How often do you buy new phones or laptops? We would say, maybe a mobile in two years and laptops in five years. Either way, you’re investing a lot of money in new gadgets that we probably can’t live without, especially after the global pandemic hit us. Yes, we all love new devices, but here’s where you need to listen to us for a second. What if we say you can get the same experience from refurbished devices as new ones, that too, with added benefits?
Otherwise a slow growing sector, the Indian refurbished industry has accelerated in recent years and due to the economic impact of the global pandemic, it has grown even further. Many chose the revamped route, especially with the need to work remotely. Why? Due to the monetary benefits and growing confidence in brands offering refurbished items. The industry is gradually organizing and focusing on customer satisfaction. So much so that India has become the world’s second largest and fastest growing smartphone market. In 2021, India traded around 25 million smartphones in the second-hand market, which is expected to reach 51 million units by 2025.
Let’s dive a little deeper into why people are attracted to refurbished products and why you should invest in them too.
A refurbished device is like new
There are several misconceptions about refurbished products. Many people consider them used devices, once rejected by someone, but they are sold without warranty and generally untested. Few people know that refurbished gadgets are mostly those returned by customers who changed their minds after purchase or were slightly damaged during shipping. As the sector is now structuring, companies that offer refurbished devices ensure reinforced quality controls of the product before it is put on sale.
You save a lot of money
Saving money is something everyone enjoys. In these difficult times, consumers have further limited their ability to spend to meet only their urgent needs. A refurbished item, which is as good as the original and thoroughly tested, is an optimal choice for customers. These products are mostly at a price of 30% less than the original device, which can go up to 50% in some cases. New models of gadgets are launched from time to time, and the price conscious Indian consumer who is also brand conscious is attracted to them. However, buying refurbished products instead of new ones can save a lot of money. So why spend more?
It’s a sustainable choice
It’s obvious. Smartphones aren’t “smart” enough when it comes to being eco-friendly. With the growing environmental awareness, it is wise to start investing in refurbished gadgets rather than buying new ones. The reasons are many. One of the main ones is the generation of electronic waste. In 2019, approximately 53.6 million metric tons of e-waste was generated globally, and this number is expected to rise to 74 million metric tons by 2030. Much of this waste is preventable if we use cell phones longer and use refurbished appliances. instead of opting for the new models whenever the need arises. Second, several rare earth materials like lithium and other metals make up 40% of a smartphone. The remaining 40% and 20% are made up of plastic and other materials respectively. Using new gadgets is costing us the Earth, and it’s high time to opt for sustainable choices like refurbished products.
Refurbished items come with assured options
Due to the majority of unorganized players, customers have to deal with the lack of clarity on the authenticity of the product, the transparency of the refurbishment process and the limited availability. And this creates mistrust among consumers. However, today, refurbished products come with certifications that guarantee the authenticity and quality of the device. To increase customer confidence in a refurbished item, the marketplace also offers lucrative options such as warranties, buy-back options, no-cost EMIs, door-to-door deliveries, and more. While a reputable seller may offer you a 12 month warranty, small retailers will also offer a warranty period of up to 90 days. Such choices impact buyers’ decision as brands simplify the entire product life cycle by providing exceptional after-sales services.
With organized players entering the industry, refurbished products are being sold both online and offline. E-commerce giants like Flipkart, Amazon, etc. have dedicated a separate vertical to these devices. These platforms allow customers to place orders across India and receive the devices at their doorsteps. Convenient, isn’t it?
As people struggle for financial stability during the pandemic, the easy availability of refurbished devices with excellent after-sales services makes them an attractive choice. India’s refurbished smartphone market is likely to reach $10 billion by 2026, while the overall used electronics market is expected to grow at a CAGR of 16%. These figures clearly show that the market has a promising future, especially with people looking to upgrade at a lower cost.
The opinions expressed above are those of the author.
END OF ARTICLE