Cashify saw 40% growth in mobile buyback segment in 2020

Smartphone and accessories recommerce marketplace Cashify has recorded a 40 per cent on-year growth in the mobile buyback segment in 2020 when it expanded its presence in the offline segment with 17 new stores, amid growing demand for exchange of second hand devices and refurbished products.

“While there was a downsizing of pop-up stores, these new outlets opened up avenues for smartphone users to simply walk in and get all smartphone solutions. Offering buyback, refurbished devices, instant mobile repair and mobile accessories, these stores today stand strong with a manpower of 161 executives,” said COO & Co-Founder, Cashify, Nakul Kumar.

He added that the company plans to expand its footprint to over 150 stores in the next year and a half.

In the second half of 2020, the rising numbers in the new phone market have helped unlock recommerce and its potential like never before, according to a whitepaper released by Cashify.

Majority of Indians chose affordability as a primary reason for buying refurbished gadgets from online resellers, instead of a brand new one.

In the pre-owner market, Mi stood as the number one selling brand with a 26 per cent share followed by Apple (20%) and Samsung (16%) in the third position, followed by Motorola (6%), VIVO (6%) and Oppo (5%).

The consumers’ choice of online retailers reveals how even offline-centric brands like Vivo and Oppo have been forced to scale up their online presence, Cashify said.

The report listed Delhi (23%), Mumbai(13%), Bangalore (11%), and Hyderabad(7%) as the top four for sales of pre-owned smartphones.

The average selling price of second hand phones was Rs 4,217(US$57.03) in 2020 while average used life of devices was 3 years. Some 47 per cent of the respondents bought refurbished phones from online resellers and nearly 62 per cent smartphone issues are screen-related, with battery issues coming next with about 21 per cent.

Around 80 per cent of males sold their smartphones while only 20 per cent of the females sold their devices in 2020. Some 35 per cent of all repair requests in the country came from Delhi.

Cashify has also helped to bridge the digital divide by delivering smartphones worth Rs1,24,000 to students in need with the help of organizations like Saajha, Project Dor, TRRAIN Foundation and Swami Sivananda Memorial Institute (SSMI) among many others, it said. Cyber Era