Smartphones are an essential part of our lives, with still low penetration nationally at around 60% and projected to Hit 70% by exit 2023. Here 5G takes an upswing and brings about another wave of smartphone replacement. Thus over the next 7-8 years, the market is Bullish. With close to 70 Cr Indians owning a smartphone, a replacement cycle of 1.9 years and reducing, there is a market of approx 15-18 Cr working smartphones being sold for replacement in the market every year. Close to 95%+ is unorganized, which presents a Huge opportunity for Business.
The current market is challenged by Inconsistent quality of products, No warranty backup and no Authenticated IMEI billing. This keeps the quality-conscious customer and reseller away from the market.
With the motive of Digitising Recommerce for Consumers and Resellers, Digify was Born. Digify aims to digitize Retailers across Tier 2/3 towns that blend the online and offline worlds seamlessly. Digify, with its 37 points quality certification, Authenticated IMEI, Consistent supplies, Smart Assortment, Completely Digital transactions, Completely sanitized buyback process, and Healthy ROI for retailers/distributors, provides quite an attractive proposition for the channel partners as well as the customers.
The company has developed a machine learning-based, instant price discovery algorithm that takes in various data points from the user’s end. These include the condition of the smartphone, the availability of a valid bill and accessories etc. On the basis of the inputted criteria, it calculates and generates the selling price of the smartphone for the users. Provides an authentic Buyback platform.
Digify provides an excellent opportunity to consumers who get Just Like New phones at almost half the price. All the products come with Digify backed 6 months warranty, Digify Box & Accessories, and a GST paid authenticated IMEI-wise billing.
Digify, with its first in India rural distribution arrangement, reaches out to 38,887+ rural Gram panchayat level Kendras spread across 32 States & UTs, 595 districts and 5,830+ postal codes. This is first of its kind distribution which brings in affordable Smartphones at the farthest point with low smartphone penetration. Thus speeding up India’s digital journey.
Digify boosts rural entrepreneurship thru its Phygital distribution, where resellers can register and buy products. Digify is the ONLY company in the Recommerce space where each and every reseller can buy a product after checking the actual image of the phone thereby ensuring transparency and Negligible returns. Digify stores present a One stop shop for consumers for their smartphone purchase/sales/repairs needs.
Commenting on this partnership, Mr. Gautam Malik, Co-Founder & Director of Digify, said, “The refurbished or used smartphone market in India is expected to reach $10 billion by 2026. Overall used electronics market is likely to grow at a 16 per cent compound annual growth rate (CAGR) to be worth $11 billion by 2026, according to a report. We are addressing the existing Used smartphone market pain points by offering better experiences to consumers via strong network effects, supply-chain efficiencies, and omnichannel presence. We have got close to 35000 plus retailers now who are enabled to sell our products, 8 Digify exclusive stores and channel partners across the country. We have grown 200% over last year. We will expand to 1 Lac retail outlets and 100 Digify stores exit H1 2023.
Needless to say, besides providing a Value for money offering for the consumers and Promoting rural entrepreneurship, it also helps the nation by better management of e-waste. We have a strong IT infrastructure which has all Realtime API integrations between our website www.thedigify.com, Mobile app, CRM and Partner networks.Adding other smart devices and Laptops/Desktops shortly.”
Digify is a startup based in Noida, UP and enables consumers to Buy/sell/repair their smartphones at their website www.thedigify.com.