Cashify's whitepaper unveils explosive growth in India's refurbished smartphone market

Cashify, India's premier re-commerce platform, has released its annual whitepaper, The Game Changers: From E-Waste to Eco-Warriors, revealing a remarkable surge in the demand for refurbished smartphones across the country.

The report highlights a 25% growth in Cashify's buyback business and an astonishing 444% increase in revenue from the refurbished segment in the calendar year 2023.

This unprecedented growth is attributed to a confluence of factors, including aggressive promotional strategies, attractive financing options, and heightened consumer awareness surrounding the economic and environmental benefits of choosing refurbished devices. The report forecasts continues expansion in the refurbished market, anticipating a compound annual growth rate (CAGR) of 13.73% by 2028, with the Asia Pacific region expected to contribute a significant 47% to this growth.

Mandeep Manocha, Co-founder & CEO of Cashify, commented on the transformative trends shaping the smartphone industry. "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."

Apple Leads the Charge

The report highlights Apple's impressive 38% growth in demand for refurbished iPhones in the first half of 2024 compared to the previous year. The iconic iPhone 11 has emerged as the top-selling refurbished model, appealing to budget-conscious consumers-nearly half of whom aspire to own an iPhone but feel constrained by its price. Cashify meets this demand by offering devices that are up to 50% cheaper than new models, effectively championing a sustainable and financially savvy approach to smartphone ownership.

Market Resilience and Premium Growth

The new smartphone market faced a tumultuous 2023, marked by a 10% decline in sales during the first half, only to recover with an 11% increase in the latter half. The premium segment, particularly smartphones priced above Rs 30,000, demonstrated resilience with a staggering 64% year-over-year sales increase, buoyed by major players like Apple and Samsung.

Cashify's sales data reveals that Apple leads the refurbished smartphone sector, capturing over 50% of the market share by volume. This marks a significant increase from 29% in 2022 to 52% in 2023. Xiaomi follows as the second most popular brand, accounting for 15% of sales, while OnePlus secured the third spot with an 11.7% share, reflecting a steady growth from 9% the previous year.

The insights from Cashify's whitepaper underscore a shifting paradigm in consumer behaviour, where quality and affordability coexist in the refurbished smartphone market, fostering a sustainable future for technology consumption in India.

As demand continues to surge, Cashify stands at the forefront, committed to elevating standards in quality and value, while championing environmentally responsible practices in the tech industry.