A to Z we will do everything! Now buy goods with a twist. Bridging the gap between sellers and buyers, the young brains are so determined to set the benchmark. High five! to the power of 5 amazing individuals.
Entrepreneurs thinking patterns work in a different way, they see the opportunity in everything or you can say that they create one. Such a gap was analyzed by Ankit Agarwal, Arpit Gaur, Pankaj Mohanpuria, Rohin Bakshi and Vaibhav Kalra and the solution took shape in the form of PreGrab.
PreGrab wants to bring the pre-owned/ second hand/ used products market at par with the new products market when it comes to information symmetry and post-sales services.
They are achieving this by certifying the products listed on PreGrab based on various popular and technical parameters and providing post-sales services such as logistics, free warranty and servicing period and an easy 3-days return policy to all its customers to ensure complete customer satisfaction, which they had been compromising on so far. Well, it isn’t bad to say that it has given people the support they were looking for since years.
They have kicked off from being a B2C marketplace of pre-owned products (presently dealing with consumer durables- washing machines and refrigerators& furniture, sofa sets, beds, coffee tables, office furniture, dining sets, cabinets) in Bengaluru.
No doubt! PreGrab keeps its eye on the details. They want to provide ease to their consumers. Previously, consumers had no other option, they were compelled to buy the product whether it was good or bad, no rating system nothing at all was there. Now this awesome startup wants to solve the problem of ‘reliability’ and ‘visibility’ with the following offerings.
All products listed on the website will be certified and rated based on a list of transparent technical and popular parameters. They are providing minimum 6 months’ warranty and servicing on the products with an easy 3 days return policies.
The products are listed online with a user-friendly interface to provide a better look and feel to the buyer. This is of much importance in some of their verticals. Free shipping within the city solves the issues of logistics which are generally faced while buying pre-owned products.
Ankit joined Schlumberger (Iraq and Saudi Arabia) after graduating from IIT-B in 2012 working with Integrated Project Management (IPM) segment thereby handling Integrated Projects involving Engineering Design, Planning, Execution and Reviewing all O&G Operations from beginning till the end, liaising between all segments acting as a Pseudo client for the Client Companies.
Prior to PreGrab, he worked with Shopclues and Droom, where he worked directly with the CEOs and core team to get cataloging and fulfillment management tools implemented.
Overall, he has an extensive experience in managing and delivering products that cater the operational and analytical needs of the business while complying with the business priorities.
Pankaj is leading Marketing & PR at PreGrab. Prior to PreGrab, he worked with ICICI Bank, Mumbai &Vishwa Infrastructures, Hyderabad. In ICICI Bank, he was Infra Project Manager (IPM) which involved providing fully functional branches from the signing of the lease to full-fledged branches as per standards of the bank.
Prior to starting PreGrab, Rohin worked with Schlumberger Asia Services Ltd. as a Senior Field Engineer after graduating from IIT Bombay in 2012. Before quitting Schlumberger in early 2016, Rohin was leading teams in key hydro-fracturing campaigns across the country providing technical expertise and acting as the primary contact between Schlumberger and the stake-holding operator companies on the field. He also worked with the sales team to bag key campaigns in India.
Before quitting Schlumberger in early 2016, Rohin was leading teams in key hydro-fracturing campaigns across the country providing technical expertise and acting as the primary contact between Schlumberger and the stake-holding operator companies on the field. He also worked with the sales team to bag key campaigns in India.
Vaibhav joined Flipkart after graduating from IIT-B in 2012 and worked across multiple teams under the digital marketing umbrella in his 3-year stint at Flipkart. By the time he quit Flipkart in 2015, he owned the in-house affiliate program charter for Flipkart- driving its P&L, Operations and Product management responsibilities.
Before PreGrab, They all were doing our regular jobs which required them to move frequently. A pertinent issue that they confronted was buying home appliances like fridge, washing machine and microwave every time they shifted to a new place. Though these products have a long shelf life, factors like mobility force them to turn to new ones.
Not just mobility, but in the present era of consumerism, these sturdy appliances are dumped for the sake of sheer boredom and experimentation with new interiors. In that case, an organized second-hand market comes in handy.
