Due to current disruptions in the global supply chain management of various goods in the market. Indian buyers are more inclined toward the refurbished electronic market. This is mostly found in smartphones, laptops and another electronic items. The current shift of the buyers is because of more organized sellers are in the act.
The Tata Consultancy Services Limited sources nearly 100000 refurbished laptops every year. From these organized sellers, said by the research form Redeemer on May05.
Research has stated the refurbished electronic goods market may have gross growth of $11 billion by match 2026. This is seen approximately equaling more than $5 billion in March 2021.
The current growth trends from the market has inspired business to be more organized. FY16 had only 1% accountability of organized seller. Which has shooten up to 8% and $400 million in FY21. These figures are expected to rise. And account for 20%bof the market and post $2.2billion in sales.
Co-founder and chief marketing officer, Cashify, Nakul Kumar said. That smartphones are the leaders driving this gigantic change. “Around 5-6% of the Cashify business comes from refurbished laptops. Which grew due to pandemic driven demand for devices last year. Another Cashify market comes from other electronic hoods and the rest 92% from smartphones.”
“Factors such as remote work and education, pent up demand. Due to markets were closed in the wake of the pandemic, tighter finances. And constricted supplies were major reasons why the refurbished market for smartphones saw sharp growth in 2021 over2020”. Said Glen Cardoza, senior research analyst, counterpoint research.