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Boom in re-commerce business
From gadgets to clothing everything is reusable with a little repairs and upgradation, say re-commerce entrepreneurs. Re-commerce is changing the shopping scenario not only in the online markets but also it is trending offline
The market value for the refurbished electronics is on constant rise since the imposition of lockdown. Customers are visiting re-commerce sites to check affordable and pre-owned branded cell phones, books, furniture and other products which are in good condition for the next use.
Re-commerce is nothing but refurbishing of goods, gadgets and semi-damaged clothings to sell it for a reasonable price to the customers and few re-commerce companies also purchase old reusable items from the customers for selling it to interested parties at a reasonable price.
Also called as reverse commerce, it has seen a high range of traffic on their sites during the lockdown period.
Re-commerce is a process of selling previously owned, new or used products, mainly electronic devices or media such as books, through physical or online distribution channels to companies or consumers willing to repair, if necessary, and reuse, recycle or resell them afterwards.
"In Hyderabad, the re-commerce is running with a tagline called exchange old phone with a refurbished upgraded smart phone. At least 20 per cent of stores in the mobile markets of the city are dependent on the renting, reselling and exchange policy," said N Gyandeep, entrepreneur and owner of six re-selling stores in Hyderabad.
"In the beginning of the lockdown period, the business hit high range profits and it showed a mark of five-year profit growth in the second week of the second month lockdown. But, the situation is different now, none are interested to purchase but few are selling it online," he added.
"Electronic gadgets, mostly mobile phones were in high demand on online stores and now there is a 20 per cent fall. The business in the lockdown is completely unpredictable, first quarter we observe more and then it slowly falls at the end of the month and sometimes it remqined a constant for a few days. But, the electronic gadgets are hardly available due to excess demand in the market," said Sales Manager, YNew, Hyderabad.
Twincloset, Refurbish, Ynew are the few companies facilitating re-commerce customers.
