The supply chain challenges of 2020 have caused the global electronics market to decline drastically but has also brought new opportunities for the refurbished market. These devices have become extremely appealing, especially now that firms professionally refurbish these devices and they go to great lengths to reassure their buyers.
Apple’s iPhone disassembly robot Daisy can efficiently reclaim valuable materials at a rate of 200 iPhones per hour. This is part of its drive to stop mining the earth and aims to build all products from recycled materials.
Not only are refurbished electronics cheaper, but consumers are fast realising that refurbished devices are also better for the environment because less waste is being generated. These could include smartphones, computers, laptops, servers and tablets.
These devices are good as new, a team of experts thoroughly check each device and restore it to the best condition possible. Once certified by refurbishing experts, one can normally expect a 30-day money-back guarantee and a one-year warranty.
According to Counterpoint Research, nearly 137-million used smartphones were sold in the US and Europe last year, accounting for about 10% of all smartphone sales.
There are two options, one could either purchase a cheaper new device or a high end refurbished popular brand like Apple, Samsung or Huawei. These top of the range brands are extremely expensive, but after 12 - 24 months they are available for up to 70% less.
Sales of used devices could match sales of new devices in the near future because the refurbished electronics industry is gaining credibility with improved quality and service. Consumers remain cautious because there is still a lot of apprehension about the second hand market.
Many people prefer a second hand Apple phone or laptop than a new one from an unknown brand. This is largely why Apple dominates the second hand market, it has brand value and the devices are extremely expensive.
Environmental conscious consumers also realise that buying second hand devices increases the lifespan and eliminates waste. This is a big tick for the circular economy, keeping electronics in circulation for as long as possible and eliminating waste.