The smartphone industry is at its peak these days as mobile brands are fighting tough to offer good specs in competitive prices to the consumers. According to a recent trend, it can be seen that two out of three consumers in india want to switch to a new phone in every 10-12 months. This is a distinguishing factor due to which the smartphone market is seeking an exponential growth since last few years. It is also exaggerating the surplus demand for smartphones resulting in the growth of second hand mobile market in the country.

Smartphone market is experiencing a good rise: What trends say?

As per the reports by IDC, constantly changing landscape of the Indian smartphone user base is all set to touch about 442.5 million by 2022, making it amongst the fastest growing smartphone market in the world. Amidst the frequent launches of the phone and their upgrades, the pre-owned smartphone market is also on the rise wherein people are resorting to buying more pre-owned smartphones. According to a Deloitte India report, the Indian used smartphone market is expected to reach US$4 billion by 2020.

Price-War: Motivational factor for smartphone upgrades

The brands are crossing all limits to offer the best of specifications to their target consumers. As we can see, brands like Xiaomi and Huawei are giving a tough competition to premium range smartphones by offering almost similar specs in mid-budget price segment. This trend is also exaggerating the growth of mid-budget smartphone price segment since 2017-18. The e-commerce sale trends and high discounts on smartphones also act as a motivation for the consumers to upgrade to new smartphones quite frequently.

Re-Commerce Platforms: Sell smartphones for instant payment at doorstep

The pre-owned mobile market is still unorganised and offline driven by dealers, mom n pop shops which poses inconvenience to the consumers looking to sell their old devices. The consumers can sometimes might get disappointed due to baseless low prices offered to them. The Re-commerce trend is breaking all barriers of selling smartphones and influencing pre-owned smartphone users to sell their smartphones without taking hassles of negotiations and prices in no-time. The online marketplaces like- OLX & Quikr can be considered as a good counterpart to offline selling but re-commerce platforms like- InstaCash, Cashify, Buldi, Togofogo etc. are really easing the pain points of this consumers by offering them convenient solution to sell phones on their doorstep.

Why Re-Commerce is a promising trend?

Re-commerce platforms are a breakthrough in the recommerce industry guaranteeing repurchase phone price to the holder, along with logistical support through doorstep pickup & payment saving them from the hassle of answering numerous buyer calls and negotiation from classified sites.

Talking about the reason for steep growth trends in Industry, Prateek Goel, Co-founder InstaCash said, "Frequent sales, offers, exchanges, cashbacks on ecommerce platforms give a boost on the sales on our platform. Also, the sellers’ common problems like frequent negotiations, delayed selling and no seller protection on the classified sites & open market, has resulted in more users who wish to sell phone instantly on platforms like ours. Seeing the success in 21 cities across India, we forayed to the high potential smartphone markets of south Asian country which is growing at rate of 6.5% every year by launching in Malaysia through a strategic partnership with CompAsia in 2018. With our soaring success in Malaysia with 11300 mobile trade-ins just in three months, the company is all set for Singapore, Taiwan."

Julius Lim, Founder & CEO of CompAsia added, “InstaCash App is launched successfully in Malaysia & has got great response. He cited that according to a report co-authored by Google and Temasek 3.8 million people come online for the first time in the region each month primarily through mobile, and IDC foresees that over time more devices will see sales grow as the new internet users seek to upgrade their smartphone by selling their old phones resulting in more transactions month on month."