Covid-19 has pushed people to buy a second gadget for work from home and educational purposes, leading to a surge in the pre-owned smartphone market in India.
No-cost EMI option, replacement warranty, and contactless delivery were identified as the top criteria for the purchase of refurbished gadgets. About 50 percent of people chose affordability as a primary reason for buying refurbished gadgets instead of a brand new one, highlights a report by Cashify.
Xiaomi topped the chart as the most sold smartphone brand, followed by Apple and Samsung.
The top four cities which accounted for sales of pre-owned smartphones are Delhi (23 percent), Mumbai (13 percent), Bengaluru (11 percent), and Hyderabad (7 percent).
Further, the report showed that 80 percent of the males sold their smartphones while only 20 percent of the females sold their smartphones in 2020.
The pre-owned smartphone market was found to be majorly male-dominated -- most in demand was OnePlus at 86 percent, followed by Xiaomi at 85 percent, Samsung at 82 percent, 80 percent of Oppo. iPhones were the least in demand by males (71 percent).
"A major migration from offline to online took place last year. Locked within their houses, everyone had to make do with whatever was accessible online. Work, studies, and shopping all shifted to digital," said Nakul Kumar, COO, and Co-Founder, Cashify in a statement.
"As lockdown restrictions eased and people started stepping out, our focus again was on expanding our touchpoints with smartphone users. The re-commerce industry saw a surge in Q3 of 2020, for those who still preferred offline, we also launched over 10 Cashify stores in the second half of 2020 all over India. The brand has seen a definite surge in 2019-20," he added.