Phobio Selected as One of Inc.'s Most Inspiring Companies of 2018
Mobile Device Trade-ins Spiked During 2018 Holiday Season
While spending quality time with family and friends was on top of everyone’s list this holiday season, shopping in-stores and online to get their hands on the biggest sales was right behind it. The National Retail Federation estimated that holiday retail sales in November and December totaled over $700 billion. According to Adobe Analytics, $6.22 billion was spent online by the end of Black Friday, an increase of 23.6% year-over-year. While top brands such as Apple don’t usually offer their own Black Friday deals, retailers including Best Buy, Walmart, and B&H had the best discounts on Apple products.
For those that couldn’t get their hands on doorbuster deals for new electronics and accessories, trading-in their old devices for cash was the answer. Our team saw a huge uptick in mobile device trade-ins from in-store and online transactions on Black Friday throughout Cyber Monday.
On Black Friday, we processed triple the amount of mobile device trade-ins that we normally process in retail locations. Trade-ins even remained heavy over the holiday weekend – we processed more than double the amount of mobile device trade-ins on Saturday and Sunday. By far, our busiest day was Cyber Monday – online trade-ins spiked four times higher than normal.
While we accept devices of all makes and models, we processed a record number of Apple and Android trade-ins over the 2018 holiday season. Overall, iPhone and Mac trade-ins were up 300 percent! It’s safe to say that consumer spending is strong and smartphones and laptops remain in high demand.
Our device trade-in solution, Phobio, helped consumers get the latest technology on their wish list by offering the most transparent device pricing in the industry which customers used to significantly lower the overall price of a new mobile phone, tablet, or computer. 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.
We believe device trade-ins are an integral part of the customer experience and created Phobio to provide mobile operators, retailers, and consumers with the most value at the point of purchase. If you’re a retailer looking to drive more revenue and streamline the trade-in process, let’s chat!