Started by Fabrice and Alec. The story of OLX began as these entrepreneurs observed that apps like eBay or Craigslist had no interest in entering the market segment of buying and selling products and services. They took the opportunity and launched OLX as a marketplace. And bang, OLX took a step into the world of developing countries. OLX acquired the 7th position on the Google Play Store in the category of top free shopping with 30 million downloads. A rating of 4.2 stars and is labelled as one of the best local shopping apps in India.
The top categories in which the app allows its consumers to deal are: MobilesCars and bikesElectronicsReal EstatesFashion
Features of OLX app
- Consumers can buy and sell easily through a smartphone.
- Discover deals and buy from verified sellers in your neighbourhood.
- Safely get what you want from home and have conversations with certified sellers, negotiate with them.
- Manage your chats easily.
- Get recommendations based on your interest.
- Manage and edit ads on the go. The app is designed for fun, simple, intuitive, and a great shopping experience. It promises a cutting-edge experience that effortlessly helps you find what you need and sell something new in just seconds.
Apart from having apps and a website. OLX has its presence on social media, which includes accounts on Twitter, Instagram, and Facebook.
Marketing Strategy of OLX
Advantage of a wider reach across the globe
OLX has a global footprint with 322 million monthly active users (MAUs) using the trading platform. Not only this, the team of OLX itself that includes 11,000+ members are spread over 81 nationalities (countries) making it diverse and having a wide reach; the organization ranks 3rd highest among the global companies in digital footprints.
Associated with brands like Property 24, Storia, Otomoto, Obidos and more. Its investors include Prosus Naspers, which is also its parent company. DN Capital, Founders Fund, The Perkins and more. OLX also has venture capital firms.
The Smart Cost-cutting Infrastructure
With the consumer market segment that includes people who are interested in buying and selling goods and services, OLX facilities as the marketplace for the same purpose, especially for people outside the United States.
Enabling customers to strike deals directly between them. Offline also cuts the cost of getting involved for different customer segments for its infrastructure. It is an online platform that makes the process for people involved hassle-free.
Using digital platforms and other channels
There is a mix of media including Television ads, blogs that are targeted, having a presence on various social media platforms and digital platforms with its website which makes OLX easily stands out making people aware of its presence along with having its app available on the Play Store and App Store highlighting the fact that it is easily accessible to its users.
The company has also kept up with change and swiftly moved onto marketing on digital platforms; when the internet started ruling the world, the company gradually adapted its budget from offline marketing to digital platforms.
They have educated the people on how to use the app addressing the concerns of both the buyers and the sellers with various creative campaigns when entering the new markets, while some of their campaigns like "O Womaniya" and the" 6 Months Break-Up Challenge” relied on consumer insights that the company smartly used to its benefit making them successful.
Giving a reason to the "What's in it for me?"
When the consumer asks the most basic question of "What's in it for me?" OLX gives them infinite reasons to use it. Being able to filter and choose from across categories ranging from smartphones to tool kits for the user-based application and the website with constantly updating the design and adding useful features for the smooth navigation and enhancing the users' experience.
An additional benefit is with the knowledge that OLX has gained as exploring the cultures around the world is resolving the stigma that is usually attached to buying "second hand" goods.
Driving Click-through rate (CTR)
OLX positions itself as savvy and experimenting a lot with the new technology to develop visuals and the interface. Which brings new features and tools that enhance the user experience which reflects the dynamic, confidence and bursting with energy, expressing all the optimism and attitude that’s true to OLX.
OLX leveraged its users according to a new case study which drove their metrics up to 300% CTR (Click-through rate) with the new "saving a search" feature allowing its users to be notified when a new ad goes live that matches their search.
The Social and Environmental Impact
OLX Group is driving the change. It is carbon neutral since the year 2021, creating a positive impact on the environment. The company is also giving back to its communities in India and Brazil, clearly creating a good image for the organization also showing responsibility as a leader.
Covid-19 Marketing Strategy of OLX
Never a marketing strategy that has been made to suit all situations, as human dynamics are always changing.
Tailoring a new tone
The business observed its consumers silently to understand the changes and the situation. The brand strategically devised a tone that was fit for the ongoing situation during the lockdown. That is reassuring, empathetic, and humorous.
Giving a message of positivity
Reminding and encouraging consumers that they can still find ways to do the most even while being at home. Inside the four walls. During the third and the fourth stages of unlocking, the brand also came forward, being socially responsible, lending a helping hand to come to terms with helping people in the stage of acceptance and decluttering.
Built a campaign around decluttering
Acceptance and decluttering. Coming to terms with the ongoing pandemic and encouraging consumers to declutter their homes. The campaign centred around the idea of how it helps in mental well-being and builds a stress-free environment.
Sapna Arora, the chief marketing officer of OLX, India centred her message around:
Marketers using their moral compass while communicating with consumers.
The business has not lost its sight and is aiming towards its long-term strategy. And being conscious of where they put their money for marketing. As buying and selling online is coming more into view. Having an online presence is the new primary marketing channel for all businesses.
With its marketing communications, OLX is building trust with its consumers. Encouraging them to follow the necessary protocols laid out by the Government. Maintaining social distancing and practising the right sanitization protocols. Take the advice caring for your consumers and structuring new strategies helps you go further in the long run.
What type of marketing strategy is followed by OLX?
Olx focuses its marketing strategy to make people aware of the advantages of buying and selling on OLX. It uses almost every advertising medium.
What is the target market of OLX?
The target audience of OLX is young, educated who have good disposable income.
Why is OLX successful?
OLX focuses on advertising, It also has made its site easy to navigate and mobile-friendly.