Selltag
Platform for people to sell and buy items
Description
Selltag was a web-based buy & sell platform which later integrated their services with a mobile app and social network available in both iOS and Android app stores. It allowed registered users to create a network of their own products, lists of services, and even advertisements in order to buy or sell goods from other users in the network. Digitally created content was also considered as a trading good that could be easily exchanged or bought. Selltag also provided customers with externally sharable links to their products so that other non-registered users could see them and possibly become involved in the negotiation.
Stats
Cause of Failure
Selltag was unfortunate enough to experience too much of a disequilibrium between the attention and needs of sellers and the actual number of buyers to meet their requirements and provide operational sustainability.
Selltag failed to respond to the ever-growing needs of upgrading the contents of the app to make them more user-attractive. Their growth stagnated primarily as a result of insufficient funds for paid in-app marketing and unsatisfactory amount of advertisements per product to attract potential buyers to join the network. Even though they launched several features that were supposed to refresh the content - most notably a feature that allowed users (both buyers and sellers) to arrange and ship their goods to the destination point via Teletransporto- the move was not enough for them to expand their local marketplace.
Selltag CEO resigned in the middle of additional funding rounds as he believed the company would not be able to work competitively enough and that their business model would not be sustainable in the long term.
