How China’s top electronics recycling platform ATRenew is giving used gadgets a new life
- ATRenew hopes to cash in on China’s growing pre-owned electronics market as people cut down on spending and give a boost to the circular economy
- The company saw trade-ins of consumer electronics jump over 60 per cent year on year on its platform, and double on JD.com, during the 618 shopping festival
ATRenew, the operator of China’s largest trading platform for pre-owned electronics, hopes to cash in on the growing resale market as people cut down on spending amid a slowing economy and give a boost to the circular economy, an executive said.
As the pre-owned market still has much room to grow given the increasing consumer awareness in China, ATRenew is looking to expand AHS Recycle – better known in China as AiHuiShou – to other segments like clothing and luxury goods, and even sell products made from recycled waste, said Jeremy Ji, director of corporate development and investor relations.
“Consumers have slowed down their spending, especially this year,” said Ji. “Under the current economic conditions, people will have stronger motivation to reuse or [go for] trade-ins. ”
The company also saw growing demand from consumers in trading more categories of pre-owned products, he added.
The Shanghai-based company saw trade-ins of consumer electronics jump over 60 per cent year on year on its platform, and double on JD.com, the Chinese e-commerce giant that owns a 33 per cent stake, during the recently concluded midyear 618 shopping festival.