As we reflect back on the findings in the mobile industry for 2022, there has been a significant wind change in the evolution of technology. Possible inclusion of 5G technology, AI tools like ChatGPT, betterment of existing camera and calling functionalities, etc., acted possibly in favour of increasing the growth in market revenue for the mobile phone industry. This eventually inculcated an ever-increasing demand for refurbished devices: a sustainable and economical practice that the world desperately needs now to reduce an alarmingly increasing e-waste. Cashify White Paper 2023 makes some amazing observations with regard to the existing mobile industry along with user behaviour.
A special emphasis has to be made on the premium segment of smartphones, which has witnessed 11 per cent growth, the highest-ever number made to date. The greater customer demands for premium phones accounted for the overall increase in the selling pricing, too, hence a push for even more cost-effective options. This is where the presence of the refurbished device segment gave a plethora of options for consumers to choose from.
If we talk about the average selling price (ASP) for smartphones, it increased considerably in 2022 as the market registered growth in the sale of premium and ultra-premium phones. Q1 of 2022 alone saw the highest-ever 15 per cent year-on-year (YoY) growth. Cashify saw 63 per cent YoY growth in buybacks, which is quite notable and suggests consumers increasing acceptance towards the move for refurbished devices. Xiaomi, Apple, Samsung, Vivo, and OnePlus, became the top five position holders in the buyback preference for Cashify consumers. Here, with Cashify White Paper 2023, we present to you observations for the year 2022.
Evolution Of 5G
Getting connected seamlessly has been made even easier with the rapid growth of 5G technology in the last year. Moreover, people looked forward to switching their existing phones to get better connectivity and mobile network access. Thanks to 5G, that’s it possible through major Indian cities (as of now!) Launched in October 2022 in India, the 5G users in India expanded to approximately 10 million by the end of it (Reports by Ericsson).
Taking into limelight Cashify’s customers, almost 5 per cent bought 5G phones. Of the 13 per cent of people buying refurbished phones from Cashify, two per cent opted for 5G, which suggests positive growth in coming times too.
RRR: Simple Choice, Big Impact
Repair, Recycle, and Reuse are three significant choices that are capable of making a big-time shift in the mobile industry. Did you know that 93 per cent of a mobile’s carbon emissions are emitted during the production stage itself? As fancy as it is to buy a new phone, the ecological impact is dampening. To lessen this, it is important to take steps to increase the longevity of the phones you buy. As per the statistics presented via Cashify White Paper 2023, two out of five Indians have a phone of age two years or less that needs repair.
Generally, the repair charges are way too high, and people often end up bypassing the step and instead buying a new phone altogether. The right-to-repair initiative by the Government of India is a step in the right direction that is expected to yield positive results.
The data from 2019 suggests that only 17 per cent of electronic waste is recycled. This meagre number needs to increase to improve the worsening impact of the carbon footprint left by the industry. Cashify’s performance in selling refurbished devices and contributing towards the reusability of electronic devices has increased phenomenally as it reported a 300 per cent growth in sales in 2022 alone.
A few top brands are contributing towards popularising the RRR concept through concepts like:
- Buyback Programs for selling the old devices lying idle at home to the original equipment manufacturer (OEM)
- Increasing device lifespan through software updates, repair policy, etc.
- Reusing recycled plastics or raw materials for manufacturing
- Enhancing energy efficiency through better power management, software optimisation, and more
Top Selling Phone
As per the statistics, 26.1 per cent of the people sold their Xiaomi mobile phones to Cashify. Following this were brands like Apple (18.32 per cent), Samsung (11.85 per cent), Vivo(9.87 per cent), OnePlus(7.74 per cent), Realme(7.42 per cent), Oppo (7.21 per cent) respectively. Few other brands grabbed an 11.08 per cent share out of the total phone sold to Cashify.
Apple captures the top position for phone brands that are sold to Cashify under all the price brackets. Additionally, the national capital, Delhi, remains the top city to sell the maximum number of phones to Cashify with a 15 per cent share, followed by Mumbai (11 per cent), Bangalore (10 per cent), Hyderabad (7 per cent), Pune (4 per cent) capturing successive ranks. Chennai, Kolkata, and Gurgaon hold the same share of around 4 per cent selling their phones to Cashify. Multiple other cities account for a 40 per cent share!
