Fairown Buyback: Driving a 50% Consumer Choice Shift

SearchFairown Buyback Is Chosen by 50% of Consumers, Shifting a Strong MindsetHendrik RoosnaMar 5, 20244 min readUpdated: Sep 19, 2024

How would you describe a typical buying consumer behaviour? Buy, use, store, and get rid of the product. The residual value of used products frequently ends up in landfills due to the significant hassle of resale.

Even more, merchants can get 60% recurring business in retail, and consumers get the lowest price if they return their used product.

Such a model has been introduced by Fairown, attracting over 75,000 consumers who have collectively purchased products worth over €100 million from industry giants like Apple, LG, STIHL, and Komplett.

The Hassle of Product Resale Fuels an Environmental DisasterDo you know why many purchased products end up in the drawer or, worse, in the trash and landfills? Because people hate the hassle of resale.

In 2022, over 5 billion mobile phones were thrown away, sending valuable materials to landfills. The inconvenience of reselling products that are no longer needed causes major problems around the world.

Hendrik Roosna, CEO at Fairown, said, "We alleviate this problem by changing how products are bought and used."

Fairown Buyback Removes the Hassle of Resale to Streamline Sustainable ConsumptionWhile producers and retailers diligently uphold their production and sales cycles, consumers, on the other hand, often find themselves at the forefront of the hassle involved in reselling used products.

Fairown Buyback is a combined system of credit and buyback to make it possible. At the checkout, consumers are offered more flexible and sustainable choices, relieving them from the hassle of resale of products once they no longer need them.

Let’s face it - the resale process is inconvenient and requires effort. You need to:

Fairown Buyback is meant for products that you don’t need forever. To avoid the typical consumer mindset described above, we can buy and sell products with Fairown Buyback.

short update cycle - new versions of the product are introduced every one or two years, like smartphones;

limited user need - such as baby items, hobby equipment, or similar that one buyer needs for a short time;

durable goods - tools, vehicles, or hi-fi equipment with a long life span and a high resale value.

Fairown Buyback: From Zero to Hero in Just 2.5 YearsFor the first time ever, 50% of items in a product category were sold with Fairown Buyback.This marks a massive shift in consumer behavior: Fairown Buyback broke the consumer mindset and entered the late majority phase of the market.

The high level of adaptation not only helps merchants turn one-off purchases into recurring revenue more easily, but they get a lot more, including:

Success story of Komplett: Erlend Stefansson’s presentation at Komplett Capital Markets Day.Clear proof of a high demand for Fairown Buyback.We don’t have to look for proof from afar: Komplett shared valuable insights on FLEX’ great performance at their latest Capital Markets Day.

As Fairown Buyback is a white-label solution for merchants, Komplett FLEX is the brand under which they offer it.

Komplett launched FLEX in 2021. So, it took 2.5 years to make it from zero to hero: to gain 50% of market share in the smartphone product category.

Discover more from the presentation of Erlend Stefansson, Managing Director of Komplett Services (skip to 2:00:00).

Versatile and inclusive, Fairown seamlessly manages financial transactions, product circulation, and stakeholder relations without credit risks for merchants.

But merchants are not the only ones benefiting from this sustainable payment option. Fairown Buyback brings advantages to consumers and banks as well.

Consumers get to own products on their terms. By partnering with leading brands and retailers, we make it easy to purchase electronics, hobby gear, or other valuable items, especially those that are needed for just a few years. It’s a convenient, flexible, and sustainable way to buy.

Brands and retailers benefit from up to 60% of repeat business and returning customers for the next purchase. This increases accessibility for offers without credit risk. Fairown Buyback has already proven itself as a flagship payment option at one of the biggest e-commerce players in the Nordics, Komplett.

Banks benefit from consumer lending lead generation and increased customer loyalty. Fairown creates a compelling reason for customers to return. We encourage them to finance their next product upgrade through new credit arrangements.

Fairown Buyback is built to align with the responsible consumption and production goal (no. 12) of the United Nations Sustainable Development Goals.

We shall work together to push this sustainable shift towards the circular economy.

Fairown gives people more choices and an alternative for conscious consumption.

We provide merchants with the tools to get 60% repeat business.

Now, it’s only up to you if you want to make the most of this massive change in consumer mindset.

If you’re looking for investment opportunities in sustainable growth and consumption with Fairown, visit Gateway Ventures.