It is not just new smartphone launches that will highlight festival-season sales this year; refurbished mobile phones are also seeing a demand surge.
Platforms that sell refurbished smartphones, such as Flipkart, Cashify and Grest, are reporting strong demand, particularly for high-end devices like iPhones.
This growth in the refurbished market - also called recommerce market - is driven by a rise in demand for premium smartphones, mainly the Apple iPhone series and Samsung Galaxy S series, as they become more accessible to consumers at significantly lower prices.
Affordability, various financial options, and improved after-sales services from sellers are some of the key drivers of this segment. "Volumes (of refurbished smartphones) are likely to keep increasing as demand increases. A large number of consumers want better devices and are willing to pay for them," says Glen Cardoza, senior research analyst, Counterpoint.
According to a report by consulting firm Redseer, the refurbished electronics market in India could grow to $11 billion in gross value by March 2026. With the festival season around the corner, companies in this space are expecting a significant surge in sales.
Strong growth
Denne historien er fra September 27, 2024-utgaven av Business Standard.
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Denne historien er fra September 27, 2024-utgaven av Business Standard.
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