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Future of classifieds
Future of classifieds
Years ago bringing customers and sellers together in the web was successful solution. Many classifieds appeared more than 20 years ago and since then they have not changed.
But future of classifieds is not clear. New vertical websites and global monsters (such as Google and Facebook) are the new thread. Silicon Valley giants are offering their users customized relevant search feed, not millions of irrelevant options. Existing projects aware of the players coming from other industries, with Google (21%) and Facebook (35%) identified as possible future competitors. They have huge advantage because of significant resources and large audience.
So how classifieds and old real estate projects should evolve to be competitive?
1. Evolving into niche vertical projects.
Vertical structure is more effective and lucrative. Users don’t want any more all the different products in one place.
2. Introducing data-driven solutions
Artificial Intelligence approach can help solving the problem of irrelevant information on classifieds and property marketplaces. One of the solution offered on real estate market for classifieds is Homsters.com. We provide SaaS solution for new developments segment using behavioral profile of the user. It helps to show only relevant search results and recommendations, bringing the whole other level of user experience. By learning user’s search history and behavioral patterns AI can help to deliver better recommendations which, in turn, will drive sales.
While development of vertical AI-platform can take years, Homsters provides turn-key solution which can be integrated with classified or real estate website in two month. This innovative product transforms the way people are using classifieds. It can reduce costs and raise revenue, by improving user experience and post-sale customer service.
In addition, to stay alive classifieds need change approach towards their audience. Going to transactions services is one of the ways to raise revenue. Currently revenues from transactional services represent on average 15% of their companies’ totals but in the future classifieds see that percentage as much as 50%.