Metroland Media Corporation has added video functionality to its seven-month-old mobile classified app Tradyo.
In development for the past three months, the new addition to the iOS and Android app allows Tradyo users to include a 15-second video with their ad. It enables them to demonstrate the functionality and working order of the items they’re trying to sell, as well as potential instructional videos on how to use a certain item.
“For us it’s all about engagement,” says Terry Kukle, vice-president, business development and acquisitions at Metroland Media. Kukle would not provide specifics on how many transactions have been made with Tradyo, but said it has met the company’s expectations in the early going.
Recent research from Invodo suggests online shoppers who view video are 1.6 times more likely to buy an item than those who did not, while eMarketer says 75% of digital video viewers report it is helpful to watch a video before making a purchase.
Launched in March, Tradyo incorporates a chat function that means sellers don’t have to include contact information like a phone number or email address in their ad. The product is aimed at millennial audiences.
While online classified rivals like Kijiji and Craigslist focus heavily on automobiles and rentals, Tradyo is focusing on four key verticals that Kukle feels are under-served in the online classified space: “Upcycling,” sports and recreation, music/musical instruments and gaming.
Metroland will continue to promote the app via flyers, while Tradyo recently launched a blog that instructs users how to better sell their products. It also plans to conduct what Kukle describes as “a fair amount” of influencer marketing in its key verticals.
In its third quarter results last week, Metroland parent Torstar said declines in print ad revenues within the division reflected a modest improvement over the year-to-date trend, while flyer distribution revenues declined as a result of the closure of large retail customers.
