The refurbished
electronics industry is making a huge leap in 2019.
The world is becoming
less fascinated with new flagship smartphones that come out each
year. The $1,000 price tag is making everyone think twice about
upgrading when they already have a capable mobile.
But there are those who
make it a point to get the absolute latest product from their
favorite brands. The refurbished route makes it a less expensive,
more environment-friendly endeavor.

The global rise of renewed tech
In 2018, the world
witnessed an amazing array of next-gen smartphones that ranged from
the iPhone X to the Samsung Galaxy S8. It was also the time that
smartphones were beginning to be sold at a thousand dollars apiece.
Suffice to say,
everybody wanted one, but they couldn't justify the price tag.
The 'renewed' market was
then created to boost sales by offering budget-minded consumers a
lower-priced alternative to the same smartphone brand and model. A
report from Counterpoint mentioned that the refurbished industry in
Europe grew 13 percent in 2017, or equal to 140 million new phones
which was greater than the new phone sales.
In the United States,
Serge Verdoux reported that the figure was 10 times greater than its
EU counterpart, which says a lot about the appeal of going
'refurbished'.
Consumer tech gets a nice boost too
The success of
refurbished smartphones has made its way to general consumer tech.
When people are educated on what 'renewed' really means, then they're
more likely to support these kinds of products.
Refurbished TVs,
laptops, digital cameras, monitors and other popular goods are also
getting a share of the market. Businesses, especially startups prefer
refurbished office equipment so they can save more money.
What is the term
'refurbished', really? In simple terms, it means that the item is
almost the same as its brand-new counterpart in function and looks.
They're repaired, sent back to the shelves after a short return and
inspected via standard testing to ensure they work as advertised.
The refurbished option
It's not that difficult
to see why people would prefer the renewed products over new items.
When they see the lower price tag for the same kind of quality and
brand, they'll feel that they're getting a better value on their
purchase. Money saved with refurbished products can then be spent on
essentials, such as food, clothes and rent.
Mobile phone and tech
companies understand that they could make a profit on the refurbished
industry to supplement sluggish growth of the new phone market.
Governments are also becoming more aware of the value of
sustainability and how they could reduce their nation's carbon
footprint for a better future.
Refurbished impact on
the smartphone industry
In the US and EU, new
phone sales have started to taper off, largely because the population
already has last year's devices and are hesitant to spend thousands
of dollars on new models that offer incremental upgrades. Plus, the
fact that new competitors from Asia, Africa and India are emerging.
Mobile carriers started lifecycle smartphone programs along with
their packages.
Buyback programs and
recycling initiatives make it easier for consumers to dispose of
their tech goods responsibly. Recycling Sites like Plunc can give you
a portion of your money back in exchange for selling old iPads,
iPhones, and MacBooks, as well as other second-hand devices including
laptops, smartphones, tablets, game consoles, speakers, and more.
The rise of renewed
As of today, the renewed
market is still going strong and thriving. People now have a wide
variety of options to dispose of their goods, including selling on
eBay, Amazon and Facebook Marketplace. More renewed goods mean
there's less production of new phone models and less water and gas
usage.
The analysts at IDC
expect the refurbished industry will grow to $52 billion in the next
5 years. Source-
With incentive programs
from the government and major brands, it's now easier to trade in
your old gadget for a new one at a discounted price.

Why buy refurbished?
Greater awareness that
there's a renewed option is great for everyone involved- we, the
consumers, the tech companies and Earth.
You can now get the
latest gadgets at a more affordable price, while knowing that your
old devices can be recycled, reused or sold at online marketplaces in
exchange for money.
A small percentage may
still prefer shiny, brand-new phones every now and then, but the rest
can contribute to a greener future by choosing refurbished products.
Refurbished is
definitely the future of consumer tech because it manages to hit all
the right points in the consumer, smartphone manufacturer and
environmental view. When there's a cheaper option, people tend to
upgrade because they'll save money and can use that for food and
other necessities. Instead of old phones ending up in landfills, they
get recycled, reused or repaired and help make the world a better
place to live in.
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