Many may not be able to afford the latest Apple iPhones due to their sky-high prices, but the brand holds one of the leading positions in the refurbished smartphone market, where they are sold out within a few minutes. minutes.
Although the lifecycle of iPhones is longer than that of many other brands, there is a great demand for used iPhones, said Jayant Jha, co-founder and CEO of Yaantra, the company that handles the repair. and the refurbishment of smartphones.
“The number of Apple phones available on the market is very low. Plus, the average user will keep it for two years, ”Jha said. Activity area.
EMI at zero cost
“For our company, demand has never been an issue. Also, what is important, consumers can often go for a finance option, go for a zero cost EMI, they can pay in installments, ”he said.
Besides Apple products, in the aftermarket, products that sell for between 5,000 and 10,000 are doing very well, he said, adding that Xiaomi or Samsung phones are quite in demand in this category.
“Currently, the refurbished smartphone market in India is around $ 4-5 billion. Almost 95 percent of the market is still unorganized. However, there is a rapid change happening from the unorganized to the organized, ”he informed.
Regarding the size of the market opportunity, Jha said Yaantra will expand its reach to 750 cities, cities of around 500 cities at present, and in particular is considering a huge expansion in level markets. II and III, because they are the main customers. . “On the service side, we are already present in Level I metros and in the next 12 to 24 months, we plan to expand our network to 10 other potential large cities,” he added.