The Times of India: February 24, 2015
New Delhi: If you thought Indians go online only to buy new goods, you might be wrong. Second-hand items are giving their shiny new counterparts a run for their money.
Online selling of old goods has increased by more than three times last year and a recent study shows that the total value of used goods stocked in urban India is worth Rs 56,200 crore at present, enough to launch the Mars Orbiter Mission Mangalyaan over 125 times.
Interestingly, used books are the highest sold products in the online space and mobile phones and consumer durables are the highest bought categories across the country. On an average, each urban Indian home is stocking an estimated Rs 8,400 worth of used goods, according to the study commissioned by OLX, a website that helps people buy and sell second-hand goods.
"In 2014, size of used goods market in urban India was Rs 22,000 crore. If we take the whole country into account, this number will be much higher," said Amarjit Singh Batra, CEO, OLX India.
According to the survey conducted across 16 cities, clothing, kitchen utensils and books are the most stocked items in India. When it comes to cities, Mumbai emerged as the lead stocker with 99% people saying they have unused goods lying at home and Kolkata followed closely with 98%. Residents of City of Joy also seem to be the most eager to sell their used goods — 85% respondents said so — while Bengaluru is the least-selling friendly metro. Lucknow, on the other hand, records the highest sale of old books with 31% people selling them.
While online buying of used goods has doubled in last one year, stocking has also been a prominent trend this year with 87% households admitting to hoarding used goods in India. The key reason for stocking remains to be a wish to use these goods at a later date (31% households said so). Similarly, 18% of households owe their stocking habits to the sentimental value attached with the goods. Overall, the highest motivational factor for buying used goods is that these products are less expensive than new goods (69% said so).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.