What about the devices we use every day? When it comes to our smartphones, tablets, and laptops, many of us simply discard them when they are no longer useful to us. But what if there was a better way? A way to not only reduce waste but also to give these devices a new life and contribute to a circular economy?
Boosting customer acquisition and sales for telco and retail partners
Foxway offers a retail trade-in solution that empowers our partners in the telco and retail industry to bring in more customers and increase sales. Our solution allows consumers to come into the store and trade in their used device for a fair and competitive value that they can use to purchase something new. This provides your customers with added value and enables them to purchase a more expensive device or add accessories, such as protective glass or back covers, to enhance their device’s condition and residual value.
With over 7,500 point-of-sale locations throughout Europe, our device trade-in solution is available to our partners across the continent. Our goal is to increase the volume of devices coming in as there is currently not enough supply to meet the demand for refurbished devices. It’s also crucial for the environment that we retrieve these devices instead of leaving them unused in drawers or landfills.
Our trade-in solution is an excellent opportunity for your customers to dispose of their devices in an environmentally friendly way while also receiving a fair value for them. So, if they have a broken device lying around, don’t think it’s worthless. It may have significant value, depending on the model, and we can help you unlock that value while also promoting sustainability.Mikkel Frid, VP of Recommerce Mobile at Foxway
Changing consumer behavior to promote sustainability
We need all companies involved in the sale of consumer electronics to embrace trade-in programs. By partnering with Foxway as a solution provider, companies can easily implement this process. If everyone takes part, we can change consumer behavior.
When buying a car, we don’t just leave the old one on the street and buy a new one. Instead, we take it to the dealership and receive a value for it when purchasing a new car. We need to have the same mindset for consumer electronics.Mikkel Frid, VP of Recommerce Mobile at Foxway
Every time someone decides to upgrade their smartphone, whether it’s to a refurbished or brand-new model, they should bring in their old device to trade-in. This change in behavior will increase the volume of devices being reused.
Foxway launches a subscription model to increase device trade-ins
In an effort to encourage more devices to be traded in, Foxway has introduced a new subscription model to its trade-in solution. Instead of purchasing a device outright or financing it through a consumer loan, your customers can now subscribe to the newest smartphones, such as the latest iPhone or Samsung model, at a reduced monthly cost. Foxway guarantees a residual value after 24 months, for example, which brings the monthly cost down to a more affordable level for any consumer.
One of the benefits of this subscription model is that Foxway owns the device, not the consumer. As a result, the company expects a significant increase in the number of devices returned after the subscription period. In contrast to the 5-10% return rate seen in traditional trade-in programs, Foxway anticipates that at least 95% of devices from the subscription model will be returned. This circular economy model promotes sustainability by ensuring more devices are refurbished and reused.Mikkel Frid, VP of Recommerce Mobile at Foxway
How Foxway helped Samsung with a custom solution to enhance their service profile
Foxway has teamed up with Samsung for a partnership in the Nordic countries. The partnership involves a Rental as a Service agreement, where customers have the opportunity to rent Samsung’s premium smartphones for a fixed monthly fee. Customers can exchange or return the devices, and Foxway guarantees that they will have a new life with a new user. This is a way to promote circularity and the advantages of renting a device.
We’ve been working with Foxway for many years now – with our trade-in program – and finding different incentives for people to return their own phone. But now what we have done with our Samsung Flex program – is really giving that incentive already at the start of the period – so that people know the value of their own phone and want to return it. It’s been a great cooperation with Foxway – to really innovate the mobile phone industry.Oscar Nöjd, Head of Sales Innovation & Business Development at Samsung Electronics
By guaranteeing a future residual value at the start of a phone’s life cycle, Samsung and Foxway are able to reduce the monthly costs of phones while giving consumers good value. To hear more about this collaboration and its impact, check out the video.
By providing a simple and easy way for consumers to trade in their devices, Foxway is helping to create a more sustainable future. With our extensive network of partners throughout Europe, we are able to make this service available to more people than ever before. So join the circular economy and make a positive impact on the planet with Foxway’s trade-in solution.
Retail & Online Buyback Trade-in-value Sustainability