Cashify White Paper 2020
Remember when the life expectancy of a device was almost similar to a PC or a television? As India rapidly moves towards clocking a total of 859 million smartphone users in 2022 (according to Business Standard), the average smartphone life cycle is dropping with every new launch. With 19% users upgrading their devices within the first year & 44% within 1-2 years, the shortening life span of mobile devices has not been more pronounced.
Smartphone penetration has never been greater in India. Boasting of a whopping 345 million smartphone users, the country has displayed immense progress in tech adaptability. Despite the slowing economy with 5% quarterly growth, lowest in 6 years, the 2019 Q2 smartphone shipment in India was estimated around 36.9 million units, a 9.9% year-over-year growth & 14.8% quarter-over-quarter growth. Major reasons for upgrade for most smartphone users have been connectivity (3G to 4G), gaming capacity, updates in mobile photography and so on.
The aspirational value of every new smartphone in circulation, makes its predecessor as less desired. Despite them working fine, 20% users reported to have left their smartphones unused in their drawers. The stowed away devices stop us from reusing potentially working tech. Be it for the lack of safety, simplicity, monetary gains or other factors, smartphone hoarders are naysaying to selling their used smartphones.
Taking these potential e-waste off the users’ hands at minimum hassle and maximum monetary returns & safety becomes a mandatory move for tech stakeholders. Recommerce uses technology to ease out the selling process so that the stashed devices can make their way back into the market at more affordable prices, offering the same experience they used to. For users, buying a smartphone is just the tip of the iceberg. Maintaining them properly with timely repair, accessorizing and updating are crucial to take every mobile phone to its optimal value. The pain point here is the unavailability of a viable platform that helps users with all these solutions.
This white paper uses well-researched data and insights to decode the Indian smartphone market from the recommerce point of view. From OEM performance in both retail & resale market to user behaviour, a variety of details have been captured here for industry stakeholders and aficionados.
To view the complete paper, you can download it from the link below.
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