Second Hand Smartphone Market Thriving In India: OLX
Mumbai: Online trading platform OLX on Saturday said that an increase in the consumer desire to own the lastest high-end smartphones has helped the pre-owned or ‘second-hand’ smartphone market in India grow by leaps and bounds. According to the company, the Average Selling Price (ASP) of a second hand smartphone has jumped from Rs. 9,000 to Rs. 11,000 in just one year.
It has also been revealed by OLX that more and more high-end, second hand phones are now being traded on the platform than ever before while the holding period of smartphones has declined from three to less than two years, especially in the tier II and III cities of India.
With a high penetration and frequent technological upgradations of smartphones, consumers are switching over to new models within months. This results in good-quality and fairly new second hand phones available for a huge audience. This is also helping platforms like OLX to tap potential buyers and sellers.
While a large part of the pre-owned mobile market is still offline – driven by dealers, retailers and shop owners, the online marketplaces are increasingly gaining prominence for buying and selling of pre-owned smartphones.
Notably, OLX recorded almost 14 million mobile phones and accessories listings in the financial year 2017-18. Samsung, Apple and Xiaomi remain the top three brands listed on OLX.