Beyond the gloom – the ecosystem of the cash-rich consumers in e-commerce
India possesses one of the fastest-growing geographies for the e-commerce market, and we are just getting started.
There might be multiple reasons why we call India, Incredible India! For one, it possesses one of the fastest-growing geographies for the e-commerce market, and we are just getting started. The country’s e-commerce market is expected to grow more than four-fold. A major reason for the same is the massive mobile and internet penetration, along with rising income levels. Not only the tangibles, but even aspiration levels are on an all-time high. OLX, the household name in buying and selling pre-owned goods, has been a pioneer in understanding the rising population of aspirational Indians. The success and growth of OLX can be attributed to them paying attention to how there are needs people don’t even know exist, and in the past 11 years, that knowledge and ideas revolving around this train of thought has contributed a lot to their business.
As per a recent study conducted by OLX, 53% of OLX’s users are in the age bracket of 25-44, and +60% of users hold post-graduate degrees. 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.
OLX buyers have shown a 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 throng 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.
So how has OLX managed to penetrate the rather elusive Elite and the Affluent class in India, while at the same time also being colloquially relevant? The answer opens up 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, your job is half done there itself. 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 the 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 in emerging metros. The reason? 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 centered around the inherent human desire to aspire and subsequently upgrade.
In tough times, OLX emerges as a smart choice for people to take conscious decisions that need not compromise on 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. And it’s spreading a much-needed cheer and a ray of hope in what is essentially a dull market right now. 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 thrive and expand.
This is a partnered post.
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