Refurbished electronics brand HyperXchange (HX) expects 10x business growth during the current financial year, supported by a steady increase in demand for refurbished electronics, primarily cell phones and laptops, and an expansion of its distribution footprint. .
According to Dipanjan Purkayastha, CEO of HyperXchange, the rise in semiconductor prices and the general push on costs following the recent Russia-Ukraine crisis has led to an increase in demand for refurbished electronics.
HX is a premium electronics marketplace with traditional and digital channels that provides, services, distributes and markets “good as new” electronic items to a variety of consumer categories. Their items are offered in new or brand new condition at a very economical cost and come with a 12 month replacement warranty.
“Post Covid, there has been an increase in demand for cell phones and laptops due to working from home. Since the slowdown has hit people’s income levels, more and more people are looking for quality products at slightly affordable prices, driving demand for refurbished products, “said Purkayastha. Business Line.
The average price difference between new and refurbished product is around 25-35% depending on the age of the product, model and brand, among others.
The refurbished electronics market in India is estimated to be close to $ 10 billion and has grown around 80% year-on-year over the past two to three years. Globally, the market is estimated to be around $ 80 billion due to increased awareness and better climate awareness among people.
“India is more of an evolving market and is largely driven by the affordability factor, while globally people prefer to buy such products out of their sense of climate concern aside from consideration of price,” he said. .
An expanding footprint
HX, which currently has 350 retail stores across the country, is looking to bring its store count to 3,500 by the end of this financial year. Most of its stores are currently located in suburban areas in Tier I and Tier II cities. It is looking to open more stores in Tier II and Tier III cities moving forward.
“Smaller cities and markets are seeing an increase in disposable income and people’s aspiration to own branded goods. This is likely to drive the demand for refurbished products in these cities, ”she said.
The company recently announced European expansion by signing strategic agreements with the governments of the UK and the Netherlands. It announced a £ 3 million investment to start commercial operations in England and Scotland. HX is also working closely with the Dutch government to initiate procurement and processing operations in its famous “Innovation Quarter”.
09 May 2022