The OEM only helps the refurbished market to grow

The ever growing refurbished market for consumer electronics is one of the largest in the tech space making it impossible to ignore. As the OEMs come up frequently with the newer versions, the older phones get circulates in the market with affordable pricings. The refurbished market in India for consumer and commercial electronics is estimated to be Rs.20,000 cr.

Moreover, with no signs of it slowing down any time soon, the refurbished tech may just be the future of consumer tech. The growth has not only been seen in mobile devices as consumer goods in general, such as in the PC and laptop segment have been experiencing a renaissance. Researchers and experts attribute this to educational institutions, government offices, startups, and corporations preferring refurbished products due to the relatively lower cost of acquisition.

Even though there are many factors that can be blamed for the slowdown in the tech market, rising costs of new devices due to new technologies have also played a massive role in the shift towards refurbished. With the likes of Apple and Samsung introducing shiny and innovative features such as displays, cameras, and processors more and more frequently, the costs have been rising in line with prices and this has pushed many consumers out of the new device market.

The majority of consumers who buy refurbished do so online. Of consumers surveyed, 82% are more likely to purchase online than in-store. This parallels with the increased growth in e-commerce sales across the retail sector as a whole. An eMarketer article noted that “While brick-and-mortar sales still command a vast majority of the retail market...ecommerce sales are increasing much faster.”1 Desktop e-commerce alone is expected to grow by 12% annually, according to comScore.

There will always be people who will take a pre-owned device, open box, or slightly scratched device as long as it works, is of the right model, and brand. Working together, manufacturers and consumers can work towards win-win outcomes with refurbished tech, and by doing so, will have a positive impact on the environment.An expert says, when Apple unveils new model, it reduces the price of all its old models, with this do you think that ,all the old i phone owners will go for the newer devices.The answer is hardly 15 to 20% of the technology lovers go for the newer models,at the same time, there is set back for the owners who brought the devices earlier ,the depreciation's come so fast. The fact of coming with the newer models in every six months, to bring a secured phone with newer feature, which may be difficult for the hackers to hack the devices.

Refurbished products can provide the capabilities a consumer is looking for at a cost far below “A”-good prices: 80% of consumers consider price important when choosing electronics and 96% say buying refurbished helps them save money. It is will continue as the innovation continues.