India has begun an intense focus on recycling as the used goods market has found continual growth recently. Everything from old phones to used cars can all be purchased through the internet.
According to a survey from OLX CRUST Survey, the market size and opportunity of pre-owned goods back in 2016 stood at over $10 million. The report further stated that on an average, every Indian household is stocking 12 clothing items, 14 kitchen utensils, 11 books, 7 kitchen appliances, 2 mobile phones and 3 watches. Almost 90% of Indian households stock goods that they don’t use anymore.
Talking about the existing market, goods are growing at varying rates across different categories. OLX is playing a significant role, commanding over 85% market share in the online classifieds market in India. Today, used cars are the biggest segment of consumer transactions at OLX and as per the industry. However, the market is also responding encouragingly for mobiles, white goods and jobs.
To know more about the industry and how OLX is leveraging machine learning, we spoke to Akanksha Dhamija, Director – Customer Centricity and Analytics at OLX.
OLX is a tech first company, and technology forms the backbone of the company’s entire product offering. With 50 million monthly active users on OLX, technology plays a crucial role in driving a seamless customer experience at OLX by making buying and selling anything on the platform easy.
“We invest heavily in new age technologies such as Artificial Intelligence and Machine Learning. Given our robust tech stack and our legacy presence in India of over 10 years, we understand the minutiae of the digital user behaviour better than any other platform,” said Dhamija.
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