Himanshi Lochab, New Delhi
Due to the lack of new smartphones in the market, demand for refurbished and pre-owned devices has increased significantly. The main reason for the shortage of smartphones is the halt of custom clearance of Chinese cargo. Cashlife's Chief Operating Officer Nakul Kumar said, “We have been seeing a surge in demand for refurbished smartphones for the last two-three days, but it is very challenging for us to fulfill this as our supply ends immediately.” .
Users are avoiding buying a new phone
Nakul Kumar said that in the past, the devices used in the market have come down significantly. This was because users took longer than before to upgrade their smartphones. Reseller Yantra, who imports components for refurbished devices from China, said that it is good that we have an inventory that meets the requirement in 45 to 60 days.
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Unlocked 1.0 increased demand
Yantra, Cashify, OLX and ExtraCover Unlock 1.0 are seeing an increase in demand for these devices as production and supply of new devices has declined due to the lack of manpower in factories today. Yantra CEO Jayant Jha said that we have sold twice as many devices in the segment of Rs 5–15 thousand as compared to Covid-19before this.
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Business will increase further by the end of the year
Somitro Gupta, CEO of Xtracover.com, said June saw a 3.5-fold increase in demand for these devices compared to the days before Kovid. He further said that if it continues to grow in this way, then we expect business to grow by 2.5 times by the end of the year. According to Gupta, the major problem with supply for older devices is in logistics and distribution.