Refurbished Devices Rising Popularity

According to recent market research completed by Persistence Marketing Research, the used device market is on the rise from $19.7 billion in 2017 to $38.9 billion by the year 2025. Consumers are finding new ways to save money by buying used and refurbished devices.
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INCREASING CONSUMER DEMAND IS DRIVING THE REFURBISHED MARKET

96% of Consumers Say that Buying Refurbished Helps Them Save Money

Refurbished devices are pre-owned consumer electronics that have been restored to a condition to be sold again. With the ever-changing consumer preference on consumer electronics, there are several devices that returned or exchanged. This leaves companies with various conditions and models of consumer electronics.

Consumers are buying and plan to continue buying used devices. These products are readily accepted as an option for electronics. Despite traditional taboos, refurbished products are becoming a viable option for modern-day consumers. Consumers are trying to save money on their devices by finding alternatives to purchasing new.

Research Director for Counterpoint, Tom Kang, said, “With 13% growth, refurbished smartphones are now close to 10% of the total global smartphone market. The low growth of the new smartphone market in 2017 can be partially attributed to the growth of the refurb market.”

Product manufacturers and retailers have a large incentive to pay attention to refurbished products as well as the many consumers who are shopping for these products. Focusing on only one product tier, new consumer electronics, is a missed opportunity. Companies have an opportunity to expand the number of customers purchasing a product in the secondary market.

Refurbished products are a growing resource for consumers to try out new products from their favorite brands and to be more price-conscious in their buying behavior. The rise of the used device market presents an opportunity for consumer electronics companies. However, managing the used device market can quickly become a challenge for companies who are unprepared without a strategy in place.

Companies would be wise to build a strategy to tap this growing market. Partnering with a proven industry leader will help instill and align best practices in the programs you use for used and restored products. Liquidity Services will improve results and ensure a positive customer experience in secondary markets.

Partner with Liquidity Services Today!
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