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Global refurbished smartphone market grew 13% in 2017

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Mumbai, March 7 (IANS) The global market for refurbished smartphones grew 13 per cent Year-on-Year (YoY) in 2017, reaching close to 140 million units, Counterpoint Research said on Wednesday.

This was in contrast with the global new smartphone market that grew a scant three per cent last year.

There are many grades of refurbished devices that attract different price points depending on available quantity and demand for a specific model or variant, according to Counterpoint’s “Refurbished Smartphone Tracker” report.

“With 13 per cent growth, refurbished smartphones are now close to 10 per cent of the total global smartphone market. The low growth of the new smartphone market in 2017 can be partially attributed to the growth of the refurb market,” Tom Kang, Research Director, Counterpoint Research, said in a statement.

“The slowdown in innovation has made two-year-old flagship smartphones comparable in design and features with the most recent mid-range phones. The mid low-end market for new smartphones is being cannibalised by refurbished high-end phones, mostly Apple iPhones and Samsung Galaxy smartphones,” Kang added.

Refurbished smartphones are essentially pre-owned smartphones that are collected, rejuvenated or repaired to be sold again in the market.

“It’s a surprise to many that the fastest-growing smartphone market in 2017 was not India or any other emerging market, but the refurb market. With refurb smartphones in play we think the market for new devices will slow further in 2018,” said Peter Richardson, Research Director, Counterpoint Research.

The report noted that Apple and Samsung’s dominance is obvious in the refurb market than in the new smartphone market.

The two brands together hold close to three-fourths of the refurbished smartphone market, with Apple leading by a significant margin.

In terms of revenue the two smartphone giants control more than 80 per cent of revenue in the refurbished smartphone market.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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