As electronic products are out of stock and prices rise, the refurbished electronics market is growing rapidly

Over the past year, refurbished electronics have regained attention among consumers.

Previously, the market for refurbished second-hand electronics has been tepid, mainly because consumers worry that the products will malfunction or that they will be counterfeit.

But sales of refurbished electronics have surged during the pandemic. For example, Amazon's refurbished brand, Amazon Renewed, became Amazon's third most popular electronics brand in June 2020. Similarly, eBay Certified Refurbished Center also saw growth last year. During Cyber ​​Week in 2020, sales of eBay Certified Refurbished electronics increased by 120%.

Back Market, an e-commerce platform that sells refurbished electronic products , conducted a survey. In 2019, 65% of consumers said they had no confidence in purchasing refurbished products, while in 2021, 65% of consumers said they would purchase refurbished products.

Why are refurbished electronics becoming more and more popular? Back Market Chief Business Officer Serge Verdoux said that in recent years, there has been no major innovation or design breakthrough in smartphone products, and prices have remained high or increased. For example, the price of iPhones has risen sharply since 2017. Since last year, there has also been a shortage of laptops worldwide.

In addition, the increasing number of online channels such as Amazon, eBay and other refurbished product trading platforms offering professional refurbished products and services has made customers more willing to search for them online.

Back Market reported that the company's sales increased 1,000% year-on-year between 2019 and 2020 and are still growing. It currently has more than 5 million customers worldwide, with the United States being one of its largest markets.

Laptops and iPhones have always been the most searched products on Back Market, but at the same time, other categories of products are also growing rapidly. From the first quarter of 2020 to the second quarter of 2021, Back Market's game console sales in the United States increased by 950%, while the average selling price increased by 38%.

For refurbished electronics merchants, many customers are repeat customers. Although some consumers choose refurbished products because of the low price, they are not willing to sacrifice the quality of the product. Therefore, customer service and product quality remain top priorities. In addition, expanding inventory and providing consumers with more choices are also important means to attract consumers.

In addition to the second-hand refurbished electronics market, the second-hand clothing market is also expected to grow rapidly. According to foreign media reports, in the next five years, the US second-hand clothing market is expected to more than double to $77 billion. For sellers, the second-hand market is also a new direction to consider.

Over the past year, refurbished electronics have regained attention among consumers.

Previously, the market for refurbished second-hand electronics has been tepid, mainly because consumers worry that the products will malfunction or that they will be counterfeit.

But sales of refurbished electronics have surged during the pandemic. For example, Amazon's refurbished brand, Amazon Renewed, became Amazon's third most popular electronics brand in June 2020. Similarly, eBay Certified Refurbished Center also saw growth last year. During Cyber ​​Week in 2020, sales of eBay Certified Refurbished electronics increased by 120%.

Back Market, an e-commerce platform that sells refurbished electronic products , conducted a survey. In 2019, 65% of consumers said they had no confidence in purchasing refurbished products, while in 2021, 65% of consumers said they would purchase refurbished products.

Why are refurbished electronics becoming more and more popular? Back Market Chief Business Officer Serge Verdoux said that in recent years, there has been no major innovation or design breakthrough in smartphone products, and prices have remained high or increased. For example, the price of iPhones has risen sharply since 2017. Since last year, there has also been a shortage of laptops worldwide.

In addition, the increasing number of online channels such as Amazon, eBay and other refurbished product trading platforms offering professional refurbished products and services has made customers more willing to search for them online.

Back Market reported that the company's sales increased 1,000% year-on-year between 2019 and 2020 and are still growing. It currently has more than 5 million customers worldwide, with the United States being one of its largest markets.

Laptops and iPhones have always been the most searched products on Back Market, but at the same time, other categories of products are also growing rapidly. From the first quarter of 2020 to the second quarter of 2021, Back Market's game console sales in the United States increased by 950%, while the average selling price increased by 38%.

For refurbished electronics merchants, many customers are repeat customers. Although some consumers choose refurbished products because of the low price, they are not willing to sacrifice the quality of the product. Therefore, customer service and product quality remain top priorities. In addition, expanding inventory and providing consumers with more choices are also important means to attract consumers.

In addition to the second-hand refurbished electronics market, the second-hand clothing market is also expected to grow rapidly. According to foreign media reports, in the next five years, the US second-hand clothing market is expected to more than double to $77 billion. For sellers, the second-hand market is also a new direction to consider.

Electronics

Refurbished Products

Smartphone

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