As the popularity of personal computers rises, the increased in hardware problems follow suit. A rise in concerns such as limited warranty period, high maintenance cost and high upgrading cost becomes a burden. We learned the growing problem of digital junk due to the popularity of computers.

 

To resolve these, Buynow launched its Smart Rental Program; whereby "it’s more affordable to rent than buy", targeting to eliminate all the above-mentioned pain points. Furthermore, it helps save users 37% of the cost.

 

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My Story 
A Computer Refurbisher Expert

 

I am Joshua Chin, a Taekwondo 5th Degree (Or Dan) Black Belt, MALAYSIA’S 2X Gold Medalist in ITF WORLD CHAMPIONSHIP, A Member of the XMEN CEO Peer Coaching Group, and also the Former Deputy President of the Ice-Skating Association of Malaysia (ISAM).

Allow me to share with you my 20 years of experience in running my company, Buynow.com.my 

 

 

I founded Buynow, a company which manages buy and sell of refurbished second-hand computers in 1999. All second-hand computers are reborn here again, serving the next owner in a new way.

Our target customers were from the lower to middle income group. Their requirements of computers were mainly for daily office work, and a refurbished computer is more than sufficient.

 

 

My business was booming and in 2002, we secured a RM2,000,000 financing from banks and set up the first branch. Thereafter, we continuously progress and finally set up 12 branches all over Klang Valley, Penang, Ipoh, Kota Bharu and Terengganu, and some kiosk throughout Malaysia.

Unfortunately, our secondhand market crashed in 2006, when Taiwan Brand Acer launched its first affordable NEW Centrino Laptop. The entire second-hand computer market was shaken as a result of the launched.

Prior to the launch, a branded new laptop cost around RM3000 & above. So the second hand market had a good margin then. However, with the new launch of the Acer Centrino Laptop priced at RM1700, it basically wiped away our margin. The price and sales of second-hand computers were drastically affected as there were no margin for repairs and refurbishing works.

In view of what's happening, I then made a prompt decision to close all the branches and clear my existing inventory to minimize stock losses. Nonetheless, during this tough period, we continuously commit to help the underprivileged. We worked with Microsoft USA to do some CSR. We implemented "One Home One PC" in remote rural areas - a project that allows computers to be purchased by installments without going through personal financial status review.  The Microsoft Team flew in to visit the underprivileged and that made a name for Buynow, the FIRST Authentic Refurbisher from Microsoft.

 

 

After going through this difficult period, the entire secondhand market finally restored the balance of the price of second-hand computers and we develop some new directions. In 2007, I started doing secondhand computer wholesale in East & West Malaysia. Shortly after, with the rise of e-commerce, we joined the ranks and became the First company to sell the most second-hand computers online.

Around three years later, the wholesale market shrank, and we began our Short Term Computer Rental Service. With only a day notice, we can mobilise the computers to the destination and with installation within 24 hours. We are that fast and convenient. In a short period of time, we accumulated accounts from training companies and large enterprises as customers.

 

 

In these 20 years, Buynow have transformed and created our market share thru retail store, wholesaler, e-commerce and short-term rental service based on our sense of agility of the market and powerful resources. This clearly shows how we can quickly respond and act flexibly to various changes and stand firm in our beliefs.

Ensuring that more can enjoy the convenience of computers in an affordable way has always been Buynow's goal. We are proud to be the first company in Malaysia to receive Microsoft Authorized Refurbisher Program, allowing our customers to enjoy the use of genuine software.

Buynow is also the only company in Malaysia that has successfully established cooperation with 12 banks to allow users to purchase second-hand computers by Credit Card Installment. Buynow further worked with banks on their Credit Card Installment Flyers as well.

As we profoundly learn the growing problem of digital junk due to the popularity of computers, we discovered that in general the following pain points, ie - limited warranty period, high replacement cost, decrease in computer performance, and idling of old computers after replacement.

