Technology is an integral part of modern life. Devices such as mobile phones and computers have revolutionized most interactions, work cultures, and almost every aspect of life. Numerous companies like Apple, Amazon, and Samsung have started their trade-in programs, enabling buyers to trade in their old devices in exchange for discounts or compensation if they purchase new appliances.
These processes have been streamlined by facilitating businesses like buyback.ai and are becoming widely accepted across the globe.
Per the reports for the second quarter of 2018, US consumers got a total compensation of over $414 million through mobile trade-ins.
With an exponentially growing market of trade-ins and buybacks, which seem like a steal deal for the customers, here is how the businesses benefit from providing device buyback facilities to their clients:
1. Additional Revenue
A business that allows trade-in and upgrades programs can have an additional revenue stream, as the old devices can help them cut down on existing raw material and production costs while also helping them earn more. For phones being received in good shape, companies usually refurbish them and resell them for an affordable price compared to the price of a brand-new phone. This additional revenue can help these companies expand their operations and benefit all those involved in the industry, including mobile networks, telecom, and manufacturing companies.
2. Precious Materials
Tech businesses like Apple have built-in systems and robots like Daisy, which help recover any precious material within the repurchased phones that can be recycled. Daisy alone can recycle over 200 phones per hour, allowing the business to gain precious materials for their following manufacture at a meager cost, and letting them evade mining or import expenses as well.
3. Corporate Social Responsibility
As global awareness is rising due to increased accessibility to information through the internet, companies are looking for ways to incorporate corporate social responsibility into their operations. Trade-in programs help optimize sustainability in the world by reusing and recycling technological devices. Refurbishing devices increases the device’s lifespan, and more users can benefit from the same device over a more extended time. These practices reduce mining activities as well, allowing for efficient utilization of resources and contributing little by little to a circular economy.
Endnote
Buyback devices benefit businesses, consumers, and the environment and help the industry grow sustainably. If an old phone is returned in good condition, buyback businesses or carriers can earn high profits by selling it on their website without much refurbishing. For devices returned in moderate or lousy condition, companies can either refurbish or repair them or get precious materials from them that can be recycled and used in their future manufacture.
Customers also get the opportunity to upgrade their devices to the latest technology without breaking the bank. This improves accessibility and affordability of technology to the masses, benefiting the industry and consumers, and helping device manufacturers and telecom grow in the longer run. Reusing and recycling old devices also benefits the environment and promotes sustainability, which helps businesses build their positive image through corporate social responsibility.
