New research from Blancco Technology Group shows while 57 per cent of smart phone users intent to move to a 5G-compatible smart phone in the next two years, it will take reassurance about potential privacy breaches to get them to trade in their current smart phone as part of the upgrade.
The ‘Online Device Trade-Ins: Building Trust in an Invisible Process’ study found of the aforementioned 57 per cent, almost half of these would like to trade in their old device if it saved them money.
According to the study of 6,000 consumers, 69 per cent of these have never taken part in an online trade-in process, but 41 per cent are willing to do so in the future, with a further 31 per cent willing to consider it.
Trust is, however, key to growing this space. 31 per cent are concerned about data misuse, and 27 per cent flat out don’t trust the process.
“The shift in shopping habits, along with the impending 5G smartphone super cycle, is creating a key inflection point for operators, retailers and OEMs to capitalise on their chance to put 5G devices in subscribers hands,” says Russ Ernst, executive vice president, products and technology, Blancco.
“Trade-ins will continue to play a key role in incentivising consumers to upgrade by subsidising the costs of new devices, and there is a significant opportunity at play for organisations involved in the collection of used devices to drive revenue through online device trade-ins,” he says.
“However, operators, retailers and OEMs will need to build their trust by providing assurances in data protection and device care throughout the customer journey.”
Ernst explains how “Online capabilities ultimately help to streamline and strengthen the mobile device trade-in process” by creating new customer touchpoints for operators, retailers and OEMs.
“Trading in devices via an online mechanism also enhances customer trade-in experiences and understanding through quick, reliable online solutions that can be accessed anywhere, at any time, from any device,” he says.
“The convenience, speed and transparency that online trade-ins can accomplish will ultimately be the driving factor for success.”
