Top Three Mobile-Focused Business Opportunities to Invest in
The fast-paced lifestyle of modern times has brought several significant changes in the way generations live and were used to living. Be it for the generation of Baby Boomers, Generation X, Millennials or Post Millennials, the mobile phones have evolved into a necessity good over the time for everyone.
It is a fact that people just can’t do it without phones! With more than 230 million smartphone users in the country, India is the world’s second largest smartphone market. People from all the economic backgrounds are buying smartphones and treat it as a big investment. Therefore, mobile-focused businesses are on the rise.
Here are some lucrative mobile focussed opportunities to explore in India.
Mobile Phone Repair
In today’s time, the average shelf life of a mobile phone for its user is just 2-3 years. In a time period of less than six months, users are introduced with a modified version of the same phone, hence alluring users to change their phones in a short while. But many users cannot afford to change mobile phones over a short period of time. Such users, in case of a malfunctioned phone, often prefer going to mobile repair shops instead of buying a new phone in a less period of time.
Dominated by the unorganised market since a long time, mobile repair shops have now gone all modern due to the increased awareness of users towards duplicity of internal parts. Users now prefer brands that are trustworthy. A big name in the mobile repair industry, Phixman.com is a brand that has been serving people with high quality services at an affordable price.
Due to the skyrocketing prices of branded cell phones, many consumers opt for refurbished phones, which are cheaper but function exactly as they did when they were new and often come with a warranty. In fact, it is interesting to know that the market for refurbished mobile phones would rise by over 27 per cent over in 2019 and 2020 and that many old and new franchise brands are making a foray into the Indian market every year, which makes it a million-dollar industry.
Refurbished phones market is making its way towards the organised market via franchising that is unlocking the hidden potential of such a niche market. Brands like Phonup have created their niche in the refurbished phone industry and offer lucrative opportunities to like-minded entrepreneurs.
Mobile accessories accentuate the user experience of using smartphones to a different level. Mobile phone accessories such as screen protectors, designer cases, selfie sticks, smartphone stands, earphone extension cables, headphones, and others, are also witnessing an increased demand with the rising demand for mobile phones. Indian mobile phone accessories market is anticipated to flourish at a CAGR of 10.5% over the forecast period of 2017-2024.
Seeing the potential of the business, many brands are coming forward with their franchises in mobile accessories. One of the most renowned names in the mobile accessories market is Dealcliq.
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