‘Is there a new market emerging in the sale of used appliances and electronic gadgets?’
Today we live in an era of rapid transformation. Technology has become an integral part of our existence, and is driving speedy change in our Lives. Our electronics and appliances have become an extension of our bodies making us highly dependent on them. To remain in sync with these fast-changing trends, consumers want to upgrade faster and require a platform where they can sell their existing appliances and electronics easily. Hassle free disposal and sale of appliances has become a very important area for consumers and is becoming a big market.
One of the main drivers behind the growth of the used appliance market is the rising cost of new appliances. Many people simply cannot afford to buy new appliances, especially if they are looking for high-end models or products with advanced features. This has created a strong demand for used appliances, which can often be purchased at a fraction of the cost of a new item. In addition, many people are finding that used appliances are just as reliable as new ones, and they are willing to take a chance on a pre-owned product in order to save money.
As per current industry estimates, the used electronics market in India will be worth $ 11billion by end of 2025, which is growing at 16% CAGR
The demand for used appliances and electronic gadgets has created a new sub segment of Refurbished products. The refurbished market is providing a good opportunity for consumers and companies engaged in the buying and selling of second-hand products. The re-commerce companies are addressing the pain points that the traditional used appliances market used to struggle with, such as lack of transparency, quality assessment, fair pricing, time consuming buying process etc.
Today there are companies offering Smart Exchange services for easy Trade-In and disposal of used appliances by addressing the above pain points and offering a better experience to the consumers.
Strong network solutions, Video Quality checks for self-assessment, transparent price discovery modules, logistics efficiencies and an omnichannel presence are some of the offerings of these players which the consumers are loving.
In recent years there has been a dramatic shift in the consumers mindset towards used appliances & second-hand goods, which has given rise to a purpose driven and conscious approach, making re-commerce goods break into the mainstream market.
With the new electronics and appliances becoming more and more expensive, affordability is driving usage of used products thereby improving product lifecycle and improving sustainability. A high specification product can now find a new set of consumers, who could not afford it the first time around, making their rupee go much further for them.
There are also a set of consumers who prefer to purchase from sustainable brands as their way of contributing to the society. Given the deep social and environmental cost of producing and using new electronic gadgets, the most logical solution is to extend their lifespan. The used electronics market is an important part for making the industry more sustainable.
Digi2L is an Indian digital platform that specializes in selling used large appliances. Initially unknown to many, Digi2L is gradually expanding and establishing itself as a reliable and trustworthy platform for customers to sell their used appliances effortlessly from home. The platform offers a smart and seamless selling experience, conducting a video quality check of the product and providing a fair price, followed by doorstep pickup and instant payment. Digi2L revolutionizes the re-commerce industry in India by simplifying the selling process for customers and providing a Smart Assured BuyBack plan when purchasing new appliances. The platform plans to expand its business in various areas to keep up with increasing demand.
In conclusion, it seems clear that there is a new market emerging in the sale of used appliances and electronic gadgets. The growing demand for affordable, sustainable products, combined with the increasing availability of refurbished items and the rise of online marketplaces, has created a strong and growing market for pre-owned goods. As people continue to look for ways to save money and reduce their impact on the environment, it seems likely that the used appliance and electronics market will continue to grow and thrive in the years to come.
(The author is Mr. Alok Mathur, Co-Founder, Digi2L, and the views expressed in this article are his own)