Consumers are keeping their phones longer, and retailers are feeling the impact. How can retailers continue to generate revenue with this growing trend?
New phones, new features, new data packages—they’re all designed to entice customers to update their mobile phone experience. And yet, even with these advancements, increasingly customers are keeping their phones longer. So, how can retailers flip the script and actually benefit from this trend? We’ve got a few tips below.
As a retailer, flexibility and adaptability are critical to continued revenue generation. With mobile phone technology no longer advancing so quickly that the latest model is too attractive to resist, customers are paying off their devices and enjoying the cost savings until that device finally breaks. Adjusting to customers’ growing tendency to hang on to old models, you should be marketing yourself as a one-stop shop to cater to the needs of those who want to extend the life of their phones. Got protection accessories? Make them the best money can buy to protect your customers’ phones for the long haul.
Product performance guarantees
To take it a step further, add the peace of mind of a product performance guarantee—warranties that can provide extended benefits for protection accessories. Working with accessories manufacturers, you can add an extra layer of built-in protection and the promise of a guarantee, passing on added security and confidence to your consumers. Plus, if you work with an OEM that’s partnered with a third-party warranty provider, you’ll also enjoy the benefit of comprehensive product language that provides guidance on how to sell these items to consumers.
One final benefit you can tap into with consumers who are keeping their phones longer: increased customer loyalty. With fewer consumers purchasing new phones each year, those who do come into your store looking for inexpensive solutions can be assured you’re ready to help them—increasing the likelihood they’ll continue to rely on your service and expertise.
For more information on how to benefit from these types of consumer trends, check out the Fortegra blog!