Why we invested in Back Market
Back Market allows customers to buy quality secured, refurbished electronic products.
The refurbishment market has long been characterised by strong inefficiencies and low trust levels among end consumers. Refurbishers have traditionally struggled to source products and sell them efficiently, and the dominant online platforms Ebay and Amazon have failed to sell quality secured, refurbished electronic products via a trusted transaction for customers. Customers making the bet, have brought home products with high defection rates, leading to mistrust in the industry. The wave of consumption is changing, to more conscious consumption around ecology, circular economy and pricing.
Then came Back Market. The outstanding founding team is tackling these exact issues, by connecting quality secured refurbishers and customers via a marketplace streamlining market relationships and increasing trust. The service enables refurbishers to do what they do best, instead of wasting time on selling off stock. It also improves refurbishers sourcing capabilities. This, simultaneously as the the company facilitates the process of making sustainable purchasing decisions for customers by making use of existing electronics, without compromising on quality. We love Back Market, as they represent the perfect bridge in offering the best products to customers without encouraging mass consumption.
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