To succeed in the trade-in market, your business needs to rely on a core principle – to create the most convenient and seamless way possible for users to trade in a device. Efficiency, speed, and security are key. Yet, in order to truly make a mark in the market, you need to diversify your product. So, in this post, we will talk about how expanding your trade-in program to online channels will help you achieve a more robust offering and create an ecosystem of top-level services available to your customer.
But first, let’s talk about why expanding your trade-in options online is important. The main benefit derived is that you maximize the entry points of your users to your trade-in program. The more options they have, the more likely they are to become customers. Surely, some may still prefer an in-store experience, but others might be comfortable starting their trade-in journey online. Rather than relying on a single iteration targeted to a very specific demographic, the more diversified your business is, the wider the audience you can reach. So as your product provides multiple user touchpoints, it becomes a 360-degree process, available without physical or geographical limitations.
Before we see how you can do this, what’s happening so far today?
Current trade-in options
Let’s go back to the user journey. Where do most people buy their smartphones in the first place? That same store customers selected to visit and buy a mobile device, is probably the one they are likely to visit again and trade it in. Therefore, a buyback solution that is housed in-store will always be important and should definitely remain an option in your trade-in program. Store employees can guide the customers and complete the process hassle-free. As long as you make trade-in a smooth, efficient experience, like a quick stop before work or while shopping, your product is guaranteed to be competitive. However, when setting up your in-store buyback program, managing employee work hours and bypassing human error in grading can be challenging. That is why we recommend using an autonomous trade-in solution, such as a kiosk, that will save work hours and eliminate bias out of the grading process.
An in-store trade-in program is what usually companies use to house their buyback solution. But this is where most stop. The question is… how can you expand?
Taking your trade-in program a step further
Although an in-store trade-in experience can be great, by definition, users need to physically be there. This creates geographical limitations to building your trade-in empire. So the question is, how can you service users who aren’t close to the locations you operate in? (drum rolls, please…) Online, of course! As the younger generations spend more time online, the digital realm is becoming the main place they tend to start their journey. So it goes without question that expanding your presence there will only be beneficial for you.
The most ideal solution is to adopt a web app for an online trade-in experience, without the user needing to download anything on their phone. Your customer gets a personalized quote for their device through a very friendly UX and a series of gamified tests. In turn, you can check the device and give them an instant offer based on its condition. After the initial evaluation, you can provide them with different options to finalize the trade-in process and drop off their devices.
Your drop-off framework can work two ways: you can either rely on the much familiar courier providers to receive phones at your warehouse or build your own network for at-home trade-ins. As an example to the latter, in Pandas we developed an in-house trade-in service called the Pandas Scooter. Customers can book an appointment at the date and time of their choosing and meet with a Pandas-approved and trained rider (compatible with couriers and q-commerce 3rd parties too) who will evaluate their device and give them an instant binding quote. Both ways can have challenges so make sure you bring your A-game when it comes to speed. Long waiting times are your enemy here. At Pandas, we also keep the option for our users to complete the process in-store, if none of the other 2 ways aren’t sufficient.
To sum up, your buyback solutions have to always keep the user at the core. We believe that today’s trade-in process is broken. Most options offer slow, opaque user experiences, while customers are looking for easier, faster, and more secure ways to return their devices for accurate grading with fair prices. By expanding your trade-in program online, you offer new entry points to prospective users and thus maximize your chances of winning them over. Your customer retention team will definitely love this!
If you’re interested to know more about how we do it, please reach out to us. We are happy to help you create a trade-in product that customers will love!