Cartlow, the first UAE-based ‘re-commerce’ solutions provider with a focus on transforming and digitalizing the pre-owned industry sector and eliminating unsustainable practice, is basking in the glory of unparalleled growth after closing a USD 2 million (AED 7.3 million) pre-series A investment round from industry-leading investors; Arzan Ventures, Vision Ventures, and other VCs. Following the success of its first year in operation, this first-of-its-kind re-commerce solutions platform has also launched its sister company, VASCART, to support and provide vast solutions for retailers as well as distributors, aimed to further enhance the overall conversion rate, boost customer retention, increase basket size, sustain healthy inventory as well as a sustainable practice through its ‘recycling program’.
As one of the region’s fastest growing re-commerce platforms, Cartlow exemplifies a promising future as it currently undergoes rapid growth and expansion with its second round of investments led by top venture capitals and angel investors, continuing to fill in a gap in the market as a solutions provider to both retailers and consumers alike. The company works alongside a series of well-trusted global brands and recognized household names, helping to turn-over their inventory, and reduce unsustainable practices by purchasing slow-moving and returned/pre-owned, or ‘open-box’ products at a low cost from partners who normally toss away items; disrupting a generation of ‘e-waste’. This allows Cartlow to then resell the items to consumers after grading, testing, certifying, and restoring them to their original condition. The items are then sold at the best prices on Cartlow’s website and applications, hosting a wide selection of certified pre-owned, refurbished, open-box and clearance products at unbeatable deal offerings; from TVs, laptops, white appliances to beauty, toys and fashion products, which are all safe-guarded by warranty.
Mohammed Sleiman, the Founder of Cartlow and now VASCART, also ex Co-founder and Managing Director of Helpbit (an Amazon acquired company under Souq.com) stressed on the need for structuring and growing the re-commerce market with liquidation solutions for slow moving, excess, and return inventory goods off the hands of stock dealers.
In a statement, Sleiman expressed: “We are still in the early stages of learning how to bring new value to our customers by introducing re-commerce to the region. Our goal remains in continuing to solidify and extend our brand and customer base, since we first successfully launched Cartlow and now we have decided to create more opportunities by launching VASCART for retailers and distributors to benefit from, thereby enhancing their conversion rate and longtime value.” He further added: “We are determined to restructure the pre-owned, after-sales and liquidation market in this region under the re-commence ecosystem and we will continue to do so by doing our best, to facilitate both consumers and retailers with endless solutions.”
With an estimated GCC market size of USD 10 billion (AED 37 billion) across all categories, Cartlow has crossed 1 million sold items within its first year of operation, which has helped to reduce a lot of e-waste and contribute to the sustainability of the environment. The world of ‘re-commerce’ is an untapped, unstructured and unmatured industry in the Middle East, which makes it a highly lucrative investment opportunity at this time to pursue.
VASCART, which translates into ‘value added services to your cart’, aims to tackle some key issues faced by many partners in the region, and molding itself as a leader within the re-commerce industry targeted at distributors, retailers and directly with consumers to sell their old devices, which will be focused on enhancing the products’ life cycle backed up by automation and a dedicated team of experts. By establishing VASCART, Cartlow aims to empower the ecosystem by building the capacity and the capability, adding value proposition through VASCART whilst supporting partners and other brands.
Typically, within the standard retail world, a product life cycle ends when the product is purchased, however, in reality this is not the case since we live in a world where customer returns, end-of-life, and/or overstock products — which did not sell due to seasonality or underperformance — are inevitably discarded, and this is where VASTCART’s unique concept will utilize the ‘reverse logistics’ mechanism.