 

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My Project
It’s more affordable to “RENT” than “BUY”
 

Since all the pain points come from "buying a computer", We at, Buynow launch our Smart Rental Program “It’s more affordable to Rent than Buy”. With only a monthly rental fee from as low as RM59 (different package options are available according to requirements), you can enjoy the computer with ZERO/FREE maintenance for 2 years.

 

 

In other words, this program takes away the pain points of no warranty, high parts replacement and idling computers. Instead it is replaced with a hassle-free user experience.

All you need to do is to download the Smart Rental Mobile App.This would easily process the computer rental, payment, delivery, maintenance appointment and so forth saving time and effort.

At present, computers in the market can be divided into Business Tiers Computers and Personal Computers. Business Tiers Computers have higher specifications and performance than personal computers and their prices are much higher too. The second-hand computers refurbished by Buynow are Branded Business Tiers Computers, such as Lenovo, HP and Dell.

 

 

At Buynow, every second-hand computer goes through 128 data clean-up to protect the information security of the previous user. At the same time, we check each part and replace it if necessary, to ensure quality experience for the subsequent user.

 

 

Our Smart Rental Program saves user’s time and offer convenience. It reduces personal and business costs. Rather than buying a new computer, the rental program can save at least 37% of the cost; this is especially obvious for enterprises.

Food for thought, imagine if a company needs to purchase 100 additional computers, each new computer is about RM3,000, then the total amount for 100 computers amounts to RM300,000. With our Smart Rental Program, with a monthly of RM79 package, it will cost RM948 a year, and the total outlay cost of 100 units is only RM94,800.

In addition, Buynow also provides a Repair Program for users who have their own computers with no manufacturer's warranty. For only RM15 a month, they can enjoy our “Peace Of Mind” Repair Service. Such favorable prices may be unimaginable to others, but it is definitely within our ability as we have rich resources for refurbishment and repair.

It is important to note that Buynow is the ONLY company in the market that offers Unlimited Warranty Service and it is partnered under "Microsoft Authorized Computer Update Partner Program".

What do we do after the computers come back after 2 years? We believe in giving back and Buynow plans to donate the computers collected back from renters and furnished the poor families with computers that come with technical assistance so that they have a chance to stay in sync with time.

Few months ago, our Smart Rental Program have started its test run and had a great response. Buynow have successfully climbed the finalised of the top 10 companies in Create@Alibaba Cloud Startup Contest Malaysia 2019 (Kuala Lumpur Division) and Pitch @ Selangor 2019.

 

 

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Why Crowdfunding?
Started a Based in Malaysia but creating/advancing to Southeast Asia

 

Buynow have sold more than 100,000 computers since 1999.

Presently, our Team comprises of 18 people and we have 200 dealers in Malaysia. The annual turnover is between RM4 million and RM7 million.

 

 

We will officially launch Smart Rental Program in March 2020.

The kickstart will be in Klang Valley and thereafter expand to cover the whole East and West Malaysia. 

For this purpose, crowdfunding is initiated, and everyone is invited to join us to complete this pioneering work in this Refurbishing Secondhand Computer industry. While offering affordable high-quality service to more users, we can play our part in reducing digital waste.

Thereafter, we will enter Southeast Asia Market. According to data from consumer survey company GFK, computer sales in Southeast Asia have steadily increased by 6% every year, showing the increasing demand for computers. Considering lower GDP countries such as Vietnam, Cambodia, Laos and Myanmar, our Smart Rental Program has its unlimited potential.

In future, we plan to extend our touch to 3C products and become experts in the integration of second-hand 3C resources.

For 20 years, Buynow is focused to move forward to help all, whether you are a business owner, a student, a single mom, a hawker stall or a small start up, etc. We will strive to become better and provide more with better service. We are privileged to have you as part of us to experience the joy of running on a broad and open road (brilliant future prospect) with us!

 

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Team 

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Term Sheet 

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Founder Pitch Deck