Refurbished tech mkt booms as gadgets get expensive

NEW DELHI: To brighten or clean up, as the Oxford English Dictionary defines "refurbish", is an approach finding increasing relevance for tech purchases.

- Vishal Mathur

NEW DELHI: To brighten or clean up, as the Oxford English Dictionary defines "refurbish," is an approach finding increasing relevance for tech purchases. There are two overarching impressions to be drawn—value and aspiration. Smartphones continue to dominate, but more tech products are making a case too.

Refurbished tech, led by smartphones, is increasingly gaining traction as gadgets become expensive. For instance, average selling price of smartphones grew annually at 38% between 2020 and 2023, according to research firm International Data Corporation (IDC).

"This in turn has elongated average smartphone replacement cycle in India from 24 months to almost 36 months currently," points out Navkendar Singh, associate vice president with IDC India.

"The refurbished technology market in India is witnessing an unprecedented boom," says Mandeep Manocha, co-founder and CEO of Cashify, a platform which sells refurbished smartphones, tablets, laptops, smartwatches and gaming consoles. They claim a 444% surge in revenue for 2023, which Manocha believes is fuelled by consumer demand for cost-effective, high-quality devices.

Research firm Redseer estimates India's refurbished electronics goods market will be worth $11 billion by 2026, up from around $400 million in 2021. Cashify, ControlZ and Grest are three of India's biggest refurbished tech marketplaces. E-commerce platforms Amazon and Flipkart are sharpening focus on refurbished tech as a category, while brands including Asus and HP use this as a springboard to widen product portfolio.