The Cupertino giant looks to be ramping up for their own Apple store trade-in program heading into their September 10th iPhone event. The new program, rumored to be called Apple’s “iPhone Reuse and Recycle Program”, is expected to allow iPhone owners to trade-in their current iPhone to get a newer model at a discounted price. With Apple now ready to roll up its sleeves for trade-in, what does this mean for consumers?
Apple’s entry into reCommerce validates the market opportunity Gazelle pioneered. We estimate the U.S. reCommerce market will be $14B by 2017 so, needless to say, it’s a huge opportunity with room for multiple players. It doesn’t surprise us that Apple decided to focus more actively in this space as an in-store player. In fact, we expect Apple’s entry to help accelerate consumer adoption of trade-ins and we welcome another voice to encourage sustainable consumption of electronics.
Let’s get into what we’ve heard about the Apple store trade-in program and see how it compares to Gazelle. Note that Apple has not confirmed any details regarding its program.
So, the bottom line is, it’s a big market and some consumers will choose in-store but many others prefer to trade online. The best news is more people will know about reCommerce and we’ll all be extending the life on consumer electronics and passing unwanted devices on to someone who really needs them.