How to Make Money on Let-go? The Entrepreneurial Road to Riches

There are tons of ways in which you can make money online. But an app, Letgo wishes to overhaul services such as Craigslist, Instagram Shopping, and even Amazon Spark. In an era where kids are earning from making YouTube videos in their homes, the question you should be asking is how to make money on Letgo in your sleep! Just like everybody else is doing!

An app worth $1 billion has raised around $375 million to date. And much more funding is in store for them!

Alec Oxenford, the former CEO of OLX founded letgo in the year 2015. The vision was very clear from the get-go: Take a clear picture of anything that you want to sell, post it on the app, talk up with potential buyers, chalk up a negotiation, and sell it.

Not just once, letgo is an app that has carved a niche in the top 50 apps on app store a couple dozen times, dominating all its contenders. The app has been downloaded 893,536 times on the Google Play store alone, which comes around to a whopping 3.5 times growth since its inception.

Let’s Start Selling on Letgo

Letgo works along the lines of Craigslist, or you can say it is an improved version of classifieds on your mobile. You can send or buy stuff locally without stepping out of your comfort zone.

Let us develop the next big app for you.

The app is operating across multiple countries throughout the globe, but the strongest market residesacrossCanada & United States.

The concept is quite simple. Take pictures of anything that you want to sell, post them in the app, and sell them to potential buyers. Same goes for buying stuff online. You can instantly connect with potential sellers and buy products right from your bed.

The app interface is quite a simple one. It feels like Pinterest with a plethora of enticing images appearing in a vertical fashion, against a clean interface.

Once you sign up on the app, you will be able to narrow down your search with image-categories that are present at the top of the app. You can use a filter to sort through the price and distance variables. According to Letgo, each day witnesses around 500,000 listings.

The Letgo app capitalizes on the state-of-the-art image recognition technology to understand the product that you’ve posted, and based-upon that understanding, it automatically puts your product in the right category where the right people can peruse your product.

Before you start making money….

For security reasons and to maintain transparency in the market, Letgo doesn’t support any online modes of payment. It is not just about making money on Letgo, it is about keeping your customers safe. This is, in fact, a great step towards ensuring safe payments.

Create an App Just like LetGo

Whenever you post a product on letgo, talk up with your potential customer &meet them in person to sell or buy the product. In the February of 2017, Letgo came up with a Bump feature where you can pay up some bucks to boost your item to the top of the list. As soon as you post an item for sale, the bump button will show-up, allowing you to sell your items faster and in a smoother manner.

Consider this Before you Sell Items

• As mentioned earlier, Letgo doesn’t keep any record of your transactions. It is kept confidential between you and the seller.
• After you have made a deal to buy or sell an item, you need to handle everything else at your end.
• If the seller comes out fraudulent, Letgo will not take any responsibility or reimburse you for your losses. So, ensure that you do your due diligence before finalizing a deal.
• Instead of selling the item from your home, pick a neutral spot to meet the buyer and conduct the transaction in a public place to stay on the safe side.

The Pros and Cons of the app

The Pros

• The app is super-simple and highly intuitive.
• The app comes free of charges.
• You get to decide your own price at which you want to sell your item.
• The image recognition technology makes it easier for the app to reach potential customers.
• You can manage the sold products in an organized manner.

The Cons

• There is no way to judge the intention of your customer.
• People will ask countless questions before buying the product and will often back out after senseless haggling.
• The app has been designed to operate in urban areas only, making it useless in the rural areas.

Some Tips to Mesmerize your Customers

The secret behind making money on LetGo lies in how you present your products on the app.

Here are some pointers which you can use to make your product stand out from the rest:

Be descriptive: The LetGo app allows you to elucidate your product in the best possible light and complement images with detailed product descriptions. You can leverage the power of storytelling to cultivate trust with potential buyers. Include details such as the size, color, and the technical specs of the product in the description.

Is your item rightly priced? Unless you’re offering unique or tailored products, you need to price your product right. Of course, since your item isn’t mint, don’t expect to get back a full return on your investment. Be honest about the quality of the product and people will find it easier to put their trust in you.

Use the bump feature: Letgo allows you to boost your item for a mere $1.99, amping its visibility on the app. This feature won’t be available immediately. Your item needs to be sitting around for a little while before this option becomes visible.

Use HD pictures: There is no time frame or a countdown for your products, so it is prudent to take HD pictures of your products. Don’t just take one picture. Take one picture from each angle to make it easier for your audience to discern your item. Taking just one picture will make your buyers suspicious about the condition of the product.

The Bottom line

Honestly, when you calculate the time spent trying to make money with apps, it rarely works out to be more than a few dollars per hour. Most of the time, you’ll only make a few dollars per month. Personally, I think my time is worth more than that!

Whether you’re looking to get rid of some old stuff to make a little extra money on the side or want a certain item at a bargain, you should definitely check out Letgo.

It’s easy to use, and it’s a reputable platform as well. So clear out your home and make a bit of money in the process!

If you have used Letgo to sell or buy stuff, please share your reviews and ratings by leaving a comment below.