Interviewer - Can you provide me with a description of your business?
Rohit Bagaria - Budli (meaning ‘change’ in Hindi) is into ReCommerce of used gadgets (primarily smartphones, tablets and laptops). Established in 2015, we operate across 25,000 pin codes in India with over 300,000 registered users.
Vision
To drive change through ReCommerce and bridge the digital divide in India by enabling users to buy and sell their gadgets in a socially and environmentally responsible manner.
What we do
We buy back used gadgets, refurbished and resell it with warranty. By using technology, we converge trust, convenience and value for money for buyers and sellers.
How we do it Buyback:
Online through our website using DIPS (Dynamic Instant Pricing System)
Partnerships with ecommerce companies and offline retailers for exchange.
B2B buyback from companies
Selling:
Online through our website, ecommerce marketplaces
Through our network of 1000+ offline retailers across India
B2B selling to companies
Interviewer - How did you get started in this business?
Rohit Bagaria - I've always been fond of using the latest gadgets. I had recently upgraded my phone and was wondering what do I do with my old one.
I had a few options:
· Trade it into a local dealer. He would only buy back something if I bought something new from him. Also, the pricing was very inconsistent.
· Use an online classified ad to sell my old phone. I had to list my product and wait for someone to contact me. I wasn't sure whether the callers were genuine buyers, when it would sell or at what price. The experience could be good, bad or ugly.
· Leave it in a drawer somewhere in my house and the device would end up losing value and become dangerous e-waste.
So I started focusing on this one problem - what do we do with our used gadgets? I did market research, looked at various models around the world, spoke to many different companies.
Some of the facts which I came across was astounding:
· Average replacement period for smartphones is 15 months
· Profit margins on certified pre-owned & refurbished devices are better than on new ones.
· There are no large organized players in this space currently which is primarily unorganized.
· India has 1000 Million mobile phone users and 300 million smartphone users. ReCommerce can be used to bridge this digital divide.
· India is a value and price sensitive market. There is a huge unmet demand for Certified Pre- Owned/Refurbished gadgets from a trusted source with the assurance of a warranty.
There is no brand in India currently which has been able to create a mind space among the consumers for these gadgets.
Interviewer- Why do your customers select you over your competitors?
Rohit Bagaria - Budli is the only company in India having end to end solution from buy back of used gadgets, refurbishment to selling refurbished gadgets with warranty. These happen both online and offline, both with consumers, partners and businesses. The combination of our own technology platform, vertical presence across all channels and robust partnerships provides us a sustainable advantage. By using technology, we are able to offer the optimal combination of trust, convenience and value for money for buyers and sellers.
Interviewer- What are the biggest issues for running this business?
Rohit Bagaria - Being a category creator, we have faced many challenges during our journey. Creating awareness not just about us, but about the refurbished category as a whole has been one of the biggest challenges. Establishing trust and credibility for the customers is another. Reverse logistics has been another challenge.
Interviewer- What suggestions would you like to give to the young budding entrepreneurs?
Rohit Bagaria - Three things I have found to be vital in the entrepreneurial journey:
Clarity (Being clear about the end-goal)
Certainty (Conviction in the endeavour being undertaken)
Purpose (When you walk with purpose, you collide with destiny. Doing something impactful and meaningful. Being part of something greater than ourselves.)