Many technology companies spend massive amounts of money convincing the public that we need the latest gear and features. But a French company has proven that old gadgets can sometimes be the best.
Back Market is an online marketplace for refurbished technology products, ranging from phones to appliances to gaming consoles. As Inc. reports, the company has seen tremendous growth since its 2014 launch, as it now operates in 17 countries — including the United States — and had orders worth $2.4 billion in 2023.
Founder Thibaud Hug de Larauze told Inc. he had a realization during his previous career as a sales manager, while visiting a client who refurbished tech products.
"This is dope," he thought, "but nobody knows about you."
That's what prompted him to start Back Market, which doesn't just sell refurbished tech, but explains why it was a better option for many buyers than new or otherwise-used products. And chief among those reasons is the environmental benefit of buying refurbished goods.
More than 68 million tons of electronic waste were produced in 2022, according to the United Nations, which is an 82% increase since 2010. And e-waste production is increasing at a rate five times faster than e-waste recycling.
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By buying and selling used technology, Back Market helps promote the circular economy, in which goods are recycled and reused, rather than being discarded into landfills. It's akin to shopping at a garage sale or thrift store, except Back Market verifies the quality of its goods.
With smartphones, for example, Back Market guarantees batteries will have at least 80% health and 100% charging capacity, and the company provides a one-year warranty.
Back Market claims it has prevented more than 1.7 million tons of carbon emissions from being released, and its mission has even drawn the eye of former Vice President Al Gore, a noted environmentalist who has now invested in the company.
The company says it wants to curb society's reliance upon "fast tech" and help people realize that using products for longer will greatly limit the environmental impact of other tech companies.
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"E-waste and fast tech are global problems that need global awareness and solutions," Back Market CMO Joy Howard said in a press conference. "We must start the conversation around the impact of our reliance on technology by illustrating how our environment has changed between smartphone model releases."
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