The need for businesses and consumers to act more sustainably, associated with growing interest in the circular economy, creates a thriving market for used technology products. In last month’s issue, we explained how Tech Data encourages partners to use their trade services to drive mobile phone sales. Here, we consider a competing solution that is aimed directly at end users
Late last year, Doji launched the “next generation” second-hand mobile market and received $ 3.8 million in initial funding from Brazilian venture company Canary and other investors. The London-based startup, founded in January 2020 by entrepreneurs and investors Bilal Khan, Fernando Montero Filho and Satien Faki, who met for a master’s program at Oxford University, aims to destroy the second-hand technology market. In this question and answers co-founder Bilal Khan tells us more about the platform and why it can benefit buyers and sellers of used technology products as well as the planet.
Technology Intermediary (TR): What is Doji?
Bilal Khan (BC): Doji is the only online marketplace that uses a trading platform to allow people to buy and sell used technology products. Similar to the proven stock exchange model, the platform uses real-time market information to give users a seamless buying and selling experience without any of the inefficiencies associated with other second-hand commodity markets.
TR: What is the main disadvantage of existing solutions?
BC: To date, both buyers and sellers of used goods have been forced to settle for less than they originally expected to receive. In fact, around 80% of consumers in the UK have chosen not to sell their used mobile phones either because prices are too low or because sales take too long.
Doji seeks to unlock the hidden supply and demand for used technology products and release the economic and environmental friendliness that persists in them, by reconstructing traditional e-commerce by applying data science and proven business models to buyers, sellers and the planet.
TR: How does the Doji platform work?
BC: Vendors list used items using a combination of preset product profiles and photos, and answering a few questions to determine the appropriate quality class. They can then set a asking price for the product or choose to instantly catch up with the one offering the highest price for immediate sale. Delivery is through the nationwide logistics partner Doji.
Buyers always see the lowest price for their desired product and can set the desired purchase price by making an offer (placing a bid). It anonymously records their bets in a transparent order book and allows them to buy at a price and at a convenient time.
The product pages feature Buy Now prices, the latest Bid and Ask prices (updated in real time), and purchase prices from other platforms – to help a person decide at what price to buy or sell.
TR: How will Doji help manage the sustainable development agenda?
BC: Every year, consumers and businesses throw away millions of technological devices, including mobile phones. They either end up in landfills and pollute the environment, or end up in a drawer and forget about them. It is estimated that 55 million phones worth a total of £ 16.5 billion lie dormant in homes in the UK.
To date, attempts to defend the circular economy by enabling people to make smarter decisions about buying and selling are hampered by a lack of information about the value of used products and what consumers should be willing to pay or receive for them.
Unlike traditional goods such as coffee or sugar, the gap between the purchase and sale prices of these goods is staggering, which harms consumers and hinders supply / demand and sustainable purchasing decisions.
Existing marketplaces do not offer transparent real-time data or the ability to dynamically change prices. Incorporate disparate consumer travel and fragmentation of supply and demand with trade programs from manufacturers, wholesale distributors, traditional e-commerce platforms, even local stores that act as intermediaries, and it will be easy to see why consumers found it difficult to value and act. promote resilience.
At Doji, we are committed to bringing users under control and making it easy and profitable for them to strive to sustainably buy and sell used consumer goods at the fairest prices.
TR: How does using Doji data science help buyers and sellers?
BC: Doji’s machine learning algorithms use millions of data points, including publicly available and proprietary data, to help users place more persistent bets and requests. They also estimate “compliance time” so that sellers can strike the right balance between price and time of sale.
TR: Is Doji limited to mobile phones or can it be used to buy and sell other products?
BC: Doji is designed as a global and multi-category business. However, for starters we are launching UK used mobile phones as our first product category.
Since used cell phones for billions of pounds are spent in household bins, there is clearly a need for a platform like Doji that allows sellers to optimize the cost of used goods and extend their life cycle.
Given that a new phone can cost £ 1,000, and a 1- or 2-year-old device with almost the same functionality is available 30-50% cheaper, there are serious financial opportunities to buy a used phone before you even consider the environmental benefits .
The market for used mobile phones is currently growing three times faster than the market for new ones, and we believe that the market for used technology products will continue to accelerate in 2022. Our focus at Doji is to encourage this growth by providing buyers and sellers with an easy end-to-end process.
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Introducing Doji – TECHNOLOGICAL RESELLER
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