OKXE has pioneered the online to offline (O2O) sale of used motorbikes, rejuvenating the market.
The inadequacies and bad experience of users when buying used motorbikes are the reason why Wooseok Kim, CEO of OKXE launched an online platform trading used motorbikes in Vietnam.
“We want to solve the inconvenience of users when trading used motorbikes, providing an easier, safer and more enjoyable online platform,” said the OKXE CEO.
Founded in August 2018, the initial goal of this start-up is to create a more explicit and secure second-hand motorbike market for users. At the time, OKXE was one of the first mobile platforms in Vietnam in the field. However, a lot of Vietnamese still consider motorbikes to be assets of great value, and online transactions can be problematic due to fraud, subpar autos, and inaccurate prices. The company’s CEO admitted his online platform has only met about 50-60 percent of the original target.
Operational for more than five years, OKXE Vietnam opened a motorbike service station, put into operation at the end of May 2022, creating a complete O2O model.
This was a bold strategy, because the O2O model has not been applied by many in the field, said a company representative. “While focusing on the new model, OKXE maintains investment in expanding the market. This is a dual goal that we want to achieve in future.”
The OKXE service station is expected to provide users with a more comprehensive experience based on the expanding and evolving ecosystem. The service station offers extra services in addition to its online offerings, including quality checks on used motorbikes, price recommendations, consignment acceptance, and sales negotiations.
The first OKXE Station covers 500 square meters, including: service reception, motorbike wash, refurbishment repair, quality inspection, consignment display, cafe counter…
This company’s research indicates the majority of Vietnamese frequently pick traditional motorcycle marketplaces or secondhand motorbike shops. By cooperating with this trading approach, OKXE opted to create a national network of collaboration rather than viewing it as a rival.
To be more precise, this business leverages a plentiful source of clients and used vehicles from its partners, gradually enhancing and perfecting its service chain. On the other hand, OKXE uses a platform with millions of users to assist partners in selling motorbikes more quickly. Additionally, the service center aims to help partners with financial assistance packages for motorbike purchases, warranties, after-sales, photography support, and online sales.
According to an OKXE representative, the company’s platform has experienced steady growth from the time of launch until now and is always improving. “Currently, the OKXE app has reached seven million downloads on iOS and Android platforms. More than 500,000 motorbikes have been registered and sold successfully through the application”, it was added. “As of July 2022, OKXE Vietnam has nearly 2,000 partner stores nationwide.”