Is restoration the future of consumer technology?
It seems that we have reached the saturation point for consumer technology.
Sales of new smartphones are slowing down. As the prices of flagship products continue to rise, consumers and businesses alike are increasingly reluctant to invest their hard-earned money in the latest electronics; And that's where buying refurbished phones is fast becoming the new way to upgrade.
Refurbished market experiences strong growth rate
2017 was the year that we saw the appearance of the Galaxy S8, S8 Note, iPhone X, and Google Pixel 2 XL, among others. People were still reeling from buying new phones the year before, and therefore began to consider refurbished units rather than new models.
Counterpoint's Refurbished Smartphone Tracker report states that the refurbished mobile phone market increased 13 percent in 2017, or equivalent to 140 million products, which was higher than the growth in new phone sales. It is estimated that in 2020 the sales of refurbished mobile phones will exceed 20 percent.
They are not just refurbished smartphones
Mobile phones are not the only devices experiencing a renaissance in the reuse market, but consumer technology products in general are as well. Experts and researchers have also found a similar trend in the laptops and PC segment, driven largely by corporations and startups, government offices, and educational institutes preferring to renovate due to their cheaper costs.
The refurbished technology trend is driven by consumer awareness. More people have come to realize that there are revamped variants of popular consumer goods, including digital cameras, televisions, kitchen and home appliances, wearable devices, and more. Refurbished doesn't mean it's broken, and standard checks and tests guarantee they're as good as their new counterparts.
What's Driving Interest in Refurbished Devices?
It's easy to see that the most dominant factor driving the renewed trend is the entry price of the newer phone models that come out each year. As phones get more advanced and get more powerful hardware, manufacturers must increase the price to remain profitable. With a revamped alternative, consumers can save a significant amount of money and still be able to buy the brand and product they want.
To compensate for the lower sales volume, manufacturers turned to selling reconditioned consumer goods. On the other hand, greater environmental awareness on both sides (and as mandated by law) gave refurbished the "greener" option as less e-waste is produced by extending the life of the devices. PCs, laptops and tablets that were labeled as "refurbished" sold faster than those identified as "new."
Renewed technology benefits
Cost-based purchases and high-quality technology products protected by product warranty allow the consumer to choose refurbished items over new premium items. In the future, you can expect to have many, if not all, of your favorite consumer appliances priced for new and refurbished.
Businesses can save more without compromising business operations when they source the equipment they need - tablets, laptops, and televisions - from reputable and reputable refurbished product suppliers.
The Refurbished is here to stay
There will always be a market for people who want nothing but the best and latest in consumer goods, regardless of price. For the rest of us, open box, pre-owned, or refurbished is a way to save more money without having to choose an inferior make, model, or quality.
Buying refurbished mobiles saves the environment in several ways. The impact of manufacturing will slow down as fewer devices are produced, which in turn equates to lower greenhouse gas, fuel and water consumption. Refurbished products are a great way to reduce the amount of electronic waste that fills up our landfills each year.