India's Top 100 Digital Stars 2023

Playing smart in smartphones

Sales of pre-owned and refurbished handsets see sharp rise

Rajiv Singh
Published: Oct 9, 2018 02:34:43 PM IST
Updated: Oct 9, 2018 02:39:11 PM IST

Playing smart in smartphonesImage: Shutterstock

In September, when online classifieds portal OLX said that sales of pre-owned smartphones in India are pegged to reach 46 million units in 2020, it came as a surprise for industry observers. But to consumers like Saurabh Gupta, who recently bought a pre-owned Samsung Galaxy S8+, which cost him 35 percent less than the market price of ₹53,000, it was no news. “I sold my old iPhone, which was my fourth in one-and-a-half years,” grins Gupta, a BPO executive in Okhla, Delhi.

OLX recorded 14 million mobile phones and accessories listings in the financial year ended March 2018. “Listings jumped from 2.5 million units in April-June last year to 3.5 million in the same period this year,” OLX said in a media release.

Analysts attribute the boom to millennials and users in tier 2 and 3 towns. For OLX, three out of four pre-owned phone buyers, and half of the sellers, are millennials who have a higher appetite for phones listed above ₹20,000. Amazon Renewed, which offers certified refurbished products, has been growing at 300 percent year-on-year. “Over 70 percent of orders come from tier 2 and 3 cities, like Kanchipuram and Secunderabad,” says an Amazon spokesperson.

(This story appears in the 26 October, 2018 issue of Forbes India. To visit our Archives, click here.)

Post Your Comment
Required, will not be published
All comments are moderated