OLX, India's number one online classifieds, today announced a series of industry-first, tech-led changes with the launch of the new OLX App, which will help increase the penetration of online classifieds across regions, age-groups, and categories.
OLX, which is the market leader in consumer-to-consumer (C2C) classifieds in India, has leveraged innovative technology and deep consumer understanding to roll out improved and forward-looking product changes on its App that make the online classifieds experience safer, simpler, and social.
The new App was rolled out to all of OLX's Android users by September 27th, and will be rolled out to its remaining user base in the coming weeks.
The new OLX App is expected to fulfill the unmet consumer needs, and bring about a new wave of growth for the brand.
OLX, which is already the market leader in used cars, bikes, mobiles phones, furniture, and electronics, is looking to give scale to some of its other categories with the help of these changes. Pre-owned fashion products and accessories, hobby items such as musical instruments, sports equipment, collectibles, and vintage items have steadily been growing on OLX, and the new App will facilitate further growth for these under-penetrated categories. OLX expects to double its growth rate as a result of these changes in the next one year.
"Consumer insights played a pivotal role in conceptualizing and introducing these changes. The annual OLX Consumer Research on Used Goods and Selling Trends (CRUST) for 2015-16, revealed that Indians are stocking unused goods worth Rs. 78,300 crore. This, along with other consumer insights, pushed us to think about the unmet needs of the users and the new ways in which we could make selling and buying of unused goods simpler for them. We also looked at some of the broader challenges confronting the industry," said CEO OLX India, Amarjit Singh Batra.
"With our new App, we have made significant improvements on three fronts in particular. First, features such as 'Chat First' are bold, industry-first moves that along with mandatory registration enhance the trustworthiness of the platform, making our users more secure. Second, by allowing users to see products closest to them, we have tried to provide an authentic hyper-local classifieds experience based on ease and simplicity. Third, by introducing novel features such as image recognition for products, we have not only made the seller's posting experience more agile but also demonstrated how technology can be used for consumer benefit," added Batra.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)