He asserts that affordability is the number one reason shoppers across the board turn to electronics through Buy Back programs. Devices have become more expensive year by year, which has led consumers to turn to the pre-owned electronics market.
Also, the lifespan of devices has become longer. Using an older-generation smartphone is convenient for many users, especially since they probably couldn't afford the latest model on the market.
According to Statista, in 2023 the number of smartphone users in the world amounts to 6.92 billion, which is 85.95% of the world's population, while the number of mobile users, regardless of their type, is 91.04%. The carbon footprint of these devices is approximately 580 million tons, to which is added the year-on-year increasing amount of e-waste.
In this context, Buy Back electronics are associated with extending the life cycle of products and increasing durability. Programs of this type have become especially attractive to Gen Z and Millennial shoppers, who are known to prefer buying from sustainable brands.
"Buy Back tends more and more to establish itself as a mainstream phenomenon, practiced by important market players", observes Cosmin Popovici, CEO of CreditAmanet.
The recycled electronics market offers a wide range of devices, from smartphones, which are the most in-demand, to tablets and laptops, smartwatches and smart TVs, game consoles, and cameras.
In Romania, Buy Back programs have gradually expanded to the electronics area.
"The Buy Back phenomenon for electronics is experiencing accelerated growth in Romania," says Cosmin Popovici.
He points out that the holding company has been selling pre-owned electronics for 10 years, but in the last 3 years, there has been an important increase in consumer interest in these products. "Practically, it has doubled", says Cosmin Popovici.
Mid-range or premium phones in very good condition are the most sought-after because they allow buyers to keep up with the latest trends in the field, with purchases at very advantageous prices. At the same time, electronics that are no longer used are also recycled.
"Customers have the opportunity to come to us with a used phone and choose another, newer generation. At the same time, they receive up to 75% of the value of the product if it is in good condition and has a 1-year warranty. Electronics in Buy Back programs are a good deal for customers. At the same time, encouraging a circular economic model has benefits for everyone, both for the business area and for society and the environment", concludes Cosmin Popovici.
