According to Trade-In Service Provider Phobio, Year Over Year Growth Up 57 Percent for Black Friday and 30 Percent on Cyber Monday
ATLANTA–Phobio, a leading provider of software and services that empower the retail industry, today announced new findings that reveal the year over year (YoY) growth for mobile phone trade-ins during the kickoff of the holiday season. Trade-in volume for smartphones increased this year by 57.1 percent on Black Friday and 30.2 percent on Cyber Monday compared to 2016 figures.
Black Friday and Cyber Monday Drive Record Volume for Smartphone Trade-Ins
As depicted in promotional campaigns from major carriers supporting the launch of the iPhone 8 and iPhone X, consumers and mobile retailers alike took advantage of strong trade-in values for used devices. According to Phobio, the average trade-in value over the last five years for working grade devices increased nearly 60 percent from 2012 to 2017. The average trade-in value in the same period for damaged grade devices increased 81 percent.
“The secondary market for smartphones worldwide is driving up the value of older devices,” said Stephen Wakeling, CEO of Phobio. “Based on the volume of device trade-ins we have processed over the past few days, smartphone purchases and upgrades represented a significant spike on Black Friday and Cyber Monday compared to last year.”
Phobio’s device buyback program, Safetrade, allows mobile and online retailers to offer the maximum value for pre-owned devices. Safetrade drives sales and revenue for retailers and incentivizes consumers to convert their old devices into cash for upgrades. With the value of older smartphones on the rise, consumers are uniquely positioned to decrease their upgrade cost.
Added Wakeling, “Mobile operators and retailers are leveraging trade-ins as a mechanism to upgrade customers to the latest technology, at a lower price, getting customers back into contact this holiday season. With the shopping season in full swing, we anticipate strong market for trade-ins throughout December, which represents a win for carriers, retailers and consumers.”
Phobio is an Atlanta-based software and services company for retailers. In 2010, Phobio launched Safetrade, a channel-agnostic buyback platform that simplifies the trade-in experience for retailers. Supporting more than 4,500 retail doors and some of the largest global retailers direct-to-consumer online trade-in programs, Phobio delivers some of the highest trade values and the lowest adjustment rates in the industry. For more information, visit: www.phobio.com.