While a number of startups were hard hit by efforts to curb the proliferation of COVID-1
The Paris-based startup encourages customers to send in their old devices so that they can be overhauled and resold in the used e-commerce market. The growth that was achieved in the middle of the COVID-19 crisis is partly due to increased laptop sales as people are looking for better devices to work remotely.
For people who are unsure whether outdated products are reliable, Back Market allows customers to do this. Send in old devices, exchange them for newer versions and pay the difference. CEO Thibaud Hug de Larauze said that this payback service is currently only available in France, but will be available in other markets from the second quarter.
Back Market was founded in 2014 and has raised a total of 48 million euros in funds from two. The company is profitable and reportedly still has money for its last round of financing.
"We don't release the gross commodity volume, but it's a three-digit growth rate," Hug de Larauze told TechCrunch. "The demand for laptops, printers, and other devices needed for work at home has increased. The demand for obsolete phones is dropping as people search for the most essential supplies, such as groceries for their situation. ”
In the past two weeks, Back Market has seen rapid demand from Italy, a nation with a high number of coronavirus deaths Citizens were warned that they would stay in their homes for four weeks.
Another factor that contributed to the growth of the platform: smartphone brands like Apple and Samsung closed their retail stores, making the back market an important one Supply channel while offline retailers and carriers in Europe are closed , according to Hug de Larauze, Chinese offline retailers and renovation factories are starting to work again.