At Foxway, a leading electronics reseller in Europe, we reported our best year in sales to date. Our results surpassed expectations, with a 7% increase over predicted figures and an overall growth of 31% in total sales across all categories.
Mobile devices remain the top-selling product, and the most successful months for sales were August, September, November, and December. This success indicates Foxway’s ability to adapt to the ever-changing electronics market and meet the demands of its customers.
Key reasons for the increase in used device resale
- Changing Consumer behavior – more people gradually prefer used devices. Lower prices as well as the sustainability aspect of the aftersale market.
- Growing after-sale market.
- Financial crisis – consumers look for lower prices when swapping phones.
The increase in sales can be attributed to changing consumer behavior, with more people preferring used devices due to lower prices and the sustainability aspect of the after-sale market.
The after-sale market is also growing, and the financial crisis has made buyers look for lower-priced alternatives when swapping phones. However, the release of the Apple iPhone 14 showed that the market is becoming more price-sensitive than before, and customers are holding on to their older phones instead of swapping for newer ones.
Top Selling Brands: Foxway’s mobile device sales show Apple as the clear winner, accounting for 56% of all sales. Samsung takes the second spot with 32%, while the rest of the sales are made up of various other brands popular in Europe.
Over 1 million mobiles were sold last year, and Foxway upgraded more than 130,000 devices. We hope to contribute to the sustainability aspect of this business by upgrading even more this year.
How the Recommerce Market is Adapting to Changing Consumer Behavior
High inflation and growing costs for devices make people hold on to their phones longer, and if the phone breaks, more people will be looking into cheaper solutions, which our after-sale devices cover perfectly. Despite the financial crisis, we expect smartphone sales to remain the same or grow this year, as they are essential goods for most of us.
In the future, we expect reduced swapping of devices due to the expensive price tags of flagship devices. Our prediction for the consumer electronics market is that demand for tablets, wearables, and non-essential devices will decrease, with a focus on smartphones and computers for work.
But don’t worry, computer sales will remain steady or even increase as remote work becomes more popular and people seek to upgrade their devices. This means a prime opportunity for B2B resellers to meet the demand for work-from-home technology and provide top-of-the-line devices to businesses and individuals alike.
Lower demand for brand new devices can be expected, as consumers need cheaper solutions and are becoming more environmentally aware. Sustainability and environmental-friendly approaches to consumerism are becoming increasingly important.
Refurbished device after-sales market trends for this 2023
- No significant price drops
- Essentials – people will hold on to their devices and seek less upgrades
- Growing interested in sustainability and environmental-friendly approaches to consumerism
Stay ahead of the curve with Foxway Reseller Store for new and refurbished electronics.
Refurbished electronics Sales insight