‘New money for old stock’:What is ‘recommerce’ andwho’s doing it well?

Featuring insights from Neil Pein, CEO of BNP Paribas Leasing Solutions, this article written by Stuart Stone first appeared on BusinessGreen. Discover the full article here.

‘New money for old stock’: What is ‘recommerce’ and who’s doing it well?

“Recommerce” is short for “reverse commerce” and refers to the buying, selling, or trading of pre-owned goods following their refurbishment or repair. As Phil Kemish, CEO and co-founder at refurbished tech vendor Reboxed, puts it, it basically means “new money for old stock”.

The practice of giving products a second, or even third life, has evolved into an important part of the circular economy that promises to deliver huge environmental and financial gains by reducing waste levels, enhancing resource efficiency, and extending product lifecycles. Many leading brands are now turning not just to used technologies, but also returns, end-of-line inventory, and refurbished fashion, homeware, and tools to expand recommerce operations that are proving popular with consumers. “It’s part of a bigger movement to rebuild retail around reuse,” Kemish tells BusinessGreen Intelligence.

For Neil Pein, CEO at BNP Paribas Leasing Solutions – which provides equipment to manufacturers, farmers, and companies in the ICT, healthcare, and transport sectors – recommerce is a brilliant example of the circular economy in motion. “That might mean refurbishing a used laptop and reselling it or taking back a leased commercial van at the end of a contract, refurbishing and reintroducing it into the market,” he explains.

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