What is the Future of the Refurbished Phone Industry in India?

India is the second biggest market for smartphones but at the same time, India is the fastest-growing market for Refurbished and second-hand phones. At this time, refurbished phones are in trend these days because let’s say for example, you get a brand-new iPhone at Rs 40,000, whereas a refurbished iPhone will cost you merely Rs 7000. This major difference is the reason why the majority of Indian's are heading towards Refurbished smartphones.   

We, Indians do not want to compromise on the quality but we want the same quality of the product at affordable prices. Refurbished phones or used phones are two options that cater to different people accordingly. According to a recent survey by CashForPhone, the refurbished mobile industry is believed to grow by a $67 billion as a global industry by the end of 2023.

Now lets first try to throw some light on the term refurbished smartphones: -

What are Refurbished Smartphones?

Usually, people doubt the quality of the phone when they hear the word refurbished, reconditioned, open box, etc. Here I am not talking about people who are obsessed with buying brand new phones. There are major demographics in India. mainly comprised of lower-to-lower middle-class families. 

As Indians we want discount on everything, then why should we leave out phones? No wonder the refurbished smartphones industry saw upscale in sales by 9% in devices ranging below Rs 10,000. Refurbished phones are usually returned phones due to some minor or major issue. There could be a hardware or a software problem in it. 

Then these refurbished phones are recorrected, reconditioned, and refurbished to sell again in the market. You should always buy a refurbished smartphone from a certified and trusted seller. As they are well known, reputed and provides you with a warranty and return policy for the product. One such trusted brand that you would love to shop for your favorite refurbished smartphone is Mobigarage.com Online portal offering mobile services like refurbished phones, mobile repairs, and spares. | MobiGarage 

Let's talk about some statistics now!

In India, there is a massive demand for refurbished smartphones, as they are cheap, affordable, and with a warranty. If you are getting an iPhone costing Rs 50,000 for Rs 7000, then who would say no to this deal? The refurbished smartphones market is one of the fastest-growing markets across the globe. 

Currently, tech-enabled is 15.0% in 2020 and is expected to hit 20.3% by 2023. Future of refurbished and second-hand phone market (ciol.com)  Last year refurbished smartphone market grew in India by 9 percent which is a very promising number. The popularity of refurbished smartphones is growing rapidly, it's been growing at more than 200% year on year. 

The research shows that the majority of the sales of second-hand phones increase in the festive seasons. Around 22%-25% of smartphones trade on e-commerce platforms especially during festival season as there are plenty of discounts and offers. The highest percent so far state-wise has been in New Delhi-18% followed by Bengaluru-13%, Mumbai-12%, Hyderabad-7%, and others around 25%.

Conclusion