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Black Friday and Cyber Monday Shoppers Turn to Device Trade-ins
The holidays are upon us and shopping is in full swing. The National Retail Federation and Prosper Insights & Analytics estimated 165.3 million people would shop Thanksgiving Day through Cyber Monday, with majority shopping on Black Friday – 114.6 million. It turns out that consumer confidence was even higher than anticipated – nearly three in four Americans shopped over the holiday weekend and an average of $335 per person was spent. The biggest spenders were millennials, who spent an average of $419.52 per person. According to Adobe Analytics, a whopping $7.4 billion was spent on Black Friday and $9.4 billion was spent on Cyber Monday.
Data also shows that the omnichannel shopping experience is in high demand now more than ever. Salesforce reports nearly one in ten digital purchases occur on emerging digital purchase points like social media, messaging platforms, and voice-enabled devices. According to Adobe Analytics, smartphone purchases made up 39 percent of all ecommerce sales this Black Friday, a 21 percent increase from last year.
Some of the hottest items to shop for on Black Friday and Cyber Monday are smartphones and computers. Although retail prices are usually upwards of $1,000 for these devices, mobile carriers offered some of the best deals of the year for device trade-ins. Verizon Wireless offered double the trade-in credit for older phones, AT&T advertised a savings of up to $950 on a Samsung Galaxy Note10+ with a qualifying smartphone trade-in, and Sprint offered an iPhone 11 for $0/month with an 18-month lease and a qualifying trade-in. During Black Friday, Phobio’s retail partners saw a 1.7-2.2 percent increase in consumer-driven trade-ins across all platforms, highlighting the need to capitalize on holiday trade-in values and online purchase deals.
Here at Phobio, we believe in making the trade-in experience as simple as possible so that customers can upgrade to the latest technology hassle-free and cost-effectively. Our trade-in platform provides retailers with the most competitive and transparent device pricing in the industry. It all starts with our simple, two-condition grading benchmark which classifies devices as either working or damaged. A monetary value is then provided to customers along with a detailed description and photo evidence explaining our assessment of the device.
For example, a customer can receive up to $103 for trading-in an iPhone 6S Plus 64GB in working condition through various trade-in programs powered by Phobio. Other carriers offer $70 for the same model. A newer smartphone such as the iPhone 8 64GB in working condition is worth up to $190 through trade-in programs powered by Phobio while other carriers offer $155. Our retail partners also buyback tablets, laptops, and wearables. Currently, an iPad Pro 10.5 64GB in working condition is valued at $240 through trade-in programs powered by Phobio compared to $179 from other retailers.
Though Black Friday and Cyber Monday are over, you can still get your hands on the latest technology without breaking the bank! Phobio’s retail partners provide competitive trade-in values all year long which means consumers are equipped with more spending power and money to put towards a new device. Best of all, the Phobio platform is an omnichannel trade-in solution, proving customers with the flexibility to trade-in online, in-store, or start their transaction in one channel and finish it in another.
Interested in learning more? Contact us here.