Online renting, recommerce firms boost pre-owned product market

Facebook and Amazon are among those testing the market in this space

Online renting and recommerce companies are trying to expand the pre-owned product market with innovative solutions catering to different segments. Social media giant Facebook and e-commerce major Amazon are also testing the market in this space.

There has been a shift in the social acceptance of buying pre-owned products, thanks to online classified sites - Quikr and Olx. Understanding the economical benefits, a large pool of buyers and sellers are using these web platforms.

Tiger Global-backed Quikr has vertical oriented monetisation streams - QuikrC2C, QuikrCars and QuikrHomes. It has introduced escrow payments, inspection reports, scanner apps that assess quality of pre-owned