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Why Zigbang's Business Model is so successful?

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Zigbang’s Company Overview


Zigbang is a leading South Korean online real estate platform that specializes in providing rental housing information. Launched in 2012, the company has revolutionized the real estate industry with its innovative mobile application and website, offering a comprehensive database of rental properties including apartments, studios, and shared housing across South Korea. Zigbang's goal is to simplify the process of finding and renting a home by connecting potential tenants directly with landlords and real estate agents, thereby eliminating the need for intermediaries. The company's platform is user-friendly and offers detailed property listings, high-quality photos, and virtual tours, ensuring that users have all the information they need to make an informed decision. Zigbang's business model is based on providing a platform for landlords and real estate agents to list their properties. The company charges a fee for each listing posted on its platform. This fee varies depending on the size and location of the property. In addition to this, Zigbang also offers premium services such as professional photography and virtual tours to enhance the listing, for which they charge an additional fee. The revenue model of Zigbang primarily revolves around listing fees and premium services. The company earns a significant portion of its revenue from the fees charged to landlords and real estate agents for listing their properties on the platform. The premium services offered by Zigbang such as professional photography and virtual tours also contribute to the company's revenue. Furthermore, Zigbang also generates revenue through in-app advertising, where other businesses can pay to advertise their products or services on the platform. This diversified revenue model ensures a steady stream of income for the company, while also providing value to its users.

https://www.zigbang.com/

Country: South Korea

Foundations date: 2011

Type: Private

Sector: Consumer Services

Categories: Internet


Zigbang’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: design/aesthetics, provides access, fun/entertainment

Functional: simplifies, connects, informs, reduces effort, saves time


Zigbang’s Related Competitors



Zigbang’s Business Operations


Advertising:

This approach generated money by sending promotional marketing messages from other businesses to customers. When you establish a for-profit company, one of the most critical aspects of your strategy is determining how to generate income. Many companies sell either products or services or a mix of the two. However, advertisers are frequently the source of the majority of all of the revenue for online businesses and media organizations. This is referred to as an ad-based income model.

Classified advertising:

Classified advertising is most prevalent in newspapers, online publications, and other periodicals that may be sold or given for free. As a result, classified ads are much less expensive than more prominent display ads companies use, even though advertisements are more prevalent.

Collaborative consumption:

Collaborative Consumption (CC) may be described as a collection of resource circulation systems that allow consumers to both get and supply valued resources or services, either temporarily or permanently, via direct contact with other customers or through the use of a mediator.

Cross-selling:

Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.

Customer data:

It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).

Customer relationship:

Due to the high cost of client acquisition, acquiring a sizable wallet share, economies of scale are crucial. Customer relationship management (CRM) is a technique for dealing with a business's interactions with current and prospective customers that aims to analyze data about customers' interactions with a company to improve business relationships with customers, with a particular emphasis on retention, and ultimately to drive sales growth.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Featured listings:

A highlighted listing is more important and noticeable than a regular listing, providing maximum exposure for your workplace to consumers searching in your region. In addition, customers are attracted to these premium listings because they include more pictures of your home ? and its excellent location.

Mobile first behavior:

It is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices. The term is “mobile first,” and it is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

Online to Offline O2O:

Online to offline is a term (often abbreviated as O2O) used in digital marketing to refer to systems that entice customers to purchase products or services from physical companies while they are in a digital environment.

Shared rental:

In this model, businesses offer rental services while individuals rent items and pay appropriately. The procedure through which a current homeowner puts their home or an empty room available for short-term rental as an alternate type of housing. Peer-to-peer rental of property is a kind of peer-to-peer renting, which is a component of the sharing economy. The business strategy is almost identical to that of a conventional vacation rental. Through peer-to-peer property rental, participating homeowners may earn money by renting out their primary residence or an empty room they may have available.

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