Based on their personal experiences, they understood that a problem existed in the pre-owned market which needed to be solved. As they started looking for answers, they started working on modeling PreGrab sometime during the last quarter of 2015. They became fully operational on 20th January 2016.
The existing players in the market are solving the problems for the seller but in that process, the problems of the buyer are left unaddressed. What PreGrab is doing is looking at the other side of the problem in this market and ensuring that buyers get an end-to-end solution to their problem. So it’s a WIN-WIN situation at both ends
PreGrab works on a B2C marketplace model where they list the products of dealers in this market after verifying and certifying them. For every sale, PreGrab shares a percentage margin with the dealer. The post sales services including logistics, warranty, and servicing are the bonus of PreGrab.
Pankaj says “I would also like to add that we have plans of adding C2B & B2B avenues in future to complement our growth on a large scale”
Their verification mechanism is pretty strong at present, and they are continuously making it stronger with the help of technical experts. So, for any other company to achieve that expertise in a short time is going to be difficult.
Also, being a marketplace, they have a trusted base of loyal sellers who will be hesitant to work with any other company provided the customer base they have achieved and trust they have developed among the sellers and buyers.
When asked about the modifications in the platform PreGrab is providing, Pankaj says “The industry which we operate in is very dynamic. Trends come & go, choices of people fluctuate every day, in such times, we have to come up with something new every time.”
“We are continuously researching on the different categories as per the customer’s requirement to launch. Also, along with that to improve site interface for customers for smooth transactions. Apart from that, I would also like to add that we have plans of adding C2C, C2B & B2B avenues in future to complement our growth on a large scale,” he adds.
PreGrab is changing the mindset of people. Earlier, buying second-hand products was considered to be a poor man’s business but nowadays, their customer base is ranging from freshly passed graduates aged 22 years to 50+ years, people who are well off, who just want to spend money on things they want to experience rather than materialistic stuff.
PreGrab wants to establish itself as a one-stop destination, white label flagship in the second-hand products market. PreGrab wants to bring the second-hand products market at par with the new products market when it comes to information symmetry and post-sales services. They are providing post sales services such as logistics, free warranty and servicing period and an easy returns policy.
All the present arrangements in the market (online and offline) fail to provide these deliverables, leaving the market highly untapped and the core problem unsolved. Once it is achieved, whenever there is a mention of the pre-owned product, if it is let’s say, certified by PreGrab, a customer can trust the product blind-folded. This is the kind of trust that they aim to build among our customers.
Like any other start-up, they had to research about the idea, the problem they aim to solve- if there actually is a problem, if their product actually solves this problem. Then comes the second part, like feasibility of the model, execution from the technical side and actual execution from paper plan to ground.
In their case, a lot of thought process along with critical analysis has gone into selecting the first category to launch and in which city.
Specific to their enterprise, educating dealers and customers about the usefulness of PreGrab was a crucial part and making them understand wasn’t easy and still isn’t easy.
Dealers need to understand that if they will be transparent about the product, the customer will buy it eventually, and customers, that buying pre-owned is not just economical but useful as well.
Building the trust among people about pre-owned products has been the hardest task for them, which they have achieved till now but it is a never-ending exercise, maintaining that trust is harder, which they aim to achieve by giving their best post-sale services to customers.
To this date, they have bootstrapped their product and are presently in negotiations to raise the first round of funding to meet their expansion plans.
A unique success mantra works well for those who know how to implement it and how to make the best of it. Such a case is with PreGrab they know the success mantra of converting customers into loyal customers.
Their products are quality checked on various parameters and their offer of post sales service just like one get on new products, so there are better chances of that customer to buy from them again, and also refer them their contacts.
Pankaj says “Yes, don’t just jump on the start-up wagon because everybody nowadays is doing it, make sure there actually is a problem that you are solving, and also that your product is providing the solution. Once your idea is great, you are good to go”.
Coping up with challenges isn’t a small thing especially when there are big players in the market you are operating it but PreGrab is so ascertained to make their footprints and setting the example for others. All in all, it’s a good concept and yes with the concept of WIN-WIN they can surely make their mark.