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Cashify to expand presence; plans to have 150 retail stores by 2021-end

Cashify to expand presence; plans to have 150 retail stores by 2021-end

Up until now, Cashify provides services related to smartphones, laptops, tablets, smartwatches, DSLR, gaming consoles and earbuds. It is planning to broaden its offerings by including more product lines in future

The company plans to offer omni-category services to customers, says Nakul Kumar, COO & Co-Founder, Cashify The company plans to offer omni-category services to customers, says Nakul Kumar, COO & Co-Founder, Cashify

Cashify, a popular platform for the sale and purchase of pre-owned devices, is planning to expand its retail footprint in the country. Cashify currently has 60 stores across India and plans to increase it to 150 by the end of 2021.

"With numerous plans, including retail expansion from online to offline, we have several goals in place. Currently, there are more than 60 Cashify stores present across the nation, including 8 franchise stores in India. And our target over the next six months by the end of 2021, is to go from 60 to 150 stores. We additionally plan to offer omni-category services to customers," says Nakul Kumar, COO & Co-Founder, Cashify. While the company has stores across the country, it is looking at the untapped market -- south/west and central regions.

Up until now, Cashify provides services related to smartphones, laptops, tablets, smartwatches, DSLR, gaming consoles and earbuds. The company is planning to broaden its offerings by including more product lines in the future but did not reveal further details.

Also read: Second-hand smartphones market in India to get much bigger

However, the smartphone category will continue to drive a majority of their business. Nakul Kumar believes in the smartphone category, the refurbished market will perform better compared to the new smartphone market. "Coronavirus has brought about wellbeing uncertainties as well as influenced the funds of individuals. This may doubtlessly bring about changes in the new cell phone market space. The refurbished mobile market is certain to see a boost like never before. Now that essential daily activities like work, shopping, and education have moved online, the need for an affordable device that helps the user perform such activities will keep growing," adds Kumar.

According to Cashify's fifth annual 'User Behaviour whitepaper' for the pre-owned smartphone market, despite the nationwide lockdowns, the 2020 Q3 smartphone shipments in India were at 53 million units, which made it the highest-ever shipment in a quarter. In the pre-owner market, Xiaomi stood as the number one selling brand with a 26 per cent share followed by Apple (20 per cent) and Samsung (16 per cent) in the third position, followed by Motorola (6 per cent), VIVO(6 per cent) and Oppo(5 per cent).

The white paper also stated that Delhi (23 per cent), Mumbai(13 per cent), Bangalore (11 per cent), and Hyderabad(7 per cent) were the top 4 cities for the sale of pre-owned smartphones. Satellite towns such as Ghaziabad, Faridabad, Ahmedabad and Lucknow have also shown robust growth and secured top spots in the upcoming city category.