August 5, 2022 (IANSlife) Global supply networks have been affected by the Covid-19 pandemic's attack, driving up the cost of new goods. Indian consumers are increasingly interested in reconditioned electronics as the cost of smartphones, laptops, and a variety of other electronic products continues to soar. In recent years, there has been an exponential increase in demand for refurbished technology. In addition to the interruptions to the global supply chain, consumers have been persuaded to purchase refurbished technology due to pricing considerations, environmental concerns, and the availability of lifetime management services.
In India, the market for reconditioned electronics is anticipated to grow from $5 billion in 2021 to $11 billion in 2026. E-commerce businesses have entered this mostly unorganised market as a result of the increase in the sale of reconditioned electronics. Additionally, organised sellers made up only 1% of the market in 2016, but that percentage increased to 8% in 2021 and is predicted to reach 20% by 2026.
Make a difference in the environment
Due to inadequate waste management, 95 percent of electronic garbage (or "e-waste") in India is not recycled at this time. In addition, 85 to 95 percent of the carbon emissions produced by the ongoing production of smartphones are produced during that stage. Consumers and businesses must switch to sustainable products as waste streams and carbon emissions rise. Customers can intentionally opt to prevent e-waste from ending up in landfills by using a refurbished device. Refurbishing electronics will also promote resource conservation, e-waste reduction, climate change mitigation, and the start of a circular economy.
Pay only half the price
Even while purchasing new smartphones and electrical devices can be tempting, the ongoing pandemic has caused most customers to reduce their budgets. Refurbished gadgets let customers buy comparable goods for less money. It goes without saying that refurbished technology is much more affordable than new technology. These electronic products have the same specifications and features as brand-new ones and are priced between 30 and 50 percent cheaper than they were originally. Therefore, buyers don't have to lower their expectations when they can simply lower their expenses by purchasing used technology.
Use gadgets for a longer lifespan
Contrary to popular assumption, reconditioned products actually have a longer lifecycle than brand-new ones. The longevity of an electronic device, such as a computer or laptop, can be virtually doubled by remodelling it. Electronic gadgets that have been reconditioned tend to last longer due to upgrading and repairs, preventing them from going to trash for longer. Due of their longer lifespan, a number of prominent IT organisations actually invest in reconditioned desktops and laptops. Refurbished technology thus gives customers another way to conserve money and the environment.
Reduce risk with added warranties
A variety of after-sales services are also becoming more readily available to customers as more organised actors and markets emerge in the market for reconditioned technology. These services include, among others, seller-backed warranties, accidental insurance, operational service centres, and devoted CRM assistance. Sellers not only completely repair and update refurbished equipment; they also include warranties that can last anywhere from 90 days to a year. These devices also go through thorough quality inspections to guarantee top performance. As a result, consumers who purchase refurbished equipment benefit from cost savings and brand certainty.
Get gadgets as good as new
Contrary to popular belief, refurbished technology is not always outdated or a waste of money. In actuality, they tend to be the items that were either marginally harmed while shipment, displayed at trade exhibits and in stores, or were sent back by buyers who had changed their minds. These devices are thoroughly repaired when they are returned, updated to the most recent technology, and then offered for sale to consumers. The fact that refurbished devices are in superb shape and have a longer lifespan than new ones allows consumers to breathe a sigh of relief.
The Bottom Line
Refurbished devices are a great method to save money in a time when technology is evolving quickly and new models and gadgets are released daily. Your risk and costs will be reduced if you buy from reputable retailers or tested manufacturers who provide warranties and after-sale services.
(Soumitra Gupta, Chief Executive Officer, XtraCover)
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