Plans to expand aggressively through setting up pan India retail chain
To invest Rs 100 crores to fuel this growth strategy
India’s leading online retail store marketplace for buying and selling electronics and all major categories like Mobile phones, Cameras and Appliances etc., ‘Rocking Deals’ is now all set to expand through retail stores across the nation. The company which presently deals within 18 categories of products including mobile phones and accessories now plans to open over 500 retail stores in the next five years in a phased manner.
The strategy is in line with Brick & Mortar model where it will follow setting up retail stores along with its online marketplace in order to expand its reach every nook and corner of the country.
Revealing its growth plan, Mr. Yuvraj Aman Singh, Founder & CEO of Rocking Deals said, “We have chalked out all round growth plan be it online or offline. With our new retail stores, the company plans to weed out inefficiencies, lack of certified products in the market, and under or overvaluation of pre-owned products. We would like to tap all major markets of smaller towns and cities through our offline market strategy.”
We have received an encouraging response from across the country and already signed with 27 retail franchise from various states like Jharkhand, Odisha, Uttar Pradesh, Punjab among others. Our first ever offline store already started in Agra (Uttar Pradesh) last month and there will be followed by another 4-5 such store and 20 such stores in the state of Uttar Pradesh soon.” Singh said.
As per recent industry data after the USA and China, India has become the fastest growing market in the refurbished segment. In India overall, used goods market to reach close to 9 billion by 2021 from existing 4 billion, among them only used smartphones market to reach a size of 6 billion in next three years from 2.5 billion currently.
“The refurbished market to rise by a compounded 27% over 2019-20 as large players are joining through their existing online marketplaces such as Amazon and Flipkart which posted surging growth in annual sales and we too wanted to significantly capture the market through our organized channel,” said Singh, adding that by entering into the offline market, we are eliminating the multiple layers and involvement of third parties by directly connecting to our customers.”
As of today, the company has successfully sold close to 4 million units in 18 types of categories of refurbished and pre-owned products a day to end customers.
Founded in 2012, Rocking Deals has a Good network of more than 250 brands on the Rocking Deals website. Leading brands like Bose, JBL, Samsung, Xioami, Waterman, 3M, APPLE among others are also featured on the company’s website (www.rockingdeals.in).