October 24, 2018
Acquiring New Customers Through Trade-Ins
black phone upgrade

On June 29, 2007, the very first Apple iPhone was released, and the smartphone market skyrocketed. As newer models and mobile innovations were never trailing far behind, customers were incentivized to upgrade their mobile device every two years or less. Since then, there has been a major shift in the wireless retail industry. Today, the rising costs of smartphones are deterring customers from upgrading to newer models so frequently. Now, when a consumer has finally paid off their phone that cost upwards of $1,000 – they are more likely to hold on to it for a longer amount of time, even up until it breaks. This makes it extremely difficult for wireless retailers to convince customers to upgrade to a new device and makes it even more difficult to acquire new customers from other carriers.

To reduce the overall cost of a new device and to incentivize new purchases once again, wireless retailers must offer customers a flexible, omni-channel trade-in solution. Our device buyback solution is ideal for consumers who are looking to get the latest technology at a reduced price as well as wireless retailers that are looking to generate revenue.

As an omni-channel platform, Phobio ensures a seamless trade-in process online or in-store. The ability to engage online and in-store not only increases customer satisfaction, but also increases spending power. Since trade-ins put more money back into customers’ wallets, they are uniquely positioned to purchase newer device models and buy additional accessories in-store. This empowers sales teams to effectively push product promotions, integrate trade-ins into new or existing buy-flows, sell more of the latest technology, and better assist customers.

Phobio also enables retailers to turn device trade-in data into actionable insights with industry-leading reporting and analytics tools. Far more than a buyback tool, Phobio features device processing, resell and experience management services, as well as courier, tracking, inspection, recycling, and CRM services. This helps wireless retailers to empower sales teams, to deliver better customer service, and to disrupt the status quo.

Overall, with the cost of smartphones on the rise, it’s easy to understand why consumers are holding onto their devices longer and why they are so apprehensive to upgrade to newer models. Luckily, it’s now easier than ever for consumers to decrease the cost of a new smartphone by trading-in their older devices. For example, the working trade-in value for a two-year old phone (iPhone 6S/6S+) is currently about $180 through Phobio. By providing the most competitive, transparent device pricing in the industry, Phobio is revolutionizing the way in which wireless retailers acquire new customers, generate revenue, and reach sales goals.

Interested in learning more about Phobio? Contact us here.