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<ul><li>The <keyword id="8194701" type="General" weightage="20" keywordseo="refurbished-smartphone" source="Orion">refurbished smartphone</keyword> market has recorded rapid growth in India.</li><li>While the unorganised sellers dominate the market, the organised sellers are also growing.</li><li>Affordability and shorter upgrade cycles are among the factors fueling the refurbished smartphone market.</li></ul> India's refurbished smartphone market is experiencing significant growth, outpacing the new smartphone sector. This reflects a maturing market which is increasingly catering to consumers looking for affordable yet reliable options. According to a report by Counterpoint Research, unorganised sellers dominate the refurbished smartphone market, accounting for 77% of transactions. The Indian refurbished smartphone sector has traditionally been dominated by unorganised players, offering devices at a fraction of the cost of the new models. However, the introduction of value-added services like warranties, quality assurance, and after-sales support by emerging e-commerce platforms is beginning to formalise this market, enhancing consumer trust and driving further growth. <h2>What’s fueling the refurbished smartphone market</h2><h3>Affordability</h3><keyword id="2698558" type="General" weightage="20" keywordseo="refurbished-smartphones" source="Orion">Refurbished smartphones</keyword> offer consumers access to higher-end hardware at lower costs, making premium technology more accessible to a broader audience. This aspect is particularly appealing in a price-sensitive market like India. <h3>Shorter upgrade cycles</h3>With technology evolving rapidly, many users prefer to upgrade their phones more frequently. Refurbished devices provide an avenue for this without the high cost associated with new purchases. <h3>Environmental impact</h3>There's a growing awareness of the environmental benefits of using refurbished products, which reduces electronic waste and the demand for new manufacturing, which is resource-intensive. <h3>Consumer confidence</h3>The entry of organised players who provide guarantees and quality checks on refurbished devices has significantly boosted consumer confidence. These services add a layer of reliability to what was once a market fraught with uncertainty about product condition and longevity. Despite the growth in the unorganised sector, there's a noticeable trend towards formalisation. E-commerce platforms specialising in refurbished goods are expanding, providing consumers with the convenience of online shopping backed by credible service commitments. The report also notes that this growth is not just contained within India. Globally, the refurbished smartphone market is on an upward trajectory, with similar trends observed in markets like Latin America, suggesting a broader international shift towards sustainable consumption in electronics. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/moto-g35-5g-with-120hz-5000mah-battery-launched-at-9999/articleshow/116172283.cms">Moto G35 5G with 120Hz display, 5,000mAh battery launched at ₹9,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-note-14-pro-and-redmi-note-14-pro-launched-in-india-starting-at-24999/articleshow/116134415.cms">Redmi Note 14 Pro and Redmi Note 14 Pro+ launched in India starting at ₹24,999</a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x200-and-x200-pro-camera-centric-to-launch-in-india-on-december-12/articleshow/115930004.cms">Vivo X200 and X200 Pro camera-centric smartphones to launch in India on December 12</a>

