware of the success behind the application OLX? Do you know the whole story behind the OLX app?
Do you believe that OLX has 200 million active users? It is true as the company was found in 2006 where it open in more than 150 countries and there are 1200 employees who work there. One of the largest marketplaces in India, Brazil and Poland, OLX generates 10 million transactions per month and 30 million listings. Now let’s read some interesting fact, how it started?
The OLX was founded by Fabrice Grinda and Alec Oxenford as their only motive is to make an amazing platform for the user where they don’t have to pay something and always be secure. Almost 40 languages are used in the OLX and it also used in more than 150 countries where they have made their slogan “Sell it”. If we talk about our country India then the OLX have gained good growth toward the popularity and for the best features. This is the best site to navigate and also for proper advertising.
CEO of OLX India Amarjit Singh Batra who said that “Due to marketing strategies, OLX has shown them the good result and they expect more in the coming future”. With the help of OLX, they show good customer loyalty with proper marketing. The role of this site is you are allowed to post an ad of whatever you want to sell and leave your contact information so that if anyone interested can simply purchase after contacting you.
We also want to tell you some impacts on this site as OLX have shown good profit four years ago but it was only growing 70% to 80% each year thats it. Here the founders said that “slow growth of the business can be more risky as compared to fast advertising growth”. So, in this way, OLX sold to Naspers (South African media group) for the only motive and that is fund faster and profitable growth for TV advertising.
We also want to share some interesting information about the funding concept raised by OLX as in 2007, the company announces its first round and in this way, the company raises $10 million from four different investors. The only motive to raise fund is to gain lots of popularity at that time and get the good market condition.
Now we will talk about the second round which happens in 2008 as the company raises $ 13.5 million from the same investors as they know users are increasing so the company managed its website for larger traffic. When they launch their first Ad of OLX on Television, the traffic of OLX has grown 150 times and to promote their brand more and more they started they marketing through banners, offline advertising and become a partner with cricket teams in IPL.