Sales in many countries have increased! The second-hand product market has great potential

As we all know, second-hand products have price and environmental advantages. Affected by the epidemic and inflation, as well as the increasing environmental awareness of consumers, more and more people are buying second-hand products.

As the market for second-hand products grows, buying second-hand products online has become a new trend in various countries.

A survey shows that by 2026, the size of India's second-hand smartphone market is expected to reach 10 billion US dollars; in the United States, it is not just second-hand mobile phones. More than 69% of Americans choose to buy second-hand products such as clothing, furniture, and tools; clothing, as a popular product in the second-hand market, has always been the focus of everyone. On May 9, Singapore's second-hand e-commerce platform Carousell announced the acquisition of second-hand clothing platform Refash.

India's second-hand smartphone market has huge potential

India's used smartphone market is expected to reach $10 billion by 2026, according to a new report last week .

Due to the impact of the epidemic, a large number of unorganized channels have been replaced by online shopping. With the popularization of mobile e-commerce, Indians' demand for second-hand smartphones has gradually increased.

Price advantage is the main reason why Indian consumers choose second-hand or refurbished products.

In addition, emerging technology startups such as Cashify, HyperXchange and Yaantra are using technology to drive the growth of the second-hand smartphone market in India.

As demand for upgrading smartphone devices increases, Indian technology companies are using network technology, supply chain improvement and omni-channel approaches to solve pain points and provide consumers with a better experience.

More than 69% of Americans choose to buy second-hand products

As early as the eve of Earth Day this year, a survey showed that due to rising prices, more than 69% of people in the United States chose to buy second-hand products. Among second-hand products, Americans most favored clothing , furniture and tools.

In 2021, more than 71% of Americans purchased second-hand or resale products, and this figure is still on the rise.

The survey found that the reasons that influence American consumers' acceptance of second-hand products are value and sustainability.

As in India, price is the main reason why people choose second-hand products, but as people's environmental awareness increases, sustainability has also become one of the main reasons why consumers choose second-hand products.

It is worth noting that influenced by consumer trust, Americans prefer brand retailers to sell second-hand products rather than other retailers, so that consumers will feel more at ease buying second-hand products.

Singapore's second-hand e-commerce platform Carousell announced the acquisition of second-hand clothing platform Refash

Clothing has always been a popular item among second-hand products.

On May 9, Singapore's second-hand e-commerce platform Carousell announced the acquisition of second-hand clothing platform Refash. The transaction amount was not disclosed.

As a second-hand clothing platform, Refash adopts a combination of offline and online methods. Since its establishment in 2015, it has processed more than 5 million pieces of clothing and resold clothing from more than 300 fashion brands.

Second-hand products are being accepted by people as a new trend. With the improvement of the concept of sustainable development and the price advantage of second-hand products themselves, more and more people are beginning to choose to buy second-hand products.

Cross-border e-commerce market

Second-hand products