Mumbai, February 10, 2019: Constantly changing the landscape of Indian smartphone user base is all set to touch about 442.5 million by 2022, making it amongst the fastest growing smartphone market in the world according to a report by IDC. The country is a juncture wherein it is experiencing a trend, wherein consumers upgrading their phones every 10-12 months resulting in surplus demand for smartphones. The demand has not only attracted the attention of mobile manufacturers & suppliers from across the world but also has stirred the second-hand smartphone market in the country.
Amidst the frequent launches of the phone and their upgrades, the pre-owned smartphone market is also on the rise wherein people are resorting to buying more pre-owned smartphones. According to a Deloitte India report, the Indian used smartphone market is expected to reach US$4 billion by 2020.
Currently, a large part of the pre-owned mobile market is still offline driven by dealers, mom n pop shops, but in last few years online marketplaces are increasing, primarily dominated by classified sites like OLX & Quikr along with e-commerce platforms like Instacash, Cashify, Budli, Togofogo etc.
Re-commerce platforms are a breakthrough in the recommerce industry guaranteeing repurchase phone price to the holder, along with logistical support through doorstep pickup & payment saving them from the hassle of answering numerous buyer calls and negotiation from classified sites.
“According to TechArch reports, Indian Smartphone Industry will witness 13% growth in sales in 2019 with an estimated 149 million smartphones to be sold in the year. Talking about the reason for steep growth trends in Industry, Prateek Goel, Co-founder InstaCash said, “Frequent sales, offers, exchanges, cashbacks on e-commerce platforms give a boost on the sales on our platform. Also, the sellers’ common problems like frequent negotiations, delayed selling and no seller protection on the classified sites & open market has resulted in more users who wish to sell phone instantly on platforms like ours”.
Seeing the success in 21 cities across India, we forayed to the high potential smartphone markets of South Asian country which is growing at a rate of 6.5% every year  by launching in Malaysia through a strategic partnership with CompAsia in 2018. With our soaring success in Malaysia with 11300 mobile trade-ins just in three months, the company is all set for Singapore, Taiwan.
Julius Lim, Founder & CEO of CompAsia added “InstaCash App is launched successfully in Malaysia & has got a great response. He cited that according to a report co-authored by Google and Temasek 3.8 million people come online for the first time in the region each month primarily through mobile, and IDC foresees that over time more devices will see sales grow as the new internet users seek to upgrade their smartphone by selling their old phones resulting in more transactions month on month”
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