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The used and refurbished smartphone market is expected to grow at a CAGR of 12. 61% in the forecast period from 2022 to 2031. The market is driven through advanced strategies of collection, sorting, smartphone repair, and online and offline promotion.
– Refurbished and used devices continue to provide profitable opportunities for customers and businesses looking to save money when purchasing a smartphone. Customers can get up to $350 off Apple iPhones. For example, Apple Inc. , on its official website, is offering a 256GB refurbished iPhone X, originally released in September 2017, for $699 (a $350 reduction from its original price). A higher percentage of refurbished devices are sold with a warranty. Also, phones can be insured with proof of purchase. This is a great help in overcoming customer hesitations when purchasing refurbished devices. For example, Samsung sells certified pre-owned devices, often at least a year old, at deep discounts. The great merit of buying directly from Samsung is getting a full one-year warranty. – Third party providers/platforms such as T-Mobile, Verizon, Amazon, etc. offer attractive deals to customers for refurbished smartphones. For example, Amazon has a “refurbished” refurbished electronics segment where customers can find many state-of-the-art devices at discounted prices. Amazon Warehouse is a better option for cheap phones. Technically, they don’t have “refurbished” phones, but instead sell opened and returned new (or gently used) products.
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The effect of the COVID-19 outbreak may also liven up the segment of less expensive refurbished smartphones, which had contracted in recent years, with consumers cutting back on the optional finish and buying phones only for their immediate needs. Even if sales are completely reopened around the world across all retail channels, significant demand probably won’t pick up until the end of this year.
Key market trends
Growth of e-commerce platforms for used and refurbished smartphones to drive the market
The growing popularity of e-commerce platforms for used and refurbished smartphones is expected to drive market demand. Mobile specialists such as Cartelephone Warehouse and Direct Mobiles would inventory a wide variety of refurbished iPhones. Alternatively, popular sites like Amazon and eBay will also offer a wide variety of refurbished smartphones. Verizon has qualified used devices and only sells used Samsung phones. The carrier’s qualified purchase gives the visitor some security, as Verizon offers a 90-day warranty period. In 2019, Apple is the top brand commonly indexed, with 19% of the general directory on the company’s website. Best Buy sells refurbished used phones and open phones from various corporations with discounts ranging from 10% to 30%. Open box deals are the most popular because they are usually devices that have just been purchased, opened, and returned, not even used. For this reason, consumers can locate the newest phone models on sale, rather than just older models.
Asia-Pacific expected to register an expansion rate
Asia Pacific is one of the vital markets for refurbished smartphones, due to a developing telecom sector and a giant visitor base. In addition, the region is investing in the cellular network. Countries such as China, India, Japan, Australia, Singapore and South Korea are investing in the progression of the domestic telecom market, which is also expected to enliven the refurbished smartphone market in the region.
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– In September 2019, Paytm Mall, with its exclusive O2O (Offline to Online) model, announced the launch of qualified refurbished phones from popular brands such as Samsung, iPhone, Oppo, Xiaomi, Oneplus, Vivo and Motorola. These smartphones come with 70% savings and a warranty ranging from 6 to 12 months. Some of the most productive refurbished products found in Paytm Mall come with the iPhone X, OnePlus 6T, Redmi Note 5 Pro and Samsung Galaxy S9, among others. – Demand for used and refurbished smartphones at an entry-level price will be driven through demand in emerging countries, such as India and Indonesia, where smartphones are even entering rural spaces as local governments boost the virtual and cellular economy. For example, the Digital India program is a flagship program of the Indian government whose vision is to turn India into a virtual society. All those advances in the region are expected to increase the demand for refurbished smartphones during the forecast period.
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