Case Study | 03 October 2024
How did an appliance company aim to reach more people and prove to them that second-hand appliances can also provide the best services?
Posted by : Dhruv Bhatia
An Appliance Company aiming to launch second-hand domestic appliances and ensure that it provides high-value appliances at highly competitive prices. The company sought the assistance of Research Nester, who helped steer the company in the correct direction.
An overview:
- An appliance company providing second-hand domestic appliances, focuses on reusability and increasing product life duration, among other factors.
- There is often a stigma attached to buying second-hand devices, even if the device is fit for purpose. As a result, many manufacturers are still hesitant to invest in a reuse scheme because consumers tend to buy new devices, which in turn results in a large amount of discarded devices that can actually be optimized.
- The company’s business strategy calls for efficient decisions in the supply chain in relation to reusing and optimizing the devices.
The Story
Second-hand devices are frequently thought to be of poor, low-end quality. Consumers must change their mindset so that devices can be upgraded and properly optimized. There are ways to overcome people's misconceptions, and if original equipment manufacturers (OEMs) take the lead, they can create a lucrative new revenue stream. The client desired to dispel such misconceptions among individuals, raise the standards of used domestic appliances, and develop a smarter, faster, and more efficient method of maximizing the value of such appliances. The company aims to expand its business and further update its products on the online platform. Also, they further promoted their second-hand application on social media, reaching a more targeted audience. There has been a growing middle-class population all around the globe; however, they demand applications at an affordable price, hence their preference for second-hand domestic appliances.
Additionally, during the pandemic, the company aimed to provide various special discounts for its customers. Further, they led an effort to reduce e-waste by collecting electronic waste and recycling it for further distribution, which created goodwill for the organization in the market. To take a step forward towards second-hand appliances, the company turned to Research Nester, which is one of the top service providers, leading in market research and consulting. Over the course of time, the company launched second-hand small appliances on its social media sites with various discounts. It reached a larger audience on its social media handle and was able to distribute more second-hand appliances to the population.
Our Solution:
Future Growth Prospectus:
The team of Research Nester predicted the growth of second-hand small domestic appliances for the year 2021-2031 in its report which worked as a road map for the company. They came up with an ambitious strategy that included figuring out how to attract more clients at competitive prices. As customers reacted favorably to these new tactics, the company was able to increase their use of them.
Challenges to be faced
Taking the initiative to launch something new in the market is a challenge in itself. By engaging with Research Nester, the company got to know about the challenges it might face while entering the global second-hand small domestic appliances market.
Results
- Successfully reached a number of customers in every corner of the world through social media, further acquiring the top market position.
- Developed 10 years plan to encompass numerous strategies in the field of second-hand small domestic appliances.
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