In August, HYLA Mobile reported that online device trade-ins increased 66% over the same period (March-May) last year and 172% over Q1 of this year. During the pandemic, the number of customers willing to trade-in their old phones has increased even more. "People look for better value options, and refurbished tech offers a lower price tag without a sacrifice on quality," said Liam Howley, CMO of Decluttr.
The consumption pattern has been changing, and mobile phone businesses have to react to it: that’s why cell phone carriers, retailers, resellers, and mobile insurers started to offer buyback and trade-in programs. So here are five ways for companies operating with pre-owned phones to enhance their trade-in businesses.
Eliminate human error
Accurate phone evaluation is the basis of any trade-in deal. If the mobile device wasn’t checked correctly, the company may encounter a lack of profit and lose customer loyalty in the end.
Most often, mistakes in device evaluation occur if:
- Salesperson misses a severe defect and overestimates the buyback price. As a result, the company will overpay for the device and lose money.
- The blacklist and carrier locks aren’t checked, and the phone appears to be locked. Such devices are almost impossible to fix, so the business will lose their money again.
- The device looks like new, so no functionality tests are done. Eventually, the phone has a non-OEM battery and dead pixels on display.
To avoid financial loss, you can optimize your workflow with an automated solution and solve the problem of incompetent evaluation for good.
Use a cloud-based solution – access all data in a second
The best way to track the company’s productivity and sales in each store is a cloud dashboard. Using standalone solutions, the process of collecting statistics will take a long time, and the data will become outdated. Additionally, when a company has its stores in different cities, the installation process may result in a shutdown and financial consequences.
That’s why cloud-based solutions work better for the buyback/trade-in programs. Thus, the workflow can be controlled from any store or warehouse within a second.
Customize phone evaluation parameters
All mobile devices differ, as do the costs of their repairs. For instance, a cracked display repair on a Samsung will be way cheaper than the same repair on an iPhone display.
An automated solution allows to customize the evaluation parameters for each model. Therefore, it will help to calculate a fair price for every mobile phone.
Decrease trade-in deal time
The process of manual inspection of 40 functions may take about half an hour per phone. Moreover, the inspection result may be inaccurate and biased.
The software checks the device functionality within a minute and runs more than 60 functional tests. Additionally, it shows results that cannot be seen while inspecting manually, such as non-OEM parts detection or carrier locks.
Offer fair prices
When selling a mobile phone, a customer wants to get the maximum profit out of the deal. Unfortunately, there are situations when expected and offered prices don’t match. After all, the customer cancels the deal, and the company loses customer loyalty and revenue.
Trade-in value should be based on real market prices. Analysis of data on marketplaces like Amazon or eBay will give a clear understanding of the demand and prices.
Fortunately, there are software solutions that provide comprehensive pricing systems based on market prices. That will provide the maintenance of competitive market pricing for mobile trade-in dealers.
NSYS Buyback will boost your trade-in deals
The solution allows to determine the exact phone condition through a simple device evaluation flow. The automated system will reduce human errors, so you will increase the profitability of your business and the transparency of your transactions.
Mobile trade-in values are being calculated automatically and based on market prices. Thereby it will help to make more competitive offers, increase stock purchases, and customers’ loyalty.