Flush with funds, investors and venture capitalists have been increasingly eying the online classifieds space, allowing portals to use these funds for promotional activities aimed at enhancing their user base, according to an industry report released here today.
Online selling of used goods increased by more than three times in the last year, while online buying of used goods doubled during the same period, even as the amount of unused goods sitting idle at homes stands at Rs 56,200 crore, a Ficci-KPMG report on media and entertainment stated.
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Online classifieds portals like OLX and Quikr are frontrunners in the race to cash in on the potential of this number, the report stated.
India has the maximum number of listings on OLX and the site gets 80 per cent of its traffic from mobile phones, the report stated.
However, a major challenge that remains is the authenticity of user profiles.
With websites now employing qualified resources to ensure that fake profiles are not uploaded, this picture could change for the better, moving forward,” the report stated.