India has an opportunity to lead the world once again by becoming the first truly mobile Digital Society- A Report by McKinsey
Online Classifieds Market which is a 65,000 crore market in India has been driving 25 percent of its traffic through Mobile Classifieds. The Online Classifieds Market has been gaining significant mindshare amongst Indian audiences as Online classifieds offers a cheap and convenient way for buyers and sellers to come together and transact, with the transactions happening in a the most convenient manner than offline.
The market has been growing at the CAGR of 40 to 50 percent since 2011 and the most significant driver is the accessibility of online classifieds through mobile phones (WAP) which has been driving one-fourth of the traffic of the overall market.
The Mobile is setting up a new revolution in the Indian market especially when it comes to regular Internet consumption by Indians. Within this scenario, the world’s leading online classified player OLX.in has been investing in mobile product experiences, with a mobile first orientation to developing online classifieds’ To this end, it has been offering a wide array of Apps for all smartphones platforms – iOS, Android, Blackberry, Windows Phone, Blackberry and Symbian.
Mobile driving internet usage in India, being the truly democratic medium of accessing internet” According to the latest McKinsey report, India’s Internet users will increase fivefold by 2015 and more than three quarters of them will choose mobile access. All the elements are in place: the cost of network access and handsets is going down, wireless networks are going up, and Indian consumers are already displaying an insatiable appetite for digital services.
According to Stat Counter, Mobile Web usage overtook the PC based Internet in India in May 2012. The firm reports that, last month, mobile accounted for 51.63 percent of Web usage, with desktop devices making up the remaining 48.37 percent. That’s a first for India and it follows a steady uptake in the share of Internet usage from mobile and tablet devices.
According to Stat Counter’s Report - India is the world’s first country to see Web usage dominated by mobile devices. As the price of smartphones and other Internet-ready devices lowers, mobiles will bring more opportunities for those experiencing the benefits of cyber space for the first time.
Trends in bigger cities largely mimic other urban areas, with higher smartphone ownership and fixed-line Internet access. Instead, it is the rural areas that could benefit the most from mobile Internet since they are typically less affluent and the existing poor infrastructure there restricts a range of services, even those as basic as electricity or water, let alone Internet.
According to IAMAI report on Internet Usage in India, the Mobile has been consistently raising growth of Internet usage in Rural India by 7.2 times since 2010. Reason being the falling prices of mobile phones especially of feature and smartphones, penetration of mobile devices in Rural India and falling rates of Mobile subscription that have encouraged more and more users to data plans on their mobiles.
The Online Classifieds market is set to flourish thanks to the tremendous growth of Mobile internet in both Rural and Urban areas.
About the Author - Currently serving as CEO, Olx India, Amarjit leads the category development efforts, executes marketing programs to create brand awareness and formulate strategies for driving growth. Prior to Olx, he has worked at eBay India in various capacities.
