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NEW DELHI: OLX, one of the county"s largest online marketplace for pre-owned goods, on Monday said it has emerged as the most attractive platform for buying and selling pre-owned two-wheelers in 2016.
In terms of the quantum of listings, OLX has the largest share of the pre-owned two-wheelers market by any single player. In CY 2016, OLX registered more than 3.2 million listings of two-wheelers, of which motorcycles form a major share out of which 1.56 million were sold. In other words, every minute six two-wheelers are listed on OLX, and three are sold.
As per some industry estimates, the used two-wheeler market is estimated to be 12 million units, which implies that OLX sells 13% of all the used two-wheelers sold in India yearly, and more than one-fourth of the total pre-owned two-wheelers in India are listed on the platform. "The coming year should see OLX capture an even larger share of the market as the two-wheeler, category, especially motorcycles, is showing a steady growth of 50% year-on-year on OLX, said Amarjit Singh Batra, CEO, OLX India.
As per a survey conducted by consultancy firm Frost & Sullivan in association with OLX, as many as 75% of OLX sellers said that they found a buyer on OLX. In addition to this, of all those who considered buying used two-wheelers online, three out of five buyers said that they completed their final purchase on OLX, a figure that was almost four times that of OLXs nearest competitor according to the survey.
On the buy side, OLX offers a steady stream of registered buyers who increase the chances of successful transactions. OLX receives 3.5 million buyer enquires on used two-wheelers every month, which implies that each two-wheeler listing on OLX gets double-digit responses.
These enquires result on an average 130,000 transactions per month on the platform, generating a combined sale value (GMV) of USD 75 million (Approx. INR 488 Crores) per month. This implies an average sale/ purchase cost of each two-wheeler on OLX is approximately Rs 37,000 per unit, suggesting the high-quality of pre-owned two-wheelers listed on OLX.
A regional break-up of the two-wheelers listings shows 52% of them coming from the metro markets of Delhi, Mumbai, Bangalore, Chennai, Hyderabad, and Kolkata. The remaining 48% of the listings come from non-metro cities. Last year, 4,000 cities and towns across India sold on OLX.
Source: http://economictimes.indiatimes.com/small-biz/startups/olx-emerges-as-the-largest-platform-for-buying-and-selling-pre-owned-two-wheelers-report/articleshow/57495942.cms
