OLX Buys Out Tradestable, Its Biggest Rival In The Nigerian Market
OnLine eXchange (OLX) has grown to become one of Africa’s biggest classifieds site. It entered the Nigerian market back in August 2013 and fast grew to become one of the most visited sites in the country. But in a new move to ensure it becomes Nigeria most visited classified site, OLX has acquired its biggest rival in Nigeria, Tradestable.
The move by OLX now gives it a greater reach within the Nigerian market and consolidates the site’s position as the most visited classified site by the spend-savvy Nigerians. Experts credit the site’s fast growth to its vast array of classified ads that that caters to the needs of just about every visitor. There are ads for virtually everything ranging from household appliances and electronics, baby products, office furniture, cars, jobs, land, smartphones, computers, etc. The site’s diverse portfolio is what experts say gives it the competitive edge over its competition like Kaymu, Carmudi, and Private Property.
The site has been instrumental to both buyers and sellers, with smartphone being the preferred device for browsing through the ad pages. The site has enabled informal traders (sellers making one-off sales) to have direct access to buyers allowing them quick access to payments. OLX released a statement noting that combining the two platforms will expand the market for this clique of traders.
However, the company has been plagued with trust issues, said to arise out of its laxity in controlling the transactions. Leading to cases of fraud being on the rise, something Nigerians refer to as the 419.