Laying down the Foundation for a Complete Trade-In Model

phobio logoWith a dependable and transparent trade-in model in place, mobile and online retailers have the opportunity to offer the maximum value for previously owned devices. By laying down the foundation for a flexible and honest trade-in model, consumers will be encouraged to convert their pre-owned devices for cash to put towards the latest devices and accessories, therefore driving Sales and Revenue for retailers.

If you’re a retailer and unsure about what steps to take to establish a trade-in model, here is some advice to get started:

A Transparent User Experience

It’s imperative to be transparent with your customers. Providing market-leading analytics and reporting tools to your staff will result in them being prepared to offer customers the best possible deals for the device they’re looking to trade-in. Maintaining analytics and data will create a sense of conformity amongst your organization. Staff should be equipped with past and present average trade-in value for every device, insight into how this compares amongst competitors, and an analysis of the latest market trends is key.

When it comes to trading in a device, it should be a priority to offer customers an omnichannel experience so that they have the flexibility to start their trade through one channel and finish it in another, if need be. For example, if a customer decides to visit a physical storefront to trade in their device, they may soon realize they have important data, like photos and contacts, that needs to be backed up before completing the trade-in process. In circumstances like these, if you provide multiple channels for customers to utilize, customers will be covered.

Even though they started their transaction at a brick-and-mortar location, they have the opportunity to finish backing up their phones at home and completing the trade-in process online.

MarTech Blogs: Five Key Trends for Programmatic Advertising in 2018

Establish a Simple Grading System

When receiving and inspecting a device, it is a good idea to create conditions and an extremely simple pricing scale for customers. This allows your organization to easily communicate and be aligned on the customer assessment conditions while keeping it straightforward for customers and Sales reps to perform.

If a device is fully operational and in good condition, the device can be labeled as “working.” If the device has water damage, a cracked or pixelated screen, or the phone is unresponsive, the device can be categorized as “damaged.”

Whether working or damaged, utilizing a pricing structure will ensure consistency and structure for employees working with current and future customers.

So even though rigorous testing is necessary to responsibly handle devices on the back-end, on the front-end, it is crucial to keep device conditions and pricing simple and objective to foster trust and eliminate confusion.

Recommended: Welcome the New Kids on the Block: How Millennials and Gen Z Are Disrupting FinTech

Data Security is Vital

Security plays an essential part in the trade-in process. Your organization must be thorough when conducting routine security audits to ensure your trade-in platform is secure and working correctly.

Prior to completing the trade-in process, preventive measures must be taken to make sure all data from a customer’s device is entirely erased. In the event data can’t be wiped from a device, give your customers alternative options for their device to be sent back to them or for their device to be recycled.

By following these steps and establishing a transparent and omnichannel trade-in model, your organization will benefit from brand elevation, profitability, customer retention, and growth. Customers will also benefit from a seamless and honest trade-in experience.

Read more: Engagement-Led Marketing: How Brands Can Deliver More Customer-Focused Journeys in 2019

Brought to you by
For Sales, write to:
Copyright © 2024 MarTech Series. All Rights Reserved.Privacy Policy
To repurpose or use any of the content or material on this and our sister sites, explicit written permission needs to be sought.