“The Millennial Entrepreneur” Re-defining Refurbished Business in India
An interview with Yuvraj Aman Singh, Founder and CEO of Rocking Deals, India’s leading online retail market store for buying and selling electronic items. Yuvraj Aman Singh talks about the latest trends in refurbished business in India and also talks about his entrepreneurial journey so far.
Q. The trend of refurbished and excessive goods is picking up in India, what was your thought to introduce it in India?
I believe a keen mind seldom wanders with uncertainties rather choose to take a path of innovations, explore new avenues and succeed with captivating thoughts. The sole key to excellence is to integrate a business module which is sustainable yet enterprising. One such thought brought great determination to innovative and exhilarate me to introduce refurbished and excessive inventory in India. we sought to understand the growing aspirations of millions of Indian and offered a solution to cater to those ambitions by founding Rocking Deals, which is the largest certified refurbished and excess inventory brand in Asia.
Q. Tell us more about your journey so far?
My Journey started being the first generation entrepreneur in my family and understanding the need of establishing an eco-system for excessive inventories at disposal by various brand, unboxed products or products that were just out of use for individuals but were of great utility to another. The Certified refurbished products enabled the customer to establish their trust with Rocking Deals and gratify their aspirations at a much lower price. My expertise of over a decade in distribution and Re-commerce helped us establish the refurbished business that has proven to be profitable as well as sustainable. The sole idea to allow masses to have access to branded products at a much lower rate itself was extremely promising to make Rocking Deals as the largest format in this segment.
Q. How is refurbished and excessive inventory helping cut down the e-waste?
The core belief that inspired me was to engage the demand and supply of excesses inventory, unboxed goods, and other pre-owned goods in such a way that it incorporated the entire community where such goods were in high demand as a necessity. The certified refurbished goods as well helped to uniquely solve the e-waste problem as discarded, excessive inventories or unboxed goods were put into utilization back to the market catering to individuals seeking branded goods to serve their utilities.
Q. With the growing e-commerce industry, retail has taken a backseat, how is Rocking Deals addressing to this issue?
We made sure that we play a vital role in shaping how the present generation look at refurbished goods and put this transition to a better utility. Our insight on the refurbished goods has not only changed the future of r-commerce but also has incorporated the retail sector by introducing the hybrid format of franchise stores in tier 2 cities as well where customers besides buying online can have the product experience. This, in turn, has also helped franchisee stores to tap both online and offline customer base simultaneously.
Q. How are millennial entrepreneurs setting new benchmarks with innovative business?
The millennial entrepreneurs are very proactive and seek to do a very impact business which is not only viable commercially but also serve the society as whole. My ideas was to operate Rocking Deals in a way that it not only make branded goods accessible to masses but also revolutionising the entire eco-system making the sector of excess inventory and certified refurbished goods evolve as an organized trade. My aspiration to give back to the society encouraged me to as well set-up a non – profit academy to help people get vocational skills which will make them skilled for jobs and provide certifications. Like many entrepreneurs of this generation even my idea of introducing refurbished and excessive inventory was to make lives easier by offering pocket friendly goods., have a parallel solution of e-waste and penetrate in small towns to make brands accessible.
Q. How are you planning to take Rocking Deals’ goods available to all?
Rocking Deals has launched the mega store in Delhi/NCR and will be soon establishing its footprint in Bangalore and other metro cities. Besides these we are aggressively working on the franchise model which will enable us to make goods available in tier2 and tier 3 cities. Rocking Deals has now more than 250 brands under its banner and catering to demand worldwide, making refurbished goods as “The next big Thing” in the near future.
Q. Talking about the overall industry, How is the market for refurbished and excessive inventory in India?
The market for refurbished products in India is very promising in years to come, The customer base for refurbished products is huge as the demand is equally proportionate to the aspirations and needs of the customers. Unlike US and China , the Indian customer are still in the process to adapt to the new age shopping of REFURBISHED PRODUCTS. Our experience so far has been tremendously overwhelming. As per recent industry data after USA and China, India has become the fastest growing market in the refurbished segment. The refurbished market is to rise by a compounded 27% over 2019-20 as large players are as well joining the marketplace which will in-turn surge growth in annual sales, Rocking Deals will thus definitely benefit significantly by capturing the market through our organized channel.