Cashify Bought More Than One Million Used Smartphones in 2018

The average transaction value per used smartphone was Rs 4,500. Cashify said that the average upgrading span has gone down from 12 to 14 months to 10 to 12 months.

Cashify, a company operating in the re-commerce space in India, has disclosed that more than 10,20,000 second-hand smartphones were bought by them, in 2018. The company has disbursed a total Rs 459 crore to smartphone users, who sold their old smartphones on Cashify.

Company’s official statement read, “While most people preferred to have a direct transfer in their bank accounts, cash was the second most preferred payment mode for the customers, to accept instant money against their old smartphones.”

Xiaomi, Samsung and Motorola Top Brands

Cashify disclosed that Xiaomi, Samsung, Motorola, Apple and Lenovo were the top five brands with most transacted phone models on company’s portal. In total, 20.7 per cent of Xiaomi, 18.5 per cent of Samsung, 18.1 per cent of iPhones, 10.6 per cent of Motorola and 8.2 per cent of Lenovo smartphones were bought back.

Its official statement read, “These five brands account for 76 per cent of the total number of smartphones bought by Cashify in 2018.”

Average Transaction Value per Used Smartphone

The average transaction value per smartphone, as per Cashify, is Rs 4,500. The most number of phones were sold in three different price categories, having their launch price ranges from Rs 5000 to 10000, Rs 11000 to 16000 and Rs 20000 to 30000.

Cashify said that 22 per cent of the customers, who owned a device within the range of Rs 5000 to 8000 price bucket, bought a new device within the same price range, 64 per cent upgraded to Rs 8000 to 12000 price bucket and the rest 14 per cent jumped to Rs 12000 to 18000 price bucket.

Decrease in Average Upgrading Span

When it comes to warranty period of the phones sold, Cashify has disclosed that 28 per cent of phones were sold between 6 and 12 months of their warranty period, whereas 18 per cent of the phones had more than 6 months of warranty period left.

Cashify’s official statement read, “The average upgrading span has gone down to 10 to 12 months from 12 to 14 months earlier.”

It continued, “Majority of the smartphones users, who sold their phones under warranty, were looking forward to upgrading to a new device with a better set of configurations. A better camera and a bigger screen size stand out as the two most desired features for the users when they plan to upgrade to a new smartphone.”