Refurbished phones Archives - Gizmochina

ReFit Global is a new marketplace for refurbished smartphones in India

Anurag — Fri, 18 Aug 2023 05:39:50 +0000

Buying a new phone that costs a fortune doesn’t make sense for some people if they can get a cheaper refurbished one. However, it’s easier said than done to find a secondhand phone that’s still in good condition. Sure, there are platforms like Amazon and Cashify that can help you with your search, but the options are often limited. Luckily, a new venture from ReFit Global wants to help you out with a diverse selection of smartphones from renowned brands like Apple, Xiaomi, Oppo, and Vivo.

ReFit Global, a re-commerce marketplace based in Delhi, is entering the direct-to-consumer (D2C) market. The company will continue to offer its offline B2B services, but it is also launching a new D2C platform, which will offer a wide variety of smartphones. This will include phones from top brands like Apple, Xiaomi, Oppo, and Vivo. In addition, you can also expect to find a range of other electronic products, such as TVs, laptops, and appliances.

ReFit is a well-established player in the re-commerce industry. Since its inception in 2019, the company’s revenue has doubled, reaching 200 crore (~$27 million) in 2022. It is projected to achieve double-digit margins in the upcoming fiscal year. To date, ReFit has refurbished and sold approximately 1.5 million phones through its network of over 50,000 retailers. The company has seen impressive year-over-year growth of 100%, thanks to its strong retail and distribution presence.

For its new D2C venture, ReFit Global has partnered with Flipkart, their largest liquidator, followed by Amazon and other partners.

Commenting on the announcement, the company’s Co-founder and COO Avneet Singh said, “ReFit Global’s trailblazing move into the digital space signals a paradigm shift, setting new standards in the Refurbished Industry. When we embarked on our journey with ReFit Global, the refurbished phone market lacked structure and was still in its nascent stages. However, we recognized the immense potential for growth and collaborated with our retail partners to establish a network built on trust. Through our website, we aim to cultivate the same level of trust with our valued customers.”

Global Refurbished smartphone market shows 15% YoY growth; Apple takes lead

Pranav Sawant — Wed, 20 Apr 2022 18:45:13 +0000

Refurbished phones offer great value since they can be bought for cheap while having only little to no wear and tear. Flagships like Apple and Samsung are mostly considered when going for refurbished phones and that doesn’t seem to change anytime soon. A new report from Counterpoint Research reveals that Apple was the market leader for refurbished phones last year. Additionally, the global refurbished smartphone market in 2021 reportedly saw more growth than the new smartphone market in 2021.

It’s a 15% YoY increase over 2020

The global refurbished smartphone volumes witnessed a year-on-year(YoY) growth of 15% in 2021. This is way higher than the new smartphone shipment volumes of 4.5% YoY last year. As per Counterpoint’s report, this is because new smartphones are launching at higher prices making buyers opt for refurbished models.

The refurbished market is also growing, thanks to the trade-ins that people go for while buying a new device. The trade-ins have also grown more than 10% in 2021 globally.

Latin America and India saw the most growth

If we compare the refurbished smartphone market of 2021 to 2020, we see that the market has grown tremendously in regions like Latin America and India. The Latin American market grew by 29%, while the Indian market grew by 25% in 2021.

Global Refurbished smartphone market growth by region

Next comes the US with a 15% increase, followed by Southeast Asia’s 12% increase, China & Europe’s 10% growth, and lastly Africa showed an increase of 4%.

While the refurbished phone market surged, the average selling prices of refurbished devices have also gone up. This is because 4G devices in some of the regions still retain value due to the non-existence of 5G services. If we take India, for example, the region doesn’t have commercial 5G as of yet, which could be a reason for people buying refurbished devices, despite those devices being 4G-only models.

The refurbished market will continue to grow as some of the areas in these regions are yet to explore the refurbished smartphone market.