At 10 billion of dollars , the refurbished market for consumer electronics is one of the largest in the tech space making it impossible to ignore. Moreover, with no signs of it slowing down any time soon, the refurbished tech may just be the future of consumer tech.
Many consumers have come to realize that refurbished could mean a lot of other things apart from used. Refurbished products are typically manufacturer or store restored products that come at an affordable price since they have been used as demos, damaged during shipping, returned for minor defects, or sometimes just buyer’s remorse.
So, let’s see why it makes sense for manufacturers to adopt refurbishing in 5 points
Greater awareness – In recent years more consumers have realized that there are home and kitchen appliances, TVs, wearables, digital cameras, and other popular consumer goods to be had for cheap in the refurbished market. Having realized that refurbished does not mean used or broken, they have been buying these goods, and this has resulted in the renaissance.
A slowdown in the markets – In the consumer electronics market world, there has been a significant slowdown in the United States and Europe, and this has forced manufacturers to get into refurbishing. By refurbishing products networks, manufacturers and repair stores can offer full life cycle services and help consumers get better value for money on their goods.
New innovations – Even though there are many factors that can be blamed for the slowdown in the tech market, rising costs of new products due to new technologies have also played a massive role in the shift towards refurbished. Big Players introducing shiny and innovative features such as tech innovations more and more frequently, the costs have been rising in line with prices and this has pushed many consumers out of the new products market, to refurbished.
Competition – With new manufacturers of Home appliances which offering budget products, major companies have had to shift to selling refurbished to prevent the loss of market share and revenue. Some of the major companies , have recycling and take-back programs that accept old consumer tech, which can be repaired and then sold as refurbished.
Environment and CO2 – As consumer demand continues to rise, refurbished technology is undoubtedly the future of consumer tech. Selling slightly used or older products can be instrumental in helping manufacturers bolster their bottom line, minimize the threat of e-waste, and improve the reputation of their brands. There will always be people who will take a pre-owned products, open box, or slightly scratched as long as it works, is of the right model, and brand. Working together, manufacturers and consumers can work towards win-win outcomes with refurbished tech, and by doing so, will have a positive CO2 impact on the environment.
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