ATLANTA, GA / ACCESSWIRE / August 30, 2021 / Mobile device trade-ins have become increasingly popular in the past few years. Retailers, original equipment manufacturers (OEMs), and mobile operators provide trade-in programs, which are now staples in outlets selling new devices. Phobio, LLC, a device trade-in firm, believes that the market will continue growing.
The total amount of money received by the consumers annually runs into millions of dollars. Moreover, a significant rise in the prices of new devices makes trade-ins more appealing to consumers looking to upgrade to a new device. On the other hand, retailers, OEMs, and network operators leverage devices' latent value. In some cases, they reuse the traded mobile devices for insurance purposes.
Phobio, LLC, says the model generates significant revenue for retailers and other stakeholders. An additional benefit of this approach is the reduction of e-waste. For this reason, Phobio is working tirelessly to boost the volume of trade-ins in tandem with hardware upgrade cycles. To achieve this purpose, stakeholders need to offer lucrative deals that drive customer loyalty and boost new device sales.
Increasing Sales Volume
According to Phobio, LLC, most retailers' primary motivation for implementing trade-in programs is boosting sales. The approach attracts consumers to purchase new devices or accessories. Also, some consumers trade-in devices to earn general store discounts. In turn, retailers sell higher-margin items and boost their bottom line.
Reports show that trade-ins can increase cart sizes. Many mobile operators, device manufacturers, and retailers augment the financial benefits with sustainability objectives. This approach also helps attract environmentally conscious consumers.
Given this background, Phobio, LLC, developed an innovative omnichannel platform for handling device trade-ins. It develops and runs lucrative programs that attract an ever-increasing number of consumers. The trade-in opportunities are available via digital channels and point of sale (POS) platforms. Retailers take advantage of Phobio trade-in program to promote offers. As a result, retailers attract more customers and leverage an increase in sales volume.
Phobio, LLC, believes that retailers can maximize the benefits of trade-ins by cross-selling multiple product categories. Its omnichannel trade-in platform allows retailers to accept wide-ranging devices, including smartphones, drones, wearables, tablets, and laptops. In turn, customers receive store credit, allowing them to purchase other listed electronic products.
These trade-in promotions drive up overall sales volumes and customer loyalty. Many retailers offer closed-loop gift cards to customers, which encourage repeat trips. Phobio, LLC, urges retailers to adopt a broader trade-in platform. In doing so, retail outlets expand trade-in offers to include all inventory in the consumer electronics department.
It is no surprise that more merchants use broader trade-in platforms to drive increased foot traffic. Examples of viable trade-in categories include home pods, smart speakers, and watches. Phobio, LLC, says that the viability of these electronic products is bolstering merchants' confidence. As a result, retailers become less apprehensive about launching full-scale or broader trade-in programs. Many electronics come with a predictable trade-in pattern similar to mobile phones.
SOURCE: Phobio, LLC