It’s 2023, and there is an abundance of new technology and revolutionary products. People’s aspirations are growing with time, and they have the willingness and ability to spend more in order to obtain a better standard of living. The intent is to experience new technology – so it’s an ‘out with the old, in with the new’ mind-set which helps us keep up with the changing times, but also ends up reducing a product’s lifecycle.
With the increase in demand, brands are evolving faster, and technology is getting a boost with newer tech innovations. Brands also understand the need to upgrade and are offering an easy exchange or trade in process, where customers exchange their old appliances and get a discount on the newer appliances. This service enables customers to upgrade faster and adopt newer technology.
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The re-commerce industry has grown both in market size as well as the quality of services provided. The re-commerce market grew to over $160 billion in 2021 compared to $140 billion in 2020, and Statista expects it to grow close to $245 billion by 2025. Quality checks via video calls and free doorstep pickup make the entire process of selling or exchanging your former gadgets and appliances a very easy and convenient process.
Tech-enabled trade in strategy and re-commerce market benefits everyone. Brands can track acquisition, retention, LTV and gain a new set of customers through their upgrade programs. The brands launch new upgrade programs and provide exchange and Assured Buy Back plans for customers to assist them in the process.
Quality checks via video calls and free doorstep pickup make the entire process of selling or exchanging your former gadgets and appliances a very easy and convenient process
It’s a good option for buyers as well, who want to upgrade within a budget, and are open to using good quality second hand products. This is a sustainable option and promotes a circular economy, preventing appliances from ending up in landfills, thereby helping the environment.
For example, Digi2L, a digital platform to sell used appliances, offers an Assured Buy Back service for large home appliances, including refrigerators, washing machines, televisions and air conditioners. This gives the customers the freedom and independence to upgrade easily and sell off their appliances at a predetermined price. This also gives them the opportunity to save money and upgrade to a newer technology. The Smart Exchange Program helps facilitate the disposal of used appliances and gadgets through an end to end tech enabled platform which performs logistics and instant payments, making it a seamless and hassle-free process.
This helps adoption of newer & greener technology products to be more sustainable and consume less energy, further enabling you to save more money in the long run and reduce carbon pollution. Smarter technology enables us to live in a more connected home, which provides real time data on low energy use.
Since the customers and brands are upgrading faster to newer tech, resellers get the opportunity to get a better-quality product that they can later resell to customers who are looking to buy refurbished appliances.
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These customers, who are aspiring for better quality appliances with advanced tech at a lower cost and are exploring the options, get these products from resellers.
Technology is constantly advancing and it’s exciting to see what the future has in store for us. We can upgrade in a more conscious and environment friendly manner, and the sale of used appliances and electronic gadgets can help facilitate this process.
Guest contributor Alok Mathur is the Co-founder of DIGI2L, a tech-enabled online platform for customers who want hassle-free disposal of their used gadgets for the best value without having to wait for a buyer. Any opinions expressed in this article are strictly that of the author.