3 Retailer Benefits to Offering In-Store Electronics Trade-In
Driving in-store traffic and sales in a hyper-competitive world is one of the biggest challenges facing brick-and-mortar retailers today. The prevalence of online shopping and showrooming has especially affected retailers who sell consumer electronics. With so many choices, both online and in-store, savvy consumers have plenty of choice when shopping around to purchase the latest consumer electronics.
One strategy savvy retailers and carriers are employing is offering an in-store electronics trade-in program. Five years ago, most consumers didn’t even think of trading in used electronics for cash or gift cards, but today the awareness for this option is quite high, and continuing to rise. According to the NPD Group, smartphone trade-in is “one of the most dynamic, leading tools that carriers and retailers use to drive new device sales.”
Allowing customers to sell used smartphones, tablets, laptops and gaming devices for store currency can have a huge return for retailers – not just with increased store traffic, but also with increased in-store spending and enhanced customer loyalty.
Incremental in-store traffic
With increased awareness of trade-in, consumers are now on the lookout for the right combination of convenience and value. With special trade-in offers and promotions, retailers can cut through the clutter and attract both loyal and new customers to brick-and-mortar locations. This is especially true around new-device launches, such as the latest Samsung phone or Apple iPad, when consumer awareness and interest is especially high. Additionally, online channels can successfully drive foot traffic into brick-and-mortar stores, effectively reversing the showrooming trend. Highlighting retail-only trade-in offers and promotions through online channels such as social media and email marketing enhance in-store promotions and drive shopping behavior.