India's refurbished smartphone market witnesses accelerated growth

<ul class="summary-list"><li>A pioneering project in <keyword id="20060502" type="General" weightage="20" keywordseo="Peru" source="keywords">Peru</keyword> is giving $2.30 a day to people in <keyword id="20360813" type="General" weightage="20" keywordseo="indigenous-communities" source="keywords">Indigenous communities</keyword>.</li><li>Reducing poverty removes a lot of the incentives for <keyword id="20657663" type="General" weightage="20" keywordseo="deforestation" source="keywords">deforestation</keyword>, the organizers told BI.</li></ul>Groups backing a basic-income trial in Peru are hoping that unconditional payments to Indigenous communities will help preserve the <keyword id="21095716" type="General" weightage="100" keywordseo="Amazon-rainforest" source="keywords">Amazon rainforest</keyword>. Since November, 188 people living in three Amazonian reserves in central Peru have received <keyword id="21274590" type="General" weightage="20" keywordseo="cash-transfers" source="keywords">cash transfers</keyword> equivalent to 8.6 Peruvian Soles, or about $2.30, a day. The project — developed by climate action NGO <keyword id="23150686" type="General" weightage="20" keywordseo="Cool-Earth" source="keywords" meta.keywordsubtype="org" meta.entityname="Cool Earth" meta.hostid="261" meta.entityid="Cool Earth">Cool Earth</keyword> in conjunction with female-led Indigenous groups — is due to run for two years, with payments totaling about $310,000. <div type="image" title="Three people of a Peruvian Amazonian community viewed from the knees down, wearing red robes and sandals, as they walk along a dirt track." height="667" width="1000" msid="112744186" hostid="261"></div>The idea is that providing a guaranteed income will remove some of the incentives to become involved in activities that destroy the rainforest. Poverty in these communities is one of the main drivers of deforestation in the region, Isabel Felandro, Cool Earth's head of programs, told Business Insider. "Those communities face a lot of challenges in terms of threats like illegal deforestation that goes on around the territories, drug cartels, illegal mining," Felandro said. They can end up "selling the forest, or engaging in other activities that are not very sustainable because they have this financial worry," she said. Communities are often faced with agonizing decisions, Felandro added. "If you don't have the money to send your kid to a hospital, what do you do? <h2></h2><h2><keyword id="22441332" type="General" weightage="20" keywordseo="basic-income" source="keywords">Basic income</keyword> — for the rainforest</h2> <div type="image" title="An aerial view of Asháninka territory in the Peruvian Amazon, showing mist-shrouded forest and a cluster of small huts." height="667" width="1000" msid="112744187" hostid="261"></div>$2.30 a day wouldn't go far in the US or Europe. But in these communities, it can have a huge impact, Felandro said. With the income, "a whole family can eat for a day," she said. She added that people have been using the money to complement their diets, or have clubbed together to hire a van to take their kids the long distances to school. Numerous basic-income trials have proliferated worldwide, but most are focused on social and economic outcomes. <a target="_blank" class="" href="https://www.businessinsider.com/universal-basic-income-ubi"></a> In the US, cities like <a target="_blank" class="" href="https://www.businessinsider.com/los-angeles-guaranteed-basic-income-pilot-ubi-partner-violence-employment-2024-7">Los Angeles</a>, <a target="_blank" href="https://www.businessinsider.com/chicago-basic-income-helped-mother-rent-an-apartment-ubi-gbi2024-5">Chicago</a>, Denver, and Atlanta have offered participants direct cash payments, no strings attached. But Cool Earth believes theirs is among the first to aim at a positive <keyword id="20224419" type="General" weightage="20" keywordseo="environmental-impact" source="keywords">environmental impact</keyword>. The NGO has run numerous cash transfer projects over the last 17 years, sending money to communities in the Amazon, New Guinea, and Congo rainforests, who band together to decide how to spend it. But this latest pilot — where every person over the age of 18 receives money independently — is seen as an even more direct way to get money working for the rainforest. <div type="image" title="A thatched hut in the Peruvian Amazon, surrounded by lush greenery." height="667" width="1000" msid="112744188" hostid="261"></div>The impact and efficacy of basic-income programs are still being investigated, and Johan Oldekop, an academic specializing in the environment and development at the UK's University of Manchester, sounded a note of caution when commenting on this project to The Guardian. Oldekop praised the goal of supporting Indigenous communities, who are leaders in preserving rainforests. But, he added, there is "little and mixed evidence on the environmental effects of cash transfers around the world." Some data shows that these programs can actually lead to deforestation because families can use the cash to expand their agricultural businesses, and chop down trees to do so, he said. Felandro told BI that this is a fair concern, but added that here "the scale is very minor." Families often only have small plots of land that they use primarily to feed themselves. "We're not talking about large-scale production of cacao or coffee," she said. Communities that participated in Cool Earth's prior cash transfer projects saw up to 46% less deforestation compared to similar neighboring communities, Felandro added. Correction: August 28, 2024 — An earlier version of this story incorrectly described the project. It provides basic income to a select group of participants; it is not a universal-basic-income program.

