~Cashify’s buyback business experienced a 25% growth while the refurbished segment grew with a 444% increase in revenue in CY23
~Apple sees the highest growth in demand at 38% in the refurbished smartphone market in H1 2024, followed by OnePlus and Samsung
National, India – 25 September, 2024: Cashify, India’s leading re-commerce platform, today unveiled its annual whitepaper, ‘The Game Changers: From E-Waste to Eco-Warriors,’ offering valuable insights into the refurbished and buyback smartphone market in India. It highlights significant growth in the refurbished smartphone segment, driven by economic considerations, increased awareness, and a focus on sustainability. This trend is expected to continue, with the refurbished segment projected to soar at a CAGR of 13.73% by 2028* ; Asia Pacific region alone is predicted to contribute a whopping 47% of this.
Cashify’s buyback business experienced a 25% growth, while refurbished device sales saw a staggering 444% increase in revenue (CY 2023). This surge is attributed to aggressive promotions, warranty offers, financing schemes and increased awareness of the advantages of refurbished devices. The report also lends clarity on the second hand vs refurbished electronics market, the market drivers and the top cities driving both the sale and purchase of refurbished smartphones in India.
Commenting on the report, Mandeep Manocha, Co-founder & CEO of Cashify, said, “We are witnessing a transformative moment in the new smartphone industry, characterized by the advent of artificial intelligence, 5G, the emergence of foldable phones, and a growing focus on sustainability. These developments are further reshaping the re-commerce sector. It’s amazing how people’s perception of refurbishment is changing. This is mainly driven by advancements in refurbishment processes that ensure high standards of quality, data privacy, and reliability. In light of these evolving consumer preferences and market trends, Cashify is dedicated to offering premium refurbished smartphones that excel in both affordability and sustainability. Our goal is to set new industry standards for quality and value, responding to the increasing demand for trustworthy and affordable technology solutions.”
Report highlights
Apple reigns supreme in H124
In a major market shift, the refurbished market sees a staggering 38% surge in demand for refurbished iPhones in 2024 compared to the previous year. The iconic iPhone 11 takes the top spot as the most popular refurbished model, sweeping all price points above INR 10K. In fact, half of all Indians dream of owning an iPhone but are deterred by budget constraints. Cashify, a key player in this segment, with its rigorous standards for reliability, data security, and quality, emerges as the ideal choice for Indian consumers who value both affordability and performance. By offering smartphones that are up to 50% cheaper than brand new phones, Cashify promotes a sustainable and smart approach to smartphone ownership.
Survival of Resilience
The new smartphone market experienced a rollercoaster year in 2023, with a 10% decline in the first half counterbalanced by an 11% recovery in the latter. Notably, the premium segment (smartphones priced above Rs 30,000) flourished, with a significant 64% increase in sales year-over-year, driven by brands like Apple and Samsung.
On the refurbished front, Apple dominated Cashify’s most-selling refurbished smartphone chart, with over 50% share by volume, trailed by Xiaomi, OnePlus, Samsung, and Oppo.
- Apple’s share almost doubled in volume. While in 2022 Apple contributed 29% of all refurb phones sold by Cashify, in 2023 this number jumped to a massive 52%.
- As the second most popular brand here, Xiaomi held a 15% share with 1 in every 5 phones sold on Cashify, being a Xiaomi
- OnePlus’ share of refurbished phones sold by Cashify increased from 9% in 2022 to 11.7% in 2023, securing its position as the third most sought-after smartphone brand.
To know more, click here to read the whitepaper.
