Expects to return over £20m to customers across Europe
(Bathgate, UK, 6 September 2016) Redeem, the leading mobile phone recommerce services company in Europe, expects to see a significant increase in trade-in volumes and £20million returned to consumers in the weeks following the latest iPhone 7 launch.
Each year when Apple release a new iPhone Redeem sees a spike in customers looking to trade-in their old handsets in order to obtain the latest iPhone model. With the much-hyped iPhone 7 model expected to be announced on 7 September 2016, Redeem forecasts a number of beneficial outcomes for the business, including:
- Redeem anticipates over 10% growth in trade-in volumes across Europe over the next three months, compared to 2015
- Redeem forecasts that one in every two devices traded in by consumers between September and November will be an Apple iPhone
- The trade-in value of devices is increasing year-on–year; customers will receive a 15% increase in the value for their used iPhones as depreciation of high-end smartphones slows
- Customers in the UK can expect to receive on average around £150 for their used iPhone and up to £400 for high-spec, newer models during the new iPhone launch period
- Redeem will deliver its trade-in expertise to over 1,200 stores across Europe
Paul Adams, CEO of Redeem, commented:
“The iPhone launch is the key time of year for customers trading in their old devices and represents a huge opportunity for Redeem across all of our operating territories. Consumers are increasingly looking to get value from their old device in order to get the latest model. This shift in customer behaviour led us to develop our Financial Services offering, which provides Mobile Network Operators (MNOs) and other businesses with accurate price forecasting and the ability to realise future trade-in value of handsets. We’re able to do this due to our 20 years’ experience and deep industry knowledge. We’re excited about future opportunities as we develop our services in line with an evolving market landscape.”
Over the last four years, Redeem has transitioned from a UK-focused recycling company into Europe’s largest mobile phone recommerce services business. This year the company has focused on supporting clients with a range of new services including rigorous diagnostics and supply chain solutions for high quality pre-owned devices. Redeem expects to build on a highly successful year to date with record breaking results around the launch of the iPhone 7 model.
Programmes such as O2 Recycle, which Redeem operate on behalf of Telefónica UK, and Envirofone are just two initiatives expecting incremental volume increases in the UK. The increases are expected as consumers begin to look to use the value of their old devices to offset the price of the newly released iPhone model.
Redeem also provides consumers direct access to a range of high-end quality refurbished devices through the Envirofone shop which provides a genuine alternative to buying a new device at a fraction of the cost of a brand new model. Customers can also purchase a range of add-ons including accessories, extended warranty and insurance services.