Unlocking the environmental value trapped in used technology products

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Open the nightstand drawer and count the number of old smartphones inside.

Between my wife and I are two, but there is also an unused Kindle and two discarded Android tablets among other gadgets that are turned on maybe once every few months.

All of these products were purchased at a premium, so why didn’t we consider selling them?

“Consumer technology devices have evolved into what we consider modern products”, Bilal Khan, co-founder of Doji, tells BusinessCloud.

“However, unlike traditional commodities such as coffee or sugar, the gap between the purchase and sale prices of these items is extreme, harming final consumers and discouraging both supply and demand.

“A new phone can cost you a staggering £ 1,000, while the UK’s estimated annual family income is just £ 30,000.”

Anecdotally, I always feel like I end up paying a higher than expected price for secondhand gadgets on eBay – although there are local bargains to be had on Gumtree and Facebook Marketplace – while the selling price of the ones I move to it never seems to amount to much, no matter how much effort it took.

I guess I’m not alone in this. The launch of Doji, a market for used technology products, could therefore be a positive development for many people.

On the Doji marketplace, used goods lists are simplified according to their condition via simple quality grades. Preset product profiles and images allow sellers to list items in seconds by answering a few questions about product classification.

They can then set their desired selling price by entering an asking price or choose to be matched immediately to the highest bidder and sell immediately.

Tremendous opportunity

“Our data models have continually identified how both buyers and sellers of used goods are forced to settle for less than the value they initially expected to receive,” continues Khan. “Unsurprisingly, 80% of UK consumers choose not to sell their used mobile phones because the prices are too low or the sale simply takes too long.

“We have seized the incredible opportunity to unlock and distribute the immense economic and environmental value trapped in the technology products used. By revamping traditional eCommerce through the application of data science and proven business models, we are enabling the buyer, the seller and the planet to thrive alike. “

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Doji’s machine learning algorithms use millions of data points, including public and proprietary data, to help users make more assertive offers and requests. They also estimate “time to match” to allow for best execution at a price and time that suits the user best.

The startup says the result is that users receive unprecedented transparency and data value, while maintaining full control of their buying and selling decisions.

“Doji is a global and multi-category company; however, we initially launched used mobile phones in the UK as the first product category, ”says Khan.

“The UK used mobile phone market is growing three times faster than the new mobile phone market. Basically, in the UK alone, there are billions of pounds worth of used cell phones wasting away in the drawers of the house, which we see as inactive purchasing power.

“The source of electronic waste from mobile phones and technology products in general is a serious cause for environmental concern and strongly justifies the need for a platform like Doji to reduce dependence on new products.”

Ecological footprint

Doji was born after Khan spent many nights locked up in a library with his co-founders, Fernando Montera Filho and Satyen Fakey, whom he met during their masters program at Oxford University.

“Shoppers always see the lowest price for the item they’re looking for and can set their desired purchase price by making an offer,” says Khan. “This records their offer anonymously in a transparent order book for the product in question, giving them the flexibility to buy at a price and time that suits them.

“Offers and inquiries, broader market prices from other platforms, along with the transaction price history on the Doji platform, are accessible to all users in real time, which optimizes price discovery and solves the problem. perennial of the fair price of used items.

“Overall, used goods enjoy a new life and the carbon footprint of buying new ones is reduced.”

Unlocking the environmental value trapped in used technology products

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