India is one country that’s experiencing a massive surge in regards to the used smartphone sales, precisely the refurbished market.
While the existing trends are filled with optimism, resellers and third-party refurbished smartphone retailers are basically interested in learning more about the future scope associated with this segment.
However, before moving any further into this rewarding discussion, it is important to note that high-end smartphones from some of the more sought-after brands aren’t getting any cheaper with newer launches attracting higher price tags.
Therefore, in order to get hold of new-like gadgets and that too at extremely affordable rates, people are increasingly relying on the refurbished segment.
Based on survey reports, it can be inferred that the unorganized market pertaining to the refurbished smartphones is somewhere in the ballpark of 70 million with an astounding 35 percent yearly growth rate to look at.
Although lower and competitive pricing is some of the more obvious reasons for persisting with a refurbished handset, this segment is also expected to improve internet penetration right across the rural landscape.
What the Refurbished Smartphone Market Looks Like?
In regards to the Indian contingent, not a lot of digitization has taken place in order to organize or structure the existing refurbished segment.
However, the industry is still going places when it comes to the active number of handsets being circulated in this arena.
Therefore the refurbished smartphone market makes sure that a customer need not compromise when it comes to purchasing handsets which are otherwise loaded with features.
Market Scope and Growth Prospects
It wouldn’t be wrong to assume that the refurbished mobile phone market will keep growing for the next many years courtesy frequent smartphone launches.
Moreover, bigger brands like Samsung and Apple aren’t making their gadgets available at cheaper rates which also, in a way, are making buyers purchase used and refurbished units.
Mostly, a customer is expected to get hold of a 40 percent discount for a new-like device, provided the purchase is made from credible online counters like Togofogo.
With flagships and mid-tier devices available at such low prices, it is quite obvious that people will increasingly rely on this segment for satiating their gadget-specific requirements.
The only thing which needs to be considered before investing in a retouched device is that whether the third-party platform is conducting detailed rechecks and quality assurance tests before putting a price tag on the gadgets.
How to deal with Customer Skepticism?
Previously, people weren’t too inclined towards purchasing used electronic gadgets but millennials seem to have changed the mindset. People are slowly realizing that getting hold of a decent device for a heavily discounted price is way better as compared to spending a fortune on a new flagship.
The trends, therefore, are fast catching up with cities like Surat, Guwahati, and many more contributing immensely to the refurbished smartphone sales.
Needless to say, even the customers are becoming well-informed in the process as they prefer cross-checking the concerned device quite minutely before taking a decision.
What are the Existing Challenges?
While the Indian refurbished market is on the rise, there are certain challenges posed by the unorganized grey market which is pulling down the advances, by a small margin.
However, a majority of customers are gaining sufficient insights regarding the certified refurbished market which eventually is minimizing the role of these grey players.
However, for those who still aren’t versed with the nooks and crannies of the retouched smartphone market, one advice would be to connect with some of the more trusted online players instead of purchasing gadgets from shady, retail stores.
Existing Parameter Checks
Customer needs to conduct detailed hardware, software, and functional checks before moving ahead with a purchase.
With startups dealing in refurbished mobile phones even offering 7- day replacement guarantees on select devices, it becomes easier for the customers to analyze the gadget in detail.
Not just that, there are many companies which also offer extended warranties on mobile phones, depending on the brand in question.
With the entire Indian contingent embracing digitization with open arms, it is quite obvious that mobile phones will be some of the more sought-after entities, at least in the next few years to come.
As of affordability, in regards to new gadgets can be an issue, it’s high time that the refurbished used phones or smartphone industry calls the shots in this extremely competitive market.