India’s re-commerce market is quickly gaining traction, with a rising urge for food for refurbished smartphones. Despite the “stigma” as soon as related to second-hand gadgets, customers are actually seeing the worth in pre-loved devices, due to platforms like Cashify. As the chief in India’s re-commerce sector, Cashify is capitalising on this shift by offering reasonably priced, sustainable, and premium smartphones to tech-savvy patrons.
In 2023, Cashify recorded a 25 per cent development in its buyback enterprise and an unimaginable 444 per cent surge in income from refurbished cellphone gross sales. While the corporate reported a lack of Rs 1,479.59 crore for 2024, this represents a 65 per cent discount in losses in comparison with earlier years, indicating regular progress towards profitability. This, even though they’re investing closely into new SoPs, equipment, technicians amd amenities. Cashify’s annual income for 2024 stands at Rs 8,159.99 crore, and the corporate stays optimistic about breaking even within the close to future.
Making premium smartphones reasonably priced
With smartphones changing into important for work, leisure, and communication, the price of premium fashions like iPhones stays a barrier for a lot of customers. Cashify goals to handle this problem by providing high-quality, refurbished gadgets at a fraction of the unique price.
“India is an aspirational market, and everyone dreams of owning an iPhone,” says Mandeep Manocha, CEO of Cashify. “But spending Rs 90,000 to Rs 1,00,000 on a new device isn’t always feasible, especially for young working professionals. Cashify provides an affordable entry point, giving people the chance to experience premium smartphones without breaking the bank.”
Apple has emerged as essentially the most in-demand model on Cashify, with refurbished iPhone gross sales rising by 38 per cent within the first half of 2024 in comparison with the earlier yr. The iPhone 11 has change into the top-selling mannequin amongst budget-conscious customers, lots of whom aspire to personal an iPhone however discover new gadgets too costly.
At its Noida facility, which spans over 80,000 sq. toes, Cashify has devoted engineers and workstations at every station, who focus solely on Apple merchandise.
Every machine undergoes a radical inspection and restore course of to make sure that it capabilities like new. By providing these refurbished gadgets at as much as 50 per cent lower than retail costs, Cashify is making premium smartphone possession extra accessible to tens of millions.
As new applied sciences, equivalent to New Radio, proceed to emerge, Cashify expects demand for refurbished telephones to rise. “With more advanced models constantly entering the market, our customers can access future-ready 5G devices at affordable prices,” says Manocha. The firm anticipates that upgraded New Radio gadgets will play a key position within the subsequent wave of refurbished gross sales, offering customers with cutting-edge options with out the premium price ticket.
Quality and sustainability on the core
India’s refurbished smartphone and laptop computer market is unorganised. What has helped seize 2% of the market in a brief interval is their SoPs and their equipment and the restore work that they do, if wanted.
Every smartphone that enters its facility undergoes a multi-step course of to make sure optimum efficiency. The course of begins with an in depth inspection, the place gadgets are categorised based mostly on their situation and examined for faults. Once recognized, points are resolved by in-house technicians utilizing skilled instruments and tools.
Before a refurbished cellphone is launched on the market, it undergoes a rigorous 32-point high quality examine. Some gadgets even include warranties, giving prospects peace of thoughts and constructing belief within the refurbished market. Cashify’s strategy not solely ensures high-quality merchandise but additionally promotes sustainability by extending the lifecycle of smartphones and decreasing digital waste.
Moreover, throughout this complete course of, Cashify retains an in depth document for every machine, generally with movies. And these information are stored for years, simply in case a buyer decides to promote their cellphone again to them a few years down the road. That approach, they are going to have the ability to inform what
Privacy and overcoming shopper hesitations
One of the principle causes individuals hesitate to promote their outdated telephones is concern over information privateness. Cashify understands these fears and has carried out strict protocols to make sure full information safety.
“When we collect a phone from a customer, the first step is to ask them to perform a factory reset,” explains Manocha. “Once the device reaches our facility, we use advanced software to perform multiple deep wipes, ensuring that no data can be recovered – not even by our most skilled technicians. These data-wiping processes can take hours, but they guarantee complete privacy.”
Despite the comfort and worth provided by Cashify, one of many firm’s largest challenges isn’t competitors from producers or buyback programmes however unused telephones sitting in individuals’s drawers at dwelling. These completely purposeful gadgets are sometimes forgotten, representing misplaced alternatives for each sellers and patrons.
“Our biggest competitor isn’t the organised market,” says Manocha. “It’s the drawer in people’s homes. Many phones sit unused simply because people are worried about data privacy or don’t realise the value of selling them. We’re working to change that mindset.”
A market on the rise
The refurbished smartphone market in India remains to be in its early levels however is rising steadily. Cashify’s enterprise mannequin displays this gradual improvement, with extra customers warming as much as the concept of shopping for pre-loved telephones. The rising recognition of refurbished gadgets aligns with world traits towards sustainable consumption and diminished e-waste.
Cashify additionally works carefully with smartphone producers to help their varied buyback programmes. Companies like Apple and Samsung not solely present schematics and spare components, they really rely on them. “Smartphone makers realise that through us, customers who are aspiring to own an iPhone or a Galaxy S device someday, can be brought into their respective ecosystems sooner,” says Manocha.
These collaboration strengthens the re-commerce ecosystem, making it simpler for customers to commerce of their outdated telephones and improve to newer fashions via a hassle-free course of.
Looking forward, Cashify is well-positioned to cleared the path in India’s evolving refurbished smartphone market. By providing reasonably priced, high-quality gadgets with a concentrate on privateness and sustainability, the corporate is redefining smartphone possession for tens of millions of customers. As New Radio turns into extra mainstream, Cashify’s means to supply future-ready gadgets at accessible costs will solely improve its enchantment.
Through its progressive strategy, Cashify is not only assembly demand but additionally altering perceptions round pre-owned smartphones. With the mix of affordability, high quality, and belief, the corporate is making refurbished smartphones a sensible alternative for tech-savvy Indians trying to personal premium gadgets with out the hefty price ticket.
