How Millennials Impact the Mobile Retail Market
When it comes to technology and mobile devices, no generation is so savvy, experienced, and demanding as millennials. After all, millennials were born into the digital age. As the largest generation in the U.S., millennials have heavily influenced the development of new technologies and tools that meet their every need. From social media to music streaming and ridesharing apps, mobile devices and applications are an integral part of their lives.
To support the latest mobile apps, laptops, smartphones, computers, and tablets must be up-to-date, fast, and reliable. A high-resolution screen, fast processor, extensive data storage, and a long battery life are just a few of the features that millennials look for in a mobile device today. Unfortunately, new technology often comes with a steep price tag. To overcome this catch-22 and incentivize millennials to upgrade their old devices, retailers must provide them with a flexible and user-friendly device trade-in solution.
With Phobio, trading-in old devices for cash has never been easier. Phobio provides the most competitive and transparent device pricing in the industry. To mitigate device value disparity, Phobio provides a simple two-condition grading benchmark which classifies devices as either working or damaged. A monetary value is then provided along with a detailed description and photo evidence explaining our assessment of the device. Finally, customers have the option to accept or reject our monetary offer.
Best of all, Phobio is an omnichannel device buyback solution – which means consumers can either trade-in online, in-store, or start a transaction in one channel and end it in another. We offer a multi-channel experience to make it easy for consumers to back up their media, contacts, and documents before shipping their device to our facility. For 100 percent privacy protection, we perform secure data erasure from all the devices that we receive, and if any media or data can’t be erased, we recycle the device instead of reselling it.
By 2020, millennial spending in the U.S. is projected to reach $1.4 trillion annually, accounting for 30 percent of total retail sales. To effectively target and cater to this generation, retailers must adopt new strategies and solutions. By offering millennials an omnichannel device trade-in solution, they will be uniquely positioned to purchase the latest technology and will also have more spending power to buy additional accessories and upgrade data plans in-store and online.