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Beyond the gloom – the ecosystem of the cash-rich consumers

Beyond the gloom – the ecosystem of the cash-rich consumers

In terms of premium offerings, OLX buyers have shown a great appetite for even the most premium offerings across categories.

The Incredible India has been one of the fastest-growing geographies for the e-commerce market and the country’s eCommerce market is expected to grow more than four-folds. Much growth of the sector is triggered by a massive mobile and internet penetration & rising income levels. The interesting part about rising incomes is the rising aspirations among the population. OLX, the household name in buying and selling pre-owned goods, has been an early mover in understanding the rising population of aspirational Indians. Much of OLX’s growth witnessed since past 11 years, has much to be contributed to the novel business idea about addressing the need that people never knew existed.

As per a recent study conducted by OLX, 53% of OLX’s users are in the age bracket of 25-44, and +60% users hold post graduate degree. What is interesting also is that OLX reaches out to 30+ % of HNIs in India. This explains much about the rising aspirations and value consciousness of people with paying capacities rushing to OLX from metros as well as from emerging metros.

In terms of premium offerings, OLX buyers have shown great appetite for even the most premium offerings across categories. Be it the listing of more than 3000 units each of the 3 big German car manufacturers – Audi, BMW and Mercedes, 2.5 lakh iPhones, more than 50,000 Royal Enfields , over 500 Harley Davidsons and more than 100 TRIUMPH Bikes a month – listings and concurrent purchases of values deep in the 6-digit figures have come rather frequently for the platform. In fact the listing of real estate ranging from 2BHKs to Villas in upmarket areas of Top 8 Metros comes as a great testimony to the presence of a captive and cash-rich audience on the platform.

A closer look at how OLX has managed to penetrate the rather elusive Elite and the Affluent class in India opens a plethora of possibilities for platforms that intend to follow the giant. More than two Million elite households and 22 million affluent households are connected through the internet. OLX enjoys a whopping 31% and 11% penetration in these households respectively. As a marketer, when you get access to this Crème de la Crème, you could hardly have anything to complain about. It is safe to assume that the premium products getting listed on the platform – from automobiles to luxury properties to technical products – they all find their buyers within these categories.

The platform has been able to create a unique ecosystem which is not just surviving but thriving with some amazing numbers to back up the claim. While the entire automotive sector in the country has been in the doldrums in the last year, OLX witnessed almost 1 out of every 2 cars sold in the country, new and old, getting listed on the platform. In case of two-wheelers, despite the massive buyer base, well in excess of 20 million, the ratio was almost 1 out of every 5 two-wheelers getting listed on the platform.

Another important growth area for OLX has been the penetration of the OLX app to the emerging metros thanks to the growing internet penetration in the country. The aspiration story is much stronger in emerging metros as the platform opens gates to a wide variety of national and international brands across categories such as mobile handsets, automobiles, food and beverage companies, real estate, jobs, furniture, electronics and appliances consumer durables and fashion. The recent 360-degree ad campaign by OLX with the tagline ‘Shakal Dekhi Hai’ was also centred around the inherent human desire to upgrade.

Clearly, amidst the tough times that Indian economy is witnessing currently, OLX emerges as a smart choice for people to take conscious decisions that need not compromise on their spends. Spending smartly is the new flamboyance that people want to flaunt in India and OLX has left no stone unturned to offer premium products to the right set of audiences.

Despite the lingering volatile socio –economic situation of our country, OLX has been able to change the view of our society and contributed towards the growth of the community. What currently seems like an oasis of hope, amidst what at best can be called a dull market, is thankfully proliferating rather quickly. OLX has also helped keep the market afloat, across industries, by speeding the product rotation cycle. It is only in the best of the interest of the buyer that an entity like OLX – which provides a solid combination of AI and human support to the sellers and buyers alike, continues to grow further in future.

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first published:December 06, 2019, 19:18 IST