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Second-Hand Smartphone Market, Xiaomi and Apple command a strong brand pull : Cashify

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India's second-hand cell phone market is overwhelmed by Xiaomi and Apple, as per the 'Client Sentiment Survey' led by Cashify, most popular as a commercial center for restored telephones. Apple's strength is amazing since the tech goliath has an exceptionally low piece of the pie in India contrasted with different brands. "Consistently Apple, while it has just 2% piece of the pie in the new telephone section, is number two in the recycled portion.


He brought up that the economic wellbeing connected to the iPhone brand has a major effect. Cashify actually sells the iPhone 7, which was sent off in 2016, at over Rs 10,000, and that is something no brand can accomplish. "The telephone is more inescapable as a social image for the present age. I feel that is the justification for why Apple stays on the top," he made sense of. Another justification for why Apple overwhelms the second-hand cell phone market is that many individuals can bear to purchase its items years some other time when the costs descend.


On Xiaomi's portion of the overall industry, Kumar said this is because of the volume of telephones the brand sells. "Xiaomi will in general be in the Rs 8,000 to Rs 15,000 section, and the quantity of gadgets in the biological system is high. Individuals will generally switch these telephones in less than a year, and afterward they are accessible for the recycled market to consume. Samsung possesses the third position, which additionally mirrors their market authority in the new telephone market," Kumar added.


A few well known models offered back to Cashify incorporate the Apple iPhone 7, Redmi Note 5 Pro, Redmi Note 4, Apple iPhone 6, and Apple iPhone X. Cashify's overview likewise showed that 78% of individuals who purchased a second-hand or used cell phone had a pay of not as much as Rs 30,000. It gauges that 90 million second-hand cell phones were added to the Indian market in 2021 alone.


As per Kumar, going disconnected, however they additionally have a web-based store, has assisted them with giving better confidence in the renovated space. "We give a half year guarantee. So the ASP is higher when we are selling straightforwardly. Overall, we sell between Rs 14,000 and 16,000 in the recycled market. We are likewise selling embellishments with guarantee and administration ensures," he made sense of.


In any case, he additionally focused on that the revamped market isn't restricted to spending plan gadgets. Cashify likewise claims to have sold telephones worth Rs 1 lakh from its store.

In any case, shouldn't something be said about other item classifications, past cell phones? Is there a business opportunity for other repaired electronic items? As per Kumar, while they are accessible in anything shrewd, for example, smartwatches, speakers, and so on, the sheer market size is excessively little contrasted with telephones. "The all out volumes that we do, around 91%, are versatile. Around 6% is PCs, and the rest is a longtail of different classifications," he said.




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Second-Hand Smartphone Market, Xiaomi and Apple command a strong brand pull : Cashify