Determining Accurate Mobile Device Values with Machine Learning
The ability to provide consumers with accurate device values is one of the most important features of a device buyback solution. For retailers, transparent device pricing enables sales teams to acquire new customers, promote new products, improve the customer experience, and meet sales quotas. For consumers, robust device pricing enhances the trade-in experience, provides more spending power to upgrade to the latest technology, and encourages shoppers to purchase additional accessories while in-store or online.
Yet, determining competitive trade-in values is often easier said than done. Historically, analyzing market trends to calculate device values and depreciation has been a time-consuming, manual process. Today, artificial intelligence (AI) and machine learning are providing new ways for retailers and mobile carriers to determine accurate device values fast and efficiently.
Predicting Market Trends with Artificial Intelligence
To run a profitable trade-in program, retailers and mobile carriers must utilize a device buyback solution that can quickly provide the future wholesale values of devices. With access to accurate market predictions, retailers and carriers can offer the most competitive trade-in values, mitigate risk as they offer new programs, and offset costs associated with customer acquisition and product upgrades.
As a software-as-a-service (SaaS) platform, Phobio Abacus enables retailers to access and analyze the market trends, historical performance, and future values of any device or group of devices at any time through a simple web interface. Phobio Abacus provides these market predictions with unparalleled accuracy through AI and machine learning.
The Science Behind Phobio Abacus
Phobio Abacus automatically applies complex mathematical calculations to big data. As live market and product data is fed into the machine learning platform by our pricing team specialists, Phobio Abacus generates trade and sale value predictions in real-time for devices based on historical depreciation rates and those of comparable products.
Retailers can ask Phobio Abacus specific questions such as “How do our trade values compare to others in the market?” or “What will we be able to sell specific SKUs for in the future?” or “What should our trade values be based on projected future sale prices?” and Phobio Abacus will return an answer in milliseconds.
In addition to powering trade-in programs, Phobio Abacus enables carriers and retailers to run successful warranty and insurance programs as well. Providing accurate device repair and replacement costs not only gives their customers peace of mind, but also builds trust and brand credibility.
Interested in learning more about Phobio Abacus? Contact us here.