Phobio Selected as One of Inc.'s Most Inspiring Companies of 2018
How a Simple and Accurate Device Grading Process Maximizes Trade-In Profitability
For retailers looking to drive profitability, offering a transparent and flexible trade-in model is business-critical. One of the biggest concerns consumers have when trading-in their devices is whether or not they will receive the maximum value for their old tech. If retailers can guarantee that their customers will receive the most accurate amount of cash or credit for their trade-in, customers will be encouraged to upgrade to a newer model, therefore driving sales and revenue for retailers.
To ensure this transparent trade-in process, Phobio provides an explicit grading system to accurately determine the value of a pre-owned device based on its condition. For example, if the device has water damage, a cracked screen, or is unresponsive, it will be categorized as “damaged.” If the device is fully functional and in good condition, it will be categorized as “working.”
In Q4 2018, Phobio determined that an Apple device in “working” condition was valued at $152 while an Apple device in “damaged” condition was valued at $79. A Samsung device in “working” condition was valued at $110 while the same device in “damaged” condition was valued at $55.
Elevating the Customer Experience
When we provide customers with these monetary values, we always provide a detailed description explaining our assessment with photo evidence. Customers then have the freedom and flexibility to accept or reject our offer. If a customer decides to move forward with their trade-in, we provide real-time notifications to keep them up-to-date on their transaction. Our dedicated support team is also available 24/7 to answer any questions.
Driving Retail Sales
Phobio’s two-condition grading scale has been shown to simplify the device-trade-in process for both retailers and consumers. By providing an accurate value upfront, we eliminate the confusion and discrepancy that often occurs with other device buyback services. Phobio guarantees a simple and transparent payment reconciliation so that consumers can easily upgrade to the latest technology. With more money in their pockets, consumers are empowered to purchase that new smartphone, tablet, or wearable they’ve had on their wish list.
As a result, sales teams can effectively push new product promotions, integrate trade-ins into new or existing buy-flows, and build relationships with new customers. We are always consumer first and are constantly improving upon our grading system to add even more value to consumers.
Interested in learning how Phobio can improve your retail sales? Contact us here.