A $2.30-a-day basic income trial is trying to save the Amazon rainforest

Over 60 per cent of businesses surveyed are "off track" to meet their <keyword id="49089" type="General" weightage="20" keywordseo="sustainability" source="Orion">sustainability</keyword> goals, according to a report by Bain &amp; Company, which also found that <keyword id="60468" type="General" weightage="20" keywordseo="consumers" source="Orion">consumers</keyword> are willing to shell out a premium for sustainable products. According to the report, a large number of people surveyed in India say they have a high level of concern about environment sustainability. This could be driven by the spiking levels of <keyword id="13001" type="General" weightage="20" keywordseo="pollution" source="Orion">pollution</keyword> in major cities and the rising incidence of flash floods in different parts of the country. Consumers in fast-growing markets, where Bain found <keyword id="6422456" type="General" weightage="20" keywordseo="environmental" source="Orion">environmental</keyword> concerns to be highest, including India, were willing to pay a greater premium (between 15 and 20 per cent), compared to markets like the US and the UK. The report further said that an Indian consumer, however, is still at an early stage of understanding sustainability and a number of related behaviours are influenced by cultural norms and <keyword id="44477" type="General" weightage="20" keywordseo="financial" source="Orion">financial</keyword> realities. "As extreme weather prompts growing environmental concern across the globe, new research from Bain &amp; Company shows more than 60 per cent of businesses are off track to meet their current sustainability goals," it said. Progress will require a combination of technology, policy, and behaviour change, the report said, adding that an increasingly conscious base of consumers and employees may prove helpful. To get a broad sense of environmental concerns around the world, Bain surveyed 23,000 consumers, and the results underscored the growing urgency of sustainability topics. Almost 64 per cent of people reported high levels of concern about sustainability, and most said their worries have intensified over the past two years and that their concern was first prompted by extreme weather. The report also revealed that a large number of people surveyed in India said they have a high level of concern about environment sustainability. "They are seemingly driven to live or shop sustainably first and foremost by direct benefits around savings and health rather than environmental concern. Consumers express a greater interest in quality, how a product can be reused, its durability, and how it will minimise waste," it said. Karan Singh, Partner and head of the Asia Pacific Sustainability practice at Bain &amp; Company, said while Indian consumers show growing interest in sustainability, there's a noticeable gap between intent and action, mainly due to factors like high prices, limited product information and availability. "This presents a distinct opportunity for businesses to take the lead by educating consumers and innovating to offer sustainable products at attractive prices," Singh said. Consumers' willingness to pay a premium for sustainable products and baby boomers being just as concerned as Gen Z, were the other key takeaways from the report. "As concerns grow, consumers are looking to make environmentally sound choices and are willing to pay more for sustainable products. Yet, they often run into barriers," it said. For instance, consumers in the US are willing to pay an average premium of 11 per cent for products with a minimised environmental impact, even as the average premium for products marketed as sustainable there is 28 per cent. "Consumers in fast-growing markets, where Bain found environmental concerns to be highest - such as India, Indonesia, Brazil, and China - are willing to pay an even greater premium, between 15 and 20 per cent. Consumers in the UK, Italy, Germany, and France, on the other hand, are only willing to pay between 8 and 10 per cent extra," the report said.

60 pc of businesses 'off track' to meet sustainability goals: Bain & Company report

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India's refurbished smartphone market witnesses accelerated growth

Sourabh Jain

A $2.30-a-day basic income trial is trying to save the Amazon rainforest

Mia Jankowicz

60 pc of businesses 'off track' to meet sustainability goals: Bain & Company report

PTI

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