 "Surging demand for refurbished smartphones, especially iPhones, is transforming India’s market as companies eagerly anticipate festival-season sales.")
The refurbished smartphone Market in India is rapidly growing, with rising demand for premium devices like iPhones. Sellers such as Flipkart, Cashify, and Grest report significant sales increases as the festival season approaches. For instance, Cashify saw a remarkable 444 percent revenue jump from refurbished smartphone sales in 2023. The Market is fueled by advancements in technology, aggressive promotions, and heightened consumer awareness about refurbished products. Apple remains a leading brand, representing over 50 percent of sales for Cashify. While Market growth has slowed somewhat, analysts predict steady demand as more consumers seek affordable options for high-end smartphones. Overall, the refurbished electronics Market is expected to reach $11 billion by 2026.
Refurbished Mobile Market Booms as Festival Season Approaches
The demand for refurbished mobile phones is experiencing significant growth in India, with major sellers like Flipkart, Cashify, and Grest reporting increased sales, especially for high-end devices such as iPhones. As the festive season nears, companies in this sector are gearing up for a substantial surge in sales.
Research by the International Data Corporation (IDC) indicates that while the overall smartphone Market in India grew by just 3.2 percent in Q2 2024, the super-premium segment—smartphones priced over $800—saw a remarkable increase of 22 percent year-on-year. Analysts believe that as more consumers seek better devices at lower prices, the of refurbished smartphones will continue to rise. Glen Cardoza from Counterpoint highlights that a growing number of consumers are willing to invest in premium smartphones, highlighting the shift in Market preferences.
Cashify, a leading player in the refurbished smartphone Market, reported a staggering 444 percent increase in revenue from refurbished phones in 2023. Factors contributing to this growth include aggressive Marketing strategies, warranty offers, financing options, and heightened consumer awareness about the benefits of refurbished devices.
With companies like Flipkart launching initiatives like ‘Flipkart Reset for Business’—a platform connecting sellers of refurbished products with consumers—the industry is poised for further expansion. The demand for iPhones specifically shines through, as they have become the most sought-after brand in the refurbished segment, accounting for over 50 percent of sales volume at Cashify.
As the Market evolves with technology advancements, including artificial intelligence and 5G, the refurbishment process is also improving. This ensures high-quality standards and data privacy, paving the way for robust growth ahead. Even though the overall growth rate of refurbished smartphone volumes may slow, sellers remain optimistic, projecting significant revenue growth in the coming years.
As we enter the festival season, the refurbished smartphone Market presents a valuable opportunity for budget-conscious consumers looking for high-quality devices at affordable prices.
First Published: September 26, 2024 | 6:30 PM IST
Tags: Refurbished Phones, Smartphone Market, Festival Season Sales, E-commerce, Sustainable Technology, Apple iPhones, Cashify, Flipkart, Indian Market Growth.
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What is a refurbished smartphone?
A refurbished smartphone is a used phone that has been repaired, tested, and restored to a like-new condition for resale. -
Why are refurbished smartphones becoming popular?
More people are choosing refurbished phones because they are often cheaper than new devices and can still offer great features. -
Are refurbished smartphones reliable?
Yes, most refurbished smartphones are reliable because they go through thorough testing and quality checks before being sold. -
Do refurbished smartphones come with a warranty?
Many sellers offer a warranty on refurbished smartphones, but it’s important to check the details before buying. - Can I get premium brands in refurbished phones?
Yes, many refurbished sellers offer premium brands like Apple and Samsung at lower prices, making them more accessible.
