Rethink
E-commerce platform for refurbished and overstock goods.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | KRW2.5b | Seed | |
| Total Funding | 000k | ||
Rethink is a South Korean online shopping platform specializing in the sale of returned, refurbished, and overstock products. Founded in 2019 by CEO Kim Joong-woo, the company operates both online and offline stores, offering a wide range of goods including digital devices, home appliances, luxury brands, books, and food at discounted prices. The platform serves as a solution for businesses to quickly liquidate inventory while providing consumers with cost-effective shopping options.
Rethink's business model encompasses several key areas: direct-to-consumer e-commerce, a B2B employee welfare mall, and a comprehensive return and refurbishment service for corporate clients. The company manages the entire reverse logistics process, from product collection and inspection to re-commercialization and sales. This 'full-service' approach to handling returned goods positions Rethink as a key player in creating a sustainable distribution ecosystem by giving products a new life. In addition to new and refurbished items, Rethink also handles products that were used for display.
Significant milestones for the company include launching its mobile app in 2022, securing strategic partnerships with major companies like Samsung and LG for reverse logistics, and collaborating with media platforms like SamproTV to host exclusive 'hot deals'. The company also operates physical, experience-focused stores for customers. For its corporate clients, Rethink offers services such as operating brand-certified refurbishment programs and managing after-sales service centers. The business generates revenue by selling these re-commercialized products through its online mall, which also functions as a closed welfare mall for employees of partner companies, offering exclusive discounts.
Keywords: inventory liquidation, refurbished electronics, e-commerce, overstock merchandise, reverse logistics, sustainable consumption, circular economy, online marketplace, B2B services, discount shopping, product remarketing, return management, asset recovery, Korean startup, online shopping mall, refurbished goods, corporate welfare mall, re-commerce, stock clearance, second-hand market