Refurbished smartphone market is booming in India
By MYBRANDBOOK
With the changed market conditions worldwide, the smartphones market is shifted from “Collect-Recycle” to “Collect-Refurbish-Resell” for sipping margins. In India, a smartphone has three afterlives post its first purchase. There has always been a secondhand market for smartphones in India, but interestingly this market was never a competition to OEMs. As the market for smartphones in India matures, OEMs are finding it difficult to differentiate themselves from this competition.
As per industry reports, India has an unorganized market of 70 million refurbished smartphones with a year-on-year 35% growth. The consumer behaviour of this market promises an opportunity for organized players in this segment and many have started betting on it.
Prateek Goel, Founder, InstaCash, says, “Creating C2B platform is the best solution to cater to the secondary market. We have bought about 6,500 units of smartphones within six months through our tech-based phone health check app. There is a huge seller market in metros as they replace their phones in a short span. And, the secondary buyer market exists in the states like Rajasthan, Gujarat, UP, MPCG, Maharashtra and J&K where high-end models’ demand matches the budget.”
The key drivers of refurbished market in India are – Willingness to buy high-end models, shorter replacement lifecycle, low pocket-size buyers, brand attraction, etc. Since the user does not have the technical know-how and the mechanism of deriving optimum price in the secondary market, the fallback factors of this market are “Buyback Price” and “Trust”. Organized players have started creating “Trust-based Solution” with a “Right Price” by availing phone health check at user’s end and marginally higher price in comparison to unorganized market.
It is estimated that the secondary smartphones market will play a vital role in the penetration of internet in the rural India. Currently, the internet penetration is just 31% in the country which is expected to reach 450-465 million, as per IAMAI and IMRB reports. Taking into consideration the recent economic jolts – demonetization and GST, the smartphones sales have witnessed a sluggish growth.
BREAKING NEWS
TECHNO TRENDS
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
E-Magazine
TECHNOTAINMENT
Airtel Xstream Play strengthens regional content library, part
Bharti Airtel (“Airtel”), one of India’s leading telecommunications
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
MOVERS & SHAKERS
Clover Infotech appointed Subham Banerjee as CDO
Clover Infotech has announced the appointment of Subham Banerjee as its Ch
Saviynt ropes in Sanjeevi Kumar as new Sales Director in India
The cloud-native identity and governance platform solutions provider Saviy
OPEN YOUR EYES
INTERVIEWS
Acuutech continues to focus on innovation, customer focus and
Acuutech with its strong partnership with Lenovo and Microsoft forayed into
Elastic democratizing search with powerful AI and ML-enabled s
Elastic is always committed to staying ahead of the curve and constantly re
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
TEJAS NETWORKS INDIA PVT. LTD.
HAVELLS INDIA LTD.
RELIANCE JIO INFOCOMM LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Gautam Adani
Gautam Adani is the Founder and the Chairman of the Adani Group, an In...
Technology Icons Of India 2023: Girish Mathrubootham
Girsh Mathrubootham envisioned and co-founded Freshworks. Freshworks, ...
Technology Icons Of India 2023: Natarajan Chandrasekaran
Natarajan Chandrasekaran is the Chairman of the Board of Tata Sons, th...
PARTNER SPEAKERS
PSU
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
VIDEOS
Top 25 Brands
Value-Added Distribution
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...
TEXONIC INSTRUMENTS
Texonic has carved a niche for itself in the Technology Distribution i...
SUPERTRON ELECTRONICS PVT. LTD.
Supertron deals in servers, laptops, components, accessories and is a...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
