Cashify to introduce ‘Try and Buy option’; consumers can book a trial before buying refurbished smartphone

The popular re-sale marketplace Cashify, which has emerged as a preferred platform for selling used smartphones and purchasing refurbished devices, now plans to introduce a Try and Buy option. Currently under development, with this new feature, consumers will be able to book a trial of their device before they purchase it.

Nakul Kumar, Co-Founder & CMO at Cashify, told Business Today, “We’re glad to see that people's inhibitions about refurbished devices are gradually diminishing. By providing six months warranty, a 1-month replacement policy, and more, we’ve ensured that people get everything they can need when they buy a refurbished device from Cashify. As more people trust the quality and reliability of refurbished devices, we’re planning to take this trust to another level by introducing Try and Buy option. Through this feature, people will be able to book a trial of their device before they buy it.” Under development, Cashify plans to roll out this feature by January 2023.

The unorganised second-hand phone market has existed for over two decades. Of late, consumers have been aspiring to buy feature-rich smartphones from brands like Apple and Samsung by spending extra in exchange for six-month warranty and service support. This has helped the organised refurbished market gain momentum over the last five to six years, giving rise to players like Cashify, HyperXchange and Yaantra, to name a few.

“A recent report estimates that by 2026, India’s second-hand smartphone market will boom to a size of $10 Billion. With every new phone launch, people’s willingness to upgrade rises. And with people becoming more value-conscious, refurbished devices have become a pocket- and planet-friendly method to fulfil these needs and wants,” adds Kumar.

Besides its online presence, Cashify has over 170 offline stores across the country and plans to take its total number of stores to 250 by March 2023. For the same, the company plans to invest at least Rs 40 crore in its retail expansion. “We already have a wide presence across India. Yet, there are some regions where we are eager to venture into, such as Goa, Northeast cities, and Himachal Pradesh,” says Kumar.

Other than the retail expansion, Cashify is eyeing to turn profitable by FY 2024. In the unorganised refurbished smartphone space, the margins are high. As it mainly constitutes independent shops who do not offer after-sales services like warranty, replacement policy and more, their investments aren’t high either. “Contrarily, in organised markets like ours, customer experience is paramount for us. So, we ensure that our profits are reinvested as high-end after-sale services where we provide a six month warranty, easy replacement policy, and more,” adds Kumar. To date, Cashify has raised funding of over $120 million from renowned investors, including NewQuest Capital Partners, Bessemer, Blume Ventures, and Olympus Capital.

Also read: Refurbished 5G smartphone sales see an uptick in India, jump 154%: Cashify's Nakul Kumar

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