India’s refurbished sector was an otherwise slow-progressing deal before the pandemic hit. The smartphone vertical, especially, had declined by 9 percent year-on-year in 2019 and it was expected to dip further until COVID-19 happened and the sector accelerated. It is safe to say, the pandemic, for many reasons, made the used electronic goods market flourish.
Here’s what has fueled the growth of the refurbished sector so far:
Cost-Effective - In the midst of the pandemic, individuals limited their spending capacity to satisfy their urgent necessities as it were. A refurbished item, which is just about as good as a new gadget at a comparatively lower value, makes an optimal option for them. The refurbished market additionally offers great discounts, doorstep conveyance, no-cost EMI, guarantee, demo choices, item installation, and buyback options just like the market for new goods. Such choices impact buyers’ decisions as brands offering refurbished electronics simplify the whole cycle, which likewise assists them with improved goodwill. Since new models are launched every other week, and the youth is attracted to every new launch, buying refurbished gadgets permits them to have better quality at reduced prices.
Digitization - The lack of access to a better stage to buy pre-owned electronic gadgets has given rise to several brands’ interest in re-commerce. The online visibility of refurbished items gives buyers a clear view of the product and the state of the gadget. For refurbished mobiles in India, for example, there are so many websites and online stores where you can get an incredible incentive on each piece.
Increased Demand - The worldwide buyer market of refurbished electronic goods was almost $100 billion in 2020. Because of the COVID-19 lockdown which was seen in practically every one of the nations across the globe during 2020, numerous organizations battled and are attempting to explore their direction through, which has prompted unemployment. Being more aware of their financial situations and limitations, individuals are more disposed to fix their need for gadgets by buying refurbished ones. This is driving the repair and refurbished market heavily. Likewise, COVID-19 has prompted disturbance in the supply network of raw materials, and this brought in turn has increased the overall cost of new electronic items.
Improved E-Waste Management Policies - Recycling is an insignificant method of overseeing e-waste since just 5 percent of such waste is reused eventually. Over 95 percent of e-waste in India finds its way back to scrap vendors who with no regard for the environment remove the main parts from such waste. The critical qualification among recycling and refurbishing is in the former, parts are isolated and reused while in the latter, only the parts in working condition are utilized to fabricate new devices. In this way, refurbishing is better for the environment because even the outstanding recycling processes produce some waste. Since many materials can't be recycled ceaselessly, a great deal of e-waste eventually turns out to be vain to recyclers. Refurbishing, subsequently, is feasible since working parts can be reused in new gadgets endlessly.
Assurance - The most secure approach while choosing a refurbished electronic item is to ensure that the vendor offers a guarantee. It might come as a shock however many of them offer a unique seller assurance, in any event, when the gadget is refurbished.
In case you purchase from a renowned seller, there is a 12-month guarantee which offers sufficient opportunity to find any defects. Small-scale sellers, on the other hand, offer limited guarantees of up to 90 days. However, all refurbished electronic items get seller assurance just as new items and even free updates, in case of defects.
Refurbished items are tested more seriously than the new ones and you may even wind up with a better item at a rate of refurbished items.
As individuals still struggle with their financial stability amidst the pandemic, the availability and vastness of refurbished electronic gadgets sold for a portion of the market cost is an undeniably more appealing choice than burning a hole in the pocket for new items. With this rate, refurbished market development will probably proceed even further in markets where buyers are still apprehensive to pay for pre-owned gadgets.