How to get a Cashify Store Franchise – Cashify Franchise Cost, Profit Margin
Have you heard about Recommerce companies in India? Recommerce companies are nothing but, those companies that sell previously owned, new, or used products. These types of companies mainly focus on electronics. They sell through either physical or various online distribution channels. The same kind of work is done by Cashify, a Gurgaon-based recommerce company.
Cashify Franchise was founded way back in 2009 by Mandeep Manocha. It is an online marketplace where users can sell their electronic products like smartphones, mobiles, tablets, smartwatches, laptops, and many more. Using Cashify to sell your gadgets helps you find professional and genuine buyers.
Other than these, Cashify as a company also deals with refurbished products through their Cashify Franchise Outlets as well as online platform. These refurbished products are taken from one party and then further sold to another party all with the help of the common platform, Cashify.
Cashify is surely a unique company in the market offering unique products and services to customers. Within a few years of its presence in the market, it became a trustable platform for many customers. Customers willing to sell their phones, smart watches, tablets, or anything know how difficult it is to get a genuine buyer. This huge market gap has been covered by Cashify.
The parent company of Cashify is Manak Waste Management Private Limited. It is 13 years and 9 months old Private Limited Indian Non-Governmental Company. This parent organization was incorporated way back in May 2009. Cashify is one of its successfully-established companies in today’s Indian market.
Services Provided at Cashify Franchise
Cashify as a company became famous because of its unique services in the market. The company got its primary focus right at the initial stage only on what problem it needed to solve. Yes, selling a product and getting an authentic buyer is one of the most difficult processes one has to go through.
It consumes a lot of time for both seller and buyer to get the right product at the right price. This is where Cashify came in and solved problems for many customers across the country due to its unique services.
Now, Cashify as a company works in two different models and they are online and offline. The services offered by Cashify on both models are the same but, the working method is different. There are certain things that users cannot do it using the online platform and there are certain things that you cannot just visit the store of Cashify.
Now, here are the services offered by the Cashify franchise (including both offline and online methods):-
- Sell old phones, laptops, television, tablet, earbuds, smartwatch, smart speakers, iMac, gaming consoles, cars, DSLR cameras, Air Conditioners
- Get refurbished gadgets from the platform
- Buy new gadgets from the platform and franchise
- Recycle old products
- Repair gadgets
- Donate for education
- Compare phones (prices, features, design, cameras, and many more)
These are the services offered by any Cashify store or franchise along with its online platform. Now, if you visit its official website most of the services offered can be availed from there only. You can even send a notification to the officials if you are willing to repair your phone. For more details and clearance you can simply visit the official website of the company and look it up yourself.
Cashify Franchise Support
Opening a franchise means you are part of a system and are ready to take responsibility. Every company in the world wants to expand and cover as much area as possible. Using the franchise model is one of the best ways to expand in the market and spread the knowledge of your business to other people.
But, initially Cashify as a company did not focus more on the franchise business model. The recommerce company first opened up fifty stores in India and then allowed people to take up franchises. This is because the company did not want to take franchise fees or royalty fees and earn revenue on that basis.
They first gained a customer base and their trust then opened up the franchise model in the market. Now, when you take up a Cashify franchise you do get a long list of support from them. Here are some of the support that you will get after you choose to open a Cashify franchise:-
- 24/7 customer support- As you are becoming a part of the system you need to be supported by the officials so that you do not make a mistake. Cashify as a partner supports all of its franchisees for whatever requirement they require.
- Publicity and exposure- When you take up the Cashify franchise you are becoming a part of a brand. Now, this new brand requires a good amount of publicity and exposure to the market so that customers know about this new franchise. This is where you get full support from Cashify.
- Assistance for local advertisement campaigns- Successful companies are always setting up campaigns to spread knowledge related to their product and services. Sometimes even franchises need to set up campaigns to spread knowledge. You get full assistance from Cashify for such instances.
- No fees for Research and Development- Companies spend billions of rupees on Research and Development. Interestingly, franchisees do not need to pay a single rupee to Cashify’s Research and Development department.
How to get Cashify Store Franchise?
To get a Cashify store franchise make sure you fulfill all the requirements of the company. If you have fulfilled all the requirements then it becomes easier for both franchisees and franchisor to process further. Now, here is the process of how one can get a Cashify store franchise in India:-
- Make sure you visit the official website of the company or use this link https://www.cashify.in/partner-with-us
- After you have clicked on the link above just scroll down a little and you will an option called as “Become a Partner”
- Make sure you click on that option and then a new page will pop up on the screen
- It will be a new Google Form page where lots of information regarding the reason you are contacting them will be asked
- Before filling out the details you will see some information given at the top make sure to read them carefully
- Some of the information that will be asked to you are name, company name as per GST certificate, have you worked with Cashify in the past, location, city, contact number, and many more
- Make sure you carefully fill out the form and then click on the “Submit” button present below
- A concerned team or individual will contact you shortly if you are shortlisted
Cashify Franchise Business Model
Cashify uses C2B business model. It is where a consumer or end user provides a product or service to an organization. This type of business generally focuses on generating value from its customer base.
Similarly, Cashify has an objective-based approach which helps the company to determine the value of the device. Getting the latest gadgets is surely difficult for many consumers so this is where selling old gadgets can help the ones who are in need to buy new ones.
The marketplace is Cashify’s core business. It connects customers selling old devices with the partners of Cashify who are looking to buy second-hand devices. On the other hand, the bulk model allows partners to purchase multiple devices together, across a variety of sources. Whenever a franchise makes a sale of a product it sells at a margin. Some of that margin is taken by Cashify as their income. So, the more sales a franchise makes the better they earn profit and give commission to the parent company.
Cashify Franchise Profit Margin
The profit ratio is directly related to various factors such as location, demand, area, and sales. The more sale you make the better profit you earn. Similarly, the more sale you make on Cashify franchise the better profit margin you earn.
Unfortunately, Cashify has not revealed the profit margin of its franchises. But, as per the company’s per-month sales and customer base, we are sure any franchise would earn lakhs per month.
Requirements to Open a Cashify Store Franchise
Here are the requirements to open a Cashify store in India:-
- Investment required- Rs 15 lakhs (5 lakhs capital investment and Rs 10 lakhs Working capital investment)
- Shop area requirement- 150-300 square feet
- Location required- at least have 10-12 mobile shops nearby, in the main street, and must have a parking area
- Staff- provided by the company
- All valid documents- Aadhar card, PAN card, Photos, rent agreement, shop agreement, electricity bill, and many more
Cashify Franchise Cost
Cashify’s one of the major source of income is its non-refundable franchise cost or franchise fee. The franchise cost of the Cashify franchise ranges between Rs 5 to Rs 10 lakhs and not more than that.
The franchise cost depends on the location, market area, and demand. So if you are opening in a highly demanded area then the franchise cost will be asked accordingly.