Trending: #Refurbished #Repair

Another trend came into light during Q2 of 2022. Demand for new smartphones saw a decline because it was noticed that consumers were preferring to their phones repaired or buying a refurbished phone.

In 2022, Xiaomi maintained its position as the top brand in the Indian smartphone market, with Samsung, Vivo, and Realme close behind. Meanwhile, Apple dominated the premium and ultra-premium segments of the market.

Reflecting on the preowned market, Xiaomi remained the leader brand here as well. Apple, Samsung, Vivo and OnePlus followed and captured the next 4 top positions. Redmi Note 7 Pro topped the list of phones most sold phones to Cashify by customers. Whereas, Redmi Note 5 Pro and Apple iPhone 7 grabbed the second and third place.

2022 proved to be a successful year for Cashify. Clocking in a YoY growth of whopping 63% in buybacks, Cashify registered maximum buybacks in the third quarter of 2022. It’s sale of refurbished phones grew by nearly 350% while the retail segment logged a massive 240% growth. With the consumer’s gradual increase in affinity towards buyback and refurbished, this growth is likely to continue.

In this whitepaper, we share useful snapshots of what shaped our digital world in 2022 and what might follow in the near future.

Research methodology: Data presented here has been derived from independent surveys conducted by Cashify. External sources include reports from International Data Corporation, Canalys, Counterpoint Research, newspaper articles, etc.