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OLX has raised a total of $28.5 million over five funding rounds.
OLX was founded by three people: Alec Oxenford, Fabrice Grinda, Jordi Castello. Alec Oxenford is an entrepreneur and art patron who co-founded OLX, one of the largest online classified marketplaces in the world, with 330 million users worldwide, and co-founded let go, a mobile classified ad app in the United States, which is 2017 had 75 million downloads and a $1 billion company valuation. When a seller has posted their items, people who are registered on the platform can see the information provided by the buyer.
The platform is unique in that it has a feature where the search engine is customized to match the area of the. Sellers and buyers from the area are able to see one another through the site and exchange messages through messaging services.
This can only be achieved through a firm with extensive knowledge, experience, and innovative strategies. To determine the strengths of the company potential, weaknesses, opportunities, and threats, it is necessary to conduct a SWOT analysis by OLX.
OLX At A Glance – OLX SWOT Analysis
Founders: Alec Oxenford | Fabrice Grinda| Jordi Castello
Year of establishment: 2006
CEO: Romain Voog
Headquarters: Amsterdam, Netherlands
Employees (Dec 2020): 12,000
Ticker Symbol: OLX.F
Annual Revenue (Dec 2020): US$1.4 Billion
Profit net income (Dec 2020): US$532 Million
Products & Services: Connect people to buy | Sell or exchange used goods and services | Find and sell furniture | Musical instruments | Cars | Houses | Fashion items | Electronics items
Company Website: www.olxgroup.com
Top OLX Competitors
Competitors: Cashify | Quikr | Coutloot | Zamroo | eBay | Bloom Procurement Services | V4 UK Holdings | Candy Digital | ORDERFOX | Zazzle | MercadoLibre | ShopRunner
OLX SWOT Analysis – SWOT Analysis Of OLX
SWOT Analysis Of OLX analyzes the brand based on its strengths weak points, weaknesses, opportunities, and threats. With OLX SWOT Analysis it is clear that the advantages and disadvantages are internal factors, while threats and opportunities are external elements. Here we are going to talk about OLX SWOT Analysis. Below Is The Detailed SWOT Analysis Of OLX.
OLX Strengths – OLX SWOT Analysis
1. Large Presence: OLX has a presence over 100 different countries. This is a huge quality for the brand. With a strong presence across many countries could result in a large number of users being created using the website. If there are more users using the site, it indicates that they use this platform to purchase and sell.
2. Brand Image: OLX is a reputable image of its brand and boasts about 1 billion views on its pages. Additionally, it has 200 million users active every monthly, 8.5 million transactions per month as well as the site has 25 million ads. This indicates that the brand is recognized throughout the nation and is well-known to a lot of people. A solid image of the brand appearance is the major factor that makes the brand successful.
3. Strong Backup: OLX is expected to be backed up from Naspers. It has plenty of knowledge and experience working with different online giants. This is because there could be an abundance of inputs from the backup. This is the primary strength for the company.
4. An energizing Advertising Campaign: Another strength of the brand is its robust marketing initiatives. It has a great marketing plan and its ads are well-known on radio, television and a variety of online channels etc. Through its marketing strategies the brand’s value has grown. People are aware of the platform and make use of it. Its advertisements are quite well-known on the internet.
5. Category of Vehicles with Strength: OLX is a major player in the car category. It has many sellers posting ads to advertise their vehicles for sale and also there are plenty of buyers who are looking to buy.
6. C2C Market Leader: OLX is India’s market leading company for the C2C market. This is the primary benefit for the company. It has less competition and is another reason to have a large number of users using its platform.
7. There is no specific product: OLX is completely free of limitations with regards to the products. It has an extensive collection of products in which advertisers can put their ads.
8. Business Model: OLX is among the most popular classified websites. Their business structure is distinct, and it presents it in a professional manner. It is an online marketplace that allows people to buy and sell items. It’s available in many cities across India.
9. Many functions: In the OLX platform, users is able to create stunning advertisements that feature beautiful photos. The user also has the ability to control the buying and selling processes within the OLX platform. Additionally, it has the option of allowing users can post their advertisements on all social networks. Users are able to access this OLX website from any location and can also download an app that supports.
10. Accessibility of products: The platform provides users an easy way to buy any item for less. Customers are able to access their gorgeous websites that have a rich and well-organized list of products.
11. Huge Market Share: OLX has managed to grab approximately 60 percent of the classifieds online market share. This is a major positive for the brand and its user base has increased to 55 times in the past couple of months. The OLX application has surpassed 3.2 million downloaded in India.
OLX Weaknesses – OLX SWOT Analysis
1. Technology-oriented: OLX depends heavily upon technology and does not have tools to turn non-internet users into potential customers. This is a major flaw for the company since the number of users could be reduced.
2. Competition: There are many competitions in offline channels too. A lot of people attempt to market their products through various other methods like WhatsApp, word of mouth and so on. This is also a weak point for the brand since the amount of people who use the brand would be reduced.
3. No Quality Assurance: Since a lot of buyers and sellers meet online and numerous conversations are conducted on the internet, there is a chance that the quality will fall off. Once the buyer has seen it in the item and is aware of its functions and how to use it, there’s no warranty on the product. It is also an area of weak point for the company’s brand.
4. Online Fraud: Since OLX is an entirely online platform, where people connect online and talk about their purchases and sales it is possible that it will be used in fraudulent activities also.
5. Fake advertisements: Because OLX is an entirely online platform , where sellers have their ads posted There is a chance that fake ads are posted too.
6. In response to delay: Since OLX is an entirely web-based service, it depends on the users’ ability to log in to look for updates on their products. There will be a delay for the response and the product would not be offered for sale.
OLX Opportunities – OLX SWOT Analysis
1. Productivity is Increasing Products: OLX believes there is an even greater potential by diversifying its product listings. There could be a variety of categories of products and this will provide buyers and sellers more options to buyers to browse through their needs.
2. The number of ads on the Offline Channel to Advertise: OLX could expand it’s marketing channels by establishing an offline channel, so that it can increase brand recognition regarding its platform. This will also encourage more users to join their platform. The brand could inform the public about its benefits and the best ways to utilize it.
3. People Choice: This platform is perfect for people who want to buy their items according to their preferences with a lower cost. Therefore, there’s lots of opportunities on this site.
4. Many Sellers: The platform offers many opportunities for sellers since they are able to sell their goods and gain from it. This is why the platform is also seeing an increase in users which in turn leads to an increase in numbers of visitors.
5. OLX Jobs: The online platform could expand its offerings by listing job openings and other opportunities. This will increase the chances for its businesses and increase the number of users it serves.
6. Real Estate Property: OLX is also a listing of real estate, and is able to see numerous opportunities to grow.
OLX Threats – OLX SWOT Analysis
1. Competitors: OLX has many competitors on the same level which could pose a serious threat to the company’s brand. Investors have financed its rival Quickr. Thus, OLX is at threat.
2. Offline Stores: Many stores in the offline market sell second-hand goods at a lower cost. This poses a risk for the company. The majority of customers prefer the physical store to ensure they can touch and feel the product prior to purchasing.
This is the SWOT report that OLX has done. Please let us know if you have additional suggestions to add.
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