FILIPINOS were reminded by a local buy-and-sell online provider that a “hidden wealth” that they may not have known are kept within the confines of their homes.
OLX Philippines announced on Thursday the results of its new study showing an estimated P21 billion worth of previously used items still in “spic and span” shape that are just left to gather dust in Filipino households to date.
“This is actually a part of our ways to educate the market that there’s actually an untapped wealth in our households,” said RJ David, managing director of OLX Philippines. “If only Filipinos can see the value of those items that are just cluttering their house, we will be able to convert those items to a value of P21 billion.”
Conducted by marketing research firm TNS, OLX commissioned the survey that asked respondents from 500 urban households of their unused items and their experience in buying and selling secondhand items online.
The study revealed that all the respondents have items that are not in use but still functional, including electronics, clothes and fashion accessories, vehicles and automotive merchandise, home appliances and collectibles.
Of the total untapped value of P21 billion of secondhand items that can be sold online, almost half actually came from electronics at around 48.74 percent, or P10.36 billion. Old but functional computer laptops and accessories accounted for P3.8 billion; mobile phones, P3.5 billion; audio and video appliances, P1.96 billion; cameras, video cameras and accessories, P1 billion; and video-game consoles, P109.3 million.
Then, almost a fifth, or 21.24 percent came from automotive items valued at P4.5 billion, including motorcycles (P2.6 billion), as well as cars and accessories (P1.9 billion). Fashion items partook a share of 14.29 percent with an aggregate value of P3.04 billion coming from clothing (P1.5 billion), jewelry and watches (P708.95 million), shoes (P552.4 million) and bags (P286.87 million).
Home appliances partook 9.24 percent at P1.96 billion, with kitchen appliances (P1.08 billion), household items (P846.8 million), furniture (P32.16 million) and household accessories (P4.88 million). Last, collectibles, such as babies and children products (P363.7 million), bicycles (P335.7 million), sporting goods (P260.2 million), books and magazines (P153.9 million), musical instruments (P139.9 million), CD/VCD/DVD (P65.8 million), luggage (P54.9 million) and artworks (P4.5 million)—all totaled to P1.38 billion or 6.48 percent.
“As of now, when we look at the total value of the secondhand items being sold as of this moment at OLX, it’s around P9 billion. That’s the total value already there. So we believe we still have P21 billion that we can actually tap so that they can sell their items through OLX Philippines,” the managing director stressed.
The survey, which is part of OLX’s “Yesss, Yaman!” campaign, likewise, showed that many Filipinos are interested in selling their unused stuff over the Internet.
“Those interviewed during the study don’t necessarily mean they are already in OLX. So these are people who are potentially going to be selling those items in OLX. And they shared also their willingness in engaging our selling online, specifically on a buy-and-sell platform,” said Arianne David, head of operations of OLX.
Among the participants surveyed, around 41 percent said they are comfortable trading their “preloved items,” while 56 percent of those who plan of selling unused items said they are open to do so online.
“So selling secondhand items is a smart way for Filipinos to upgrade their lives. Sellers can earn extra cash from stuff they don’t need while buyers get a fair deal,” she said.
With the results of the study that showed a staggering value of secondhand goods, OLX also introduced the Yaman Checklist, together with the Yaman Calculator, seen on its web site to assist Filipinos identify which of their preloved items are in good condition, list them down, and see the total possible earnings that they could get from selling them.
“This is our way to encourage Filipinos to start looking at the values available at their households,” RJ David said.