NextWorth Estimates the 2014 U.S. Smartphone Trade-In Market Value Potential to be More Than $3 Billion

Trade-in pioneer says the majority of this market value will come from trade-in programs found in brick and mortar retail settings

Feb 05, 2014, 08:00 ET from NextWorth

BILLERICA, Mass., Feb. 5, 2014 /PRNewswire/ -- NextWorth, a leader in consumer electronics trade-in programs, announced today that the 2014 U.S. smartphone trade-in market value potential is over $3 billion. This market value can be fully realized and translate directly into increased consumer spending power if trade-in programs are developed properly and are running efficiently.

"While trade-in may seem like an emerging market, having a trade-in program is no longer a differentiator, it is now a requirement for mobility retailers throughout the U.S.," said Jeff Trachsel, CMO of NextWorth. "Mobility retailers need to take a close look at their current trade-in programs to see if they are effectively capturing a significant amount of this market value."

NextWorth, founded in 2006, was the first company to roll out a multi-channel, multi-category national trade-in program and currently operates both in-store and online trade-in programs for retailers. While both in-store and online programs can be successful, NextWorth reports that in-store tends to outperform online due to the far superior customer experience. This experience includes instant gratification, no downgrades and the ability to immediately pay down the cost of a new device.

"NextWorth is creating a win-win for both our retail partners and their customers while fundamentally changing the way people buy, own and disown consumer electronics," said Trachsel. "Consumers trade in used devices for instant payment which they can spend on a new device or something else within the store. Our retailer partners benefit from the foot traffic and the increased consumer spending power. And the used electronics are ultimately given a second life in the global economy."

Trachsel added that the market for trade-in will continue to grow as consumers begin to understand that there is value in their unwanted or older devices.

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About NextWorth
NextWorth has been defining, running and optimizing trade-in programs for major retailers nationwide since 2006. The NextWorth team has more than 100 years of combined experience in the CE trade-in industry. Its unique combination of expertise, team and platform enables it to provide unparalleled trade-in support and experience to its partners, driving their key business objectives. Through the delivery of turnkey in-store and online trade-in platforms, NextWorth is out to fundamentally change the way people buy, own and disown consumer electronics.

SOURCE NextWorth