Japan’s e-commerce fraternity was not surprised when first flea market app Mercari, and then used-phone site Smama.jp turned to recommerce, as it was pretty obvious that they were just following in the footsteps of the trailblazer: stuff recommerce app Cash.

Cash recently sold for seven billion Japanese yen ($62.2 million U.S.) three months after its launch. The reason for the high price tag was simple: Stuff recommerce app Cash.jp appeared (or reappeared) in August after receiving a rave response to its less-than-two-day beta test in June, during which short period it collected 3.6 billion yen ($32 million U.S.) worth of inventory.

Perhaps, the overload was why Cash.jp was pulled from the market for a short while.

Yusuke Mitsumoto, chief executive officer and representative director of Bank Inc.

But, e-commerce entrepreneur Yusuke Mitsumoto, relaunched the service with a daily buy-cap of 10 million yen ($89,000 U.S.) for used goods ranging from watches, bags, garments to smartphones.

Prices are non-negotiable. So, the difference between the buy-in and resale prices is where the app makes its money. It sells used goods on online flea markets.

Buy-in prices are determined with the help of price comparison site Hikakaku.com, owned by Jiraffe Inc.

Tokyo-based Bank Inc., which operates Cash, invested an undisclosed amount in Cash. The site boasts more than 900,000 purchased items, 1.2 million monthly users, and more than 15,000 buyers. The site can compare prices of all the items in Japan’s second-hand sales market estimated at 1.6 trillion yen ($14.2 billion U.S.) per year.

Mitsumoto sold Cash to a media company Dmm.com in November, but he is still running the show. He said the reason for selling was (read here):

“For people doing internet business in Japan, DMM is a scary presence. You never know when they may launch their own business and become a tough rival. I figured it would be best for me to at least meet them.”

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