Redmi Note phones remain the most-bought mobile phone under 10000 price range. For other price bands, Apple continues to hold the top brand to be bought via Cashify.
Truth Index
The truth index suggests a number of people who specify the correct condition of their before actually putting their phone for sale on Cashify. As the number of users selling their mobile phones on Cashify grows tremendously, it is necessary to understand the real condition of their phones to get real pricing for them.
The statistics from 2022 suggest that with 45 per cent, Mumbai had the highest number of people who told the actual condition of their devices as compared to Bangalore, which slipped to the second position, unlike last year’s report, where it grabbed the top position.
Chennai continues to have the same share of users as that of Banglore (44 per cent), holding second position, followed by Pune (42 per cent), Gurgaon (41 per cent), and Delhi (40 per cent). Next in line are Noida, Kolkata, Ghaziabad, and Hyderabad, with 35 per cent, 33 per cent, 33 per cent, and 29 per cent of users declaring phone condition correctly.
About The Loved Mobile Brands
Here we present to you some of the most loved mobile brands in the Indian scenario currently.
Apple
Undoubtedly, one of the most premium selections for users who are ready to go a step further with their quality choice and budget has to be Apple. With the launch of the iPhone 14 series and the increased popularity of models like the iPhone 14 Pro and iPhone 14 Pro Max, the brand reported sales of two million units in Q4 alone.
Additionally, Cashify’s trade-in partnership with Apple brought in 30 per cent of the devices from users. Of all the phones sold to Cashiy, Apple’s iPhone constituted 18 per cent of the share. iPhone XR holds the top position with respect to top iPhones sold to Cashify.
OnePlus
2022 remains a striking year for OnePlus as it breaks its precedence of launching a single phone and instead brings seven models in one year. We witnessed the expansion of OnePlus towards different price range bands, including some of the budgeted phones like the OnePlus Nord 3 CE Lite with premium phones like the OnePlus 11 5G. If we speak about the number of buybacks Cashify received with respect to OnePlus, it accounts for nearly 8 per cent of the total share. OnePlus 7 was one of the most sold OnePlus models in 2022 by Cashify in its refurbished segments.
With a 22 per cent market share, it assumed the position of the most affordable premium segment phone in 2022. Bangalore sold around 11 per cent of the OnePlus phones to Cashify with Mumbai, Delhi, and Hyderabad, ranking for successive positions in the list.
Oppo
Launch of the ultra-premium smartphone model Oppo Reno 8 Pro, the market share of Oppo that saw itself dipping through the beginning of the year due to the Omicron variant revived considerably. Oppo A3s constituted the most sold Oppo phones to Cashify via the buyback program. The highest number of OPPO phones were sold by Mumbaikars (11 per cent), followed by Delhiites (9 per cent).
Others
Other mobile phone brands like Xiaomi, Samsung, and Realme continue to hold their strength in the rank list of most loved brands in the country and remain an important buyback brand for Cashify. Samsung maintained the second largest position in the smartphone segment for 2022. With 21 per cent, it became the top 5G smartphone brand in India.
Samsung Galaxy S21 Ultra 5G and Vivo S1 became the most sold refurbished product by Cashify with around 3.70 per cent share and 3.95 per cent, respectively.
Synopsis
Q2 of 2022 saw an exceptional trend where the demand for new smartphones saw a downfall, majorly due to customers’ willingness to either get their old phones repaired or instead go for the refurbished choice. Cashify’s sales of refurbished devices saw a growth of over 300 per cent in 2022, which is commendable, keeping in mind the need to go eco-conscious and sustainable even in the mobile industry.
Cashify’s White Paper 2023 aims to bring in an impacting change in mobile user behaviour through the inclusion of choices like RRR. Reusing phones and getting some amazing deals with refurbished devices provided by Cashify is making this possible and cost-effective, too. If you are looking forward to an in-depth analysis, do not forget to check the official Cashify White Paper via the link below.
CASHIFY WHITE PAPER 2023: DOWNLOAD
Plan to sell your old phone or recycle your old phone? Check out Cashify’s buyback deals and offers!
Kumari Purvi
One who turned her passion into a profession. Traveller by heart and minimalist by nature, I am a people person and voice to the voiceless. A Bollywood buff and tech enthusiast who intends to cover the nooks of the world.