More Indian entrepreneurs buy used products online


More Indian entrepreneurs buy used products online
Kolkata: In what seems to be a method to keep their finances under control, Indian entrepreneurs are more and more purchasing pre-owned products online. According to a study by e-commerce portal Alibaba.com, Searches for second-hand products by Indian B2B (business-to-business) buyers on Alibaba.com recorded in November, 2009 were 280 percent higher than 2008 representing an average monthly increase of 14 percent. Consumer goods such as cars, laptops, bikes and mobile phones are the most popular types of second-hand products searched on the website, reports PTI. "The B2B purchasing behavior in India is similar to elsewhere in the world. There was an average monthly growth of 12 percent in global searches for second-hand products on our platform from November, 2008 to November 2009, compared with 14 percent in India," said, Vice-President of Alibaba.com Sabrina Peng. "However, there is also a significant demand for non-consumer second-hand products, including used machines, rails, containers, tractors and generators," she added. Sabrina feels the reason for more Indians going for second-hand goods is because of the economic slowdown. "We believe the lessons from the economic downturn have left an impact on consumers by encouraging them to adopt a more cautious approach towards spending. This is perhaps more about a change in mentality than people's actual need to reduce spending," she said.