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Samsung Electronics is aiming to continue to keep its growth strong by selling refurbished and used models of its high end phones as early as next year.
According to a report in Reuter’s, Samsung Electronics is looking for ways to keep its momentum going after enjoying strong growth with its recent line of mobile handsets.
The company plans to refurbish its high-end phones from customers who returned their phones under a one-year upgrade program. The refurbished phones come from customers in South Korea and the United States which Samsung Electronics will turn around for a cheaper price.
The potential move on the part of Samsung Electronics comes at a time when selling used phones is becoming a big business. According to Deloitte Global, in 2016 consumers will sell or trade in about 120 million used smartphones, generating more than $17 billion for their owners. Deloitte said the average value is $140 per mobile phone. Deloitte noted it’s a 50 per cent increase from the 80 million smartphones that were traded in last year. Those phones had a value of $11 billion and sold for an average of $135. What’s more, Deloitte predicted selling used smartphones will pick up through 2020 with both consumers and manufactures embracing the practice. “We predict at least 10 percent of premium smartphones ($500 or higher) purchased new in 2016 will end up having three or more owners before being retired, and will still be used actively in 2020 or beyond,”
Deloitte said in the report. “About half of the devices are expected to be traded in to manufacturers or carriers in exchange for credit toward a new smartphone. The remainder will likely be sold online privately, to retail shops or to second-hand device specialists.”