With the impending release of the Galaxy S4, consumers want to know how to navigate the trade-in market and when to sell their device to get the highest price possible. Based on predictive data tested against years of device re-selling and trade-in programs, we’ve created the following infographic sharing the best strategies for maximizing device resale value, and why YOU need to lock in your trade now – before the device releases and everyone else gets the same idea.
Posts tagged ‘Apple iPhone 5’
How many times have you heard someone say, “I can’t stand (insert carrier name here!)? Their service is horrible and they won’t do anything about my dropped calls, bad phone, wrong bill, etc.” Carriers need to take heed and step up their customer service game. Trade-In is a customer’s hammer and they are starting to use it. As a carrier, you subsidized an expensive phone down to an accessible cost for that customer, and they are about to use that subsidy against you if you don’t find a way to take care of them.
Take a current example:
A customer purchased an iPhone 4S 64GB phone from a carrier and paid $399.00 for it. They have been on the network for a year, are not happy, and have threatened to leave. The carrier tells the customer they can leave, but they are responsible for the early termination fee which has a balance of $175.00. On our partner sites the Trade-In value of that phone is up to $305 dollars today, October 5 2012, which allows the customer to buy the new iPhone 5 device for $399, pay the early termination fee of $175, and have a net cost after trade of about $269 before taxes. For many consumers that discounted price for the latest iPhone technology is well worth it.
Let’s face it, most companies don’t want a customer to leave for any reason and they should do everything in their power to nail customer service. However, with Trade-In as an option, if they don’t nail it, consumers have a hammer that can’t be ignored.
At CExchange we see a much wider view of the retail market than any other company in the trade-in space considering the fact that we do business with over 40 different companies in the business of selling (and buying) electronics and cell phones. So why do we think the iPhone 5 will be HUGE? Data my friends, data. We have a report we developed which we call the Trade Interest Index. This report tracks trade-in activity and interest across our base of partners as new phones are announced and released. We will begin releasing a snapshot of this data to the press and other interested parties over the next few weeks. To get the Trade Interest Index, we monitor customer activity on our sites around all news related to iPhone 5. What is now abundantly clear is that there is unparalleled interest in trades for this new iPhone. We have seen huge spikes in activity on the release of any news, and we see trends that foretell an unprecedented impending launch. Is it the possibility of a larger screen, faster processor, SIRI that actually listens (and understands), or just the fashion statement that is a new iPhone? Our data doesn’t tell us that unfortunately, but it does tell us that awareness of trade-in is growing rapidly, consumers are keenly interested in upgrading, and the new iPhone will far exceed any other iPhone launch in history. Be prepared for the rush, because iPhones, services, and accessory sales generated as a result of high value trade-up will be HUGE, and if you are a retailer you can take that to the bank!