THE SUBTLE ART OF RECOMMECE

The term “ReCommerce” was introduced in 2005 by George F. Colony as a process or a practice where people sell their used products to either a seller or a customer who might be able to make better use of the products. These products are broad and may include electronics, books, clothing along with lifestyle products and much more. Many big organizations offered the buyback in the early 2000s that ended up proving to be a big factor in making an upward curve in their performance. The best example of ReCommerce is when back in school we would sell our books to juniors and save a lot of money on stationery and the juniors made better use of the books (products).

When the idea of reselling was limited to local shops/ stores and peers, the online platform kicked in. With websites like OLX, Shopify and eBay came to market, everything was made so easy, handy and accessible for people all around the world to make the process of selling as quick as possible and reasonable prices. 

So as consumers, how can you access the ReCommerce products?

Well, there are many ways in the present world, so let’s look at some common ones.

• The Informal Market

This is the most common one. Selling your goods through platforms like eBay or Amazon is considered as the informal market way. Here, they ensure a safe payment procedure and the chances of fraud activities are avoided.

• The Trade-In Service Providers

Not all, but some companies provide consumers with such a platform. These companies purchase the goods from customers at a predefined rate and then give a makeover to the product. This transformation of products into something more useful allows the companies to sell the products and secure themselves a good profit.

• Trade-In and Buy Back offers by New Product Vendors.

Many companies, specifically the electronic ones provide this option for their customers. In this case, the organization will purchase back the older items and give customers a heavy discount. For example, when you purchase a new phone and in exchange you sell the old one. This makes the latest and new products much more affordable and feasible. For the organization, it is easier to catch some space in the competitive market.

 

ReCommerce vs Ecommerce

If it is buying and selling goods online, then why is it not Ecommerce? Why the hassle of a new fancy term? Well, there is a big difference between the two.

In Ecommerce, we deal with new as well the old/used products. Buying a brand new phone online or a second hand one, both are considered Ecommerce only.

Whereas, ReCommerce is a part of E-Commerce. Here, the deals are specific and the services provided are for second-hand goods only. It may be online or offline, through a big company or just a local store. No dealings related to brand new products are in the business model of ReCommerce. So, a lot of ReCommerce is Ecommerce, but rarely some Ecommerce is ReCommerce.

What can you purchase in the ReCommerce Model?

Many companies with a good online portfolio provide products to purchase via ReCommerce. For example,

1. Tech Gadgets: smartphones, video games, computers, etc.
2. Non-Durable Goods: watches, eyeglasses, jeans, etc.
3. Clothing and Lifestyle Commodities: handbags, wearable, etc.
4. Jewelry: Gold and silver
5. Offline Media: Journals, books, CDs, DVDs, etc.

So in a nutshell, ReCommerce is the second hand market that allows consumers to afford the latest products at an affordable price and make best use out of the products that are sold and bought as second hand. So, reduce, ReCommerce and recycle! Happy shopping.

STAY SMART AND STAY SATARK!

Blog By~ Sneha Pandey