The State of Re-commerce Market: Future of Consumer Tech
The re-commerce market is driven by improvements, grading, repairs, and online or offline sales. If the trends are to be studied, recommence industry is growing manifold. There is every possibility that re-commerce may leave the retail market far behind in the race. As more and more millennials are inching towards reselling notions, there is likely a shift towards buying refurbished goods.
What is re-commerce? All of us are familiar with ecommerce, but re-commerce is a different concept. Though reselling of goods has been around for a long time, it sees a new surge thanks to online platforms and consumer behavior. In simple words, it is reverse commerce that is nothing else but the selling of pre-owned goods. Let’s learn more.
Why is re-commerce becoming popular?
As mentioned earlier, re-commerce or buying of pre-owned goods is gaining momentum among the next-gen. And if you notice the shift, you will also have to look at the reason behind it. As we all know, the new generation is more concerned about the impact of environmental balance.
With the growing awareness, consumers want to contribute their bit. They are doing it by reducing the impact on the environment. This feeling has crept into the inner foyers of the buzzing re-commerce segment, especially in the sale of the following goods
1 – Smartphones
2 – Laptops or desktops
3 – Other types of electronic devices
The rise and rise of re-commerce companies
The used and refurbished smartphones market will grow at a CAGR of 12.61% from 2020 to 2025.
As we all know, shopping for second-hand goods is not something alien. It was, it is, and will be around for years to come. And there are solid reasons behind this trend. Apart from the fact that these outlets offer lucrative deals and bargains, consumers look at it from a different angle, particularly the millennia.
The reasons behind the preference include
1 – Refurbished phones save the environment.
2 – Reducing the carbon footprint
3 – Use of fewer raw material
4 – It is better than recycling
5 – Reduced electronic waste, and more.
What are its benefits?
In the re-commerce business, usually, the resellers make money selling products they don’t need anymore. However, any retailer can be a reseller at the same time. The consumers also get the maximum advantage with discounted prices.
The other significant benefits of listing on the re-commerce segment include
1 –Affordable- It helps consumers to save money when they buy pre-owned goods. They can sometimes rule out buying an expensive high-end smartphone and instead purchase the same model that’s available as refurbished.
2 – Justifiable – Second-hand or refurbished goods create less impact on the use of natural resources. Reusing pre-owned goods minimizes the demand for new and lessens energy consumption in production units.
3 – Conscious buying – It is not that consumers always buy very cheap or lesser useful items in the re-commerce or reseller market. It’s the opposite; they may prefer to buy a top-brand smartphone that’s refurbished and has a good resale value as well.
4 – Inspire to reuse- with re-commerce, consumers learn how to use goods and devices sensibly. They learn to use devices carefully as they have the motive of reselling or re-commerce. So it’s always a quality product in the market, as a result.
Bottom line
More and more reseller companies are emerging to offer top-quality devices, especially smartphones, which are so much in demand. With everything online, the current scenario is ideal to go in for refurbished smartphones.