Before 2024 is in full swing, we wanted to recap our last year. Let’s talk about what helped us move towards becoming the leading buyback platform for e-commerce brands.
What happened in 2023 for Fairown as a business?
Which new markets and partnerships did we launch?
What was our positive impact on the environment?
Finally, we’ll take a look at what you can expect from Fairown in 2024.
On Our Way to Be the Leading Circular Buyback Platform
The circular economy is a hot topic for world-leading brands.
2023 reassured that the financial industry is seeking solutions to become sustainable. We experienced growing interest from sustainability teams who value our circular economy concept, from the corporate banking side to leading technology brands.
The plans we have made with our partners confirm a strong need for a new kind of checkout option. That is a circular buyback platform which provides a full experience, from product financing to managing product renewals.
Scaling across Europe, from the Nordics to Germany.
We started the year with good news, strengthening our position in the Nordics by establishing cooperation with Signicat, a digital identity solutions provider. Signicat’s authentication solutions ensure secure identification of customers. Fairown’s circular buyback platform allows merchants to provide their products as a service in a sustainable way, reducing e-waste.
We scaled to new markets, and found new banking partners. Announcing cooperation with TARGOBANK marked the launch of our payment platform in the largest European market, Germany. It also spurred high-level negotiations to scale across Europe. Collaborating with new banks is crucial to endorse sustainable e-commerce and offer a circular buyback platform with embedded financing to more and more merchants.
Reducing waste in the micromobility sector.
Our sustainable buyback service became available in the micromobility sector for Nordic consumers. The partnership with Sirqel, a Norwegian e-bike and bicycle retailer, and Resurs Bank, a leading bank in the Nordics, helps tackle overconsumption and waste by reusing bikes.
Closing the loop: giving second-hand products a new life.
Finally, we can proudly say that we cover the full circle of a product's lifecycle. This is way beyond the first sale. It’s giving used products a new life on the secondary market. This became a reality by launching GamEra Total to collect, refurbish, and resell products.
Maximising the benefits of renewal service for merchants.
We worked on the renewal service across a broad range of products, for example, with our long-term partner Komplett, the largest e-commerce player in the Nordics.
That included finding new recommerce partners for used products. This game-changing hack helps merchants tap into the recommerce market and make additional revenue by trading returned products. See how much your business can benefit by using our circular buyback platform and try out this calculator.
High interest rates increased the popularity of our affordable payment option.
Economic conditions and rising lending costs created a business opportunity for us in the rental space. Increased credit losses and more expensive funding for rental portfolios encourage rental providers to seek alternatives to expand their value proposition to customers. Our circular buyback platform enables them to use their existing network and scale this new type of checkout option.
We Saved Enough CO2 to Get to the Moon And Back
For us, it’s all about giving it back to the environment. It’s about reusing and recycling materials to reduce the depletion of resources for producing new products. Manufacturing of products is one of the largest contributors to environmental impacts such as CO2 emissions.
Our buyback platform gives consumers a chance to upgrade and return their old products. That keeps products in use for longer and helps extend a product’s useful lifetime value by up to 1.5x.
What did we achieve in 2023 thanks to product buybacks?
We saved 230 tonnes of CO2, which is enough to:
power a household for 21 years;
take a car trip to the moon and back.
Up to 60% renewal rate, depending on return channels and product categories.
Consumers got a 34% increase in purchase value when upgrading products.
Your brand can join our sustainability movement by offering your customers product buyback upon a purchase. Calculate your reduced environmental impact.
Outlook for 2024: New Year, New Us
So, what’s next? We will clarify our value proposition to consumers as clear messaging is the priority that will help our partners better explain the value to their customers.
Just ask yourself what happens when:
your kid grows out of their bike?
your smartphone gets slower?
your favourite laptop gets a massive upgrade?
Do you know why many products we buy end up in a drawer, or worse, in the trash? Because buying a new product is not a problem. Selling the old one is.
People hate the hassle of resale. What if we remove it? What if we buy back the product, fix it up, and find a good use for it? Sounds like a good option to own things on your own terms, doesn’t it…
We’ve got something cooking, stay tuned!