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Refurbished electronics: A booming segment

Refurbished electronics: A booming segment
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When Yuvraj Aman Singh founded Rocking Deals as an online store for unboxed, refurbished, and pre-owned products in 2005, he did not expect that the brand would become a pan-India entity. The company sells mobile phones and electronics that have been used or might be unused by where the seal of the box is opened.

At one point in time, these products were sold in the parallel or gray market. However, Singh saw an opportunity to sell this excess inventory on an e-commerce portal and his gamble paid off. Today, Rocking Deals has 18 categories of certified consumer goods on its platform representing over 250 brands including Sony, Bose, Philips, Panasonic, HP and many more.

As per recent industry data, India has become the fastest growing market for refurbished products, after the USA and China. In India, the used goods market is expected to touch $9 billion by 2021 from the existing $4 billion. Of this used smartphones will reach a market size of $6 billion within three years, up from $2.5 billion currently.

Yuvraj Aman Singh, Founder & CEO of Rocking Deals

Looking at this potential, Singh now wants to have a holistic omnichannel ecosystem, which includes having offline stores. “We already have tie-ups with brands like Hotspot and Quikr, and will start tapping tier-two and three cities. We will also launch large format store in metro cities. With our new retail stores, we plan to weed out the inefficiencies related to lack of certified products in the market, as well as under or overvaluation of pre-owned products,” he stated.

His objective is to create a place where certified refurbished stock can be showcased under one roof. This will give customers a better understanding about what refurbishment actually means.

“The refurbished market has grown by 27% this year. We too wanted to significantly capture the market through our organized channel. By entering into the offline market, we are eliminating the multiple layers and involvement of third parties by directly connecting to our customers,” Singh added.

Currently, the company has signed with 30 franchise partners from various states like Jharkhand, Odisha, Uttar Pradesh, and Punjab. These hybrid franchise stores will be equipped to sell both online and offline garnering maximum customer engagement and business for franchisees. The company hopes to induct around 100 franchises by the end of the year.

Rocking Deals ensures that all its franchisees following SOPs correctly to maintain quality. Adherence to processes is one of the criterion for selecting franchise applicants. “We help franchisees from choosing the location, creating the basic structure, giving branding support to helping them enrol for online sales across various platforms to increase their business opportunities. Additionally, there is a provision for regular training as a part of the incubation programme,” Singh explained.

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