23 November 2024, Sat |
5:50 AM
re.life market, the virtual marketplace for business-to-business buying and selling of recovered commodities, recorded over 150,000 tonnes of recyclable material being traded on the platform in 2022, amounting to over AED 100 million in value. This is a major milestone for the platform, which was launched by re.life in 2021, and a powerful indicator of the shift in the industry towards more efficient and sustainable ways of trading recyclables.
The re.life market platform links buyers and sellers of recyclables in a digital B2B marketplace with a variety of trade alternatives for an open and competitive bidding process that satisfies the unique requirements of buyers and sellers. All recyclable materials, including ferrous and non-ferrous metals, plastic, paper, wood, e-waste, glass, and rubber, are tradeable. Re.life Market also guarantees payment to sellers when a sale is completed and verifies the quality of recyclables being exchanged on the platform.
While buyers are guaranteed that high-quality recyclables will be allocated to them, sellers have the assurance of receiving payment. Buyers also have greater access to in-demand material and sellers are empowered to command fair prices. Of the over 150,000 tonnes of recyclables traded on the platform to date, metals, plastic, paper and aggregates were the most traded categories.
Speaking on the development, Salim Sultan Al Owais, Chief Executive Officer of re.life, said “The UAE is a dynamic market looking to accelerate its recycling and sustainability targets, which has enabled re.life market to succeed as a catalyst for recycling. Major companies in the UAE have joined the re.life market platform, as there are clear benefits of better market visibility, greater transparency, and ease of doing business on the platform. At the same time, we are also accelerating the circular economy here in the UAE.”
The CEO of re.life stated that advancements in technology are shaping the company’s digital strategy for its market platform. To take advantage of these new technologies and provide a better user experience, re.life has established an office in India. This location will also enable the company to expand its reach in the recyclables trading market, both domestically and internationally.
Owais added “From the beginning, we developed re.life market to be easily scalable, so that we can have impact on the circular economy and recyclables trading not just locally, but regionally and globally. To be future-ready, we are keeping up with the latest technologies and exploring the addition of new features that will nurture a seamless experience and create the best possible outcomes for buyers and sellers on the platform.”
The re.life market platform offers various trading options to cater to the differing requirements of buyers and sellers. These options include time-limited bidding, bid-free transactions, and more specialized options such as partial bidding, spot sales, and spot buys. In spot sales, sellers specify the material they have available, its quantity, and its price, which are then offered to buyers. On the other hand, with spot buys, buyers state the material they are seeking, the desired quantity, and the price, with interested sellers able to contact them through the platform. Currently, the re.life market platform has a user base of over 300 buyers and sellers of recyclables in both the UAE and India.
re.life’s platforms have received numerous honours. Middle East Waste and Recycling (MEWAR) Awards named re.life market’s disruptive effect on the selling of recyclables as “Technology Innovation of the Year” in 2022. re.life Market was named the “Best Recyclables Trading Solution” by BUILD in 2021.
re.life collect, another platform from re.life, has also won awards for “uberising” the logistics industry. The platform is designed to connect business owners and consumers to a verified community of moving and transportation companies that operate within the UAE and the region. re.life collect is gaining users from businesses looking to fast-track shipments and deliveries as well as individual users moving between homes. Both of re.life’s platforms, re.life market and re.life collect, are available for download on Google Play for Android devices and the App Store for Apple devices.
