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.
Source – Timesofindia
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