Cashify Whitepaper 2024 Summary!

The refurbished smartphone market is constantly shaping and reshaping. There have been a lot of developments in the past few years. Certain factors led to the boom in the refurbished industry. Through Cashify Whitepaper 2024, we will draw insights from Cashify’s internal data, surveys, and reports from sources like IDC and Counterpoint Research.

Let’s get started!

The Dynamics Of Refurbished & BuyBack Mobile Market

With the magnitude of demand of refurbished phones rapidly increasing in India and around the world, the market is destined to grow at a compound annual growth rate (CAGR) of 13.73% by 2028. Technavio’s research says. This speaks of a strong trend towards accepting refurbished devices. The buyback sector is also growing in tandem with the refurbished industry.

In 2023, Cashify’s buyback segment grew by 25 per cent, while sales of refurbished devices increased by an impressive 444 per cent in revenue. Solid offers, warranties, and awareness of the benefits of refurbished phones drive this growth. There are some other factors that may have contributed to this massive growth like:

• An influx of pre-owned devices due to rapid release of new models
• Expanding telecom networks to remotest areas which cater to people looking for affordable smartphones.
• The alarming rise in e-waste leading to venture for more sustainable choices like a refurbished phone.

All of this signals a shift in consumer behaviour towards valuing these devices. But, there is still lot to achieve.

In the buyback segment, Apple and Xiaomi led by volume, followed by Samsung, OnePlus, and Vivo. Q4 2023 saw the highest sales for both the buyback and refurbished segments at Cashify. Apple held over 50 per cent of the refurbished smartphone market share, with Xiaomi, OnePlus, Samsung, and Oppo trailing behind.

How Cashify Is Making A Difference?

Cashify is the number one platform in the refurbished market in India. This is because it is important to bring order, good quality devices, and peace of mind through the warranty and refund policy. Cashify is slowly and sustainably changing the unorganised second-hand market into an organized and safe place to shop.

Here’s how:

• Cashify has a dedicated 80,00-square-foot center with all the latest tools and skilled professionals to make sure that every phone is of high quality and is inspected rigorously.
• Cashify’s refurbished mobile phones have warranties that give people the peace of mind they deserve.
• Cashify has over 200 service centers across the country for better customer support.
• For the parts that cannot be fixed, Cashify recycles them responsibly or throw them safely.

As a result, Cashify’s refurbished section grew by an amazing 444 per cent, especially in the busy festive Q4 quarter (Cashify Whitepaper 2024). This shows that more people trust and like refurbished smartphones.

5G Mobile Phones

It’s common to believe that since 5G mobiles are on the rise, there could be a decline in the 4G devices as they are irrelevant anymore. But that was not the case. Half of India’s smartphone shipments are still 4G or older; hence, 4G devices remain relevant.

As 5G phones become more prevalent, they will also enter the refurbished market, providing affordable upgrade options for consumers.

2023 vs. 2024 : Brand-wise Growth or Drop in Demand for Refurbished Phones

The demand for refurbished smartphones has seen notable changes from 2023 to 2024. Various brands experienced different growth trajectories. In 2023, specific models like the Redmi Note 7 Pro and iPhone 8 showed significant growth in demand, while others, particularly in higher price brackets, faced declines.

The overall market for refurbished phones remains strong, with an increase in sales of 5G models, which rose from 13 per cent in H1 2023 to 17 per cent in H1 2024. Refurbished phone sales increased 109 per cent from January 2024 to H1 2024. This highlights a growing awareness and acceptance of refurbished mobile phones among consumers.

Also check: Cashify White Paper 2022: A Summary

Consumer Behavior Insights (Cashify Survey 2024)

Let’s look at some interesting insights:

• Two in every five Android users want to switch to an iPhone.
• Nearly half of users would choose a refurbished mobile phone with a one-year warranty.
• One in Two dreams of owning an iPhone but faces budget constraints.
• Half the participants prefer refurbished phones because they feel “like new but for a fraction of the price.”
• 63 per cent of people have a used phone sitting unused at home.
• Among those who bought refurbished phones, 3 in 10 chose an iPhone.
• 60% of people have at least one phone at home that needs repair, but they choose to buy a new one due to the high repair cost.
• When upgrading to a new smartphone, one in four people prioritise good camera.
• Three in ten iPhone users may switch back to Android.

Also read: Cashify White Paper Summary 2021

The Mobile Phone Market Now!

The premium devices did well the same year, with a 64 per cent increase in sales for phones over Rs. 30,000. Apple and Samsung were the big players.

Apple even became number one in revenue in India, selling over 10 million phones because of good trade-in deals and big stores. For quarterly sales, things got better, especially during the festive season with new mobile phones with advanced features. Premium phones almost doubled their share in Q1 2023, but budget phones (under Rs. 10,000) saw a nine per cent drop in sales.

In 2023, Samsung reclaimed the top position in terms of market share after seven years. Vivo secured the second position, while Xiaomi fell to third. Realme and Oppo rounded out the top five in fourth and fifth places, respectively.

In A Nutshell

Overall, 2023 has been an excellent year for both Refurbished and Buyback Smartphone market. While awareness about the benefits of refurbished mobile phones is still needed, there has been significant growth.

With the help of Cashify Whitepaper 2024, we hope to make our audience aware of the growth in the Refurbished and Buyback smartphone market and the latest trends in consumer behaviour. For detailed survey results, please check out the official Cashify White Paper!

Download Now

Also read: Cashify White Paper 2020

If you’ve just bought a new phone and don’t know what to do with your old phone, then here’s your answer. Sell old mobile to Cashify and get the best price for it. If you are planning to buy a new phone, check out Cashify’s refurbished mobile phones. You can get your favourite phone at almost half price with six-month warranty, 15 days refund and free delivery.