Via a press release, Best Buy has made its electronics Buy Back Program — the very same program we broke the news on last week — official. The program will allow users to trade in their laptops, netbooks, tablets, or smartphones for a percentage of the device’s original value. Best Buy is billing its new service as “future proofing.”
“We recognize that technology is changing faster than ever, and our customers tell us they want to enjoy these devices without worrying about when the next or newest version will launch,” said Brian Dunn, CEO of Best Buy. “We call this ‘future-proofing’ because our customers can now have more confidence that they’re protecting the value of the products they’re purchasing today.”
Best Buy’s Buy Back Program will begin to be offered this month and retail for $69.99 for laptops, netbooks, and tablets and $59.99 for mobile phones — the price for TVs (under $5,000 only) was not disclosed in the press release. Hit the jump to read the full announcement.
Buy Back Program from Best Buy Helps “Future-Proof” Today’s CE Purchases
Customers can buy new gadgets with added confidence from an upfront re-purchase schedule, instant re-payment on redeemed gear
MINNEAPOLIS–(BUSINESS WIRE)–Today Best Buy (NYSE: BBY) is launching its first-ever Buy Back Program to help customers embrace new technology with greater confidence. Created for people who want to stay current with their gear but who are concerned about obsolescence, the Buy Back Program provides convenient access to upgrades with the help of a Best Buy gift card from ”buying back” past purchases.
“We recognize that technology is changing faster than ever, and our customers tell us they want to enjoy these devices without worrying about when the next or newest version will launch”
Beginning this month, Best Buy customers can purchase the Buy Back Program in-store or online when buying products in one of five popular categories: laptops, netbooks, tablets, post-paid mobile phones and televisions. Customers may purchase the Buy Back Program when they buy their new devices, with pricing based on the product category. For example, Buy Back protection for any laptop, netbook or tablet is $69.99. Best Buy will purchase the product anytime within two years for laptops, netbooks, tablets and post-paid mobile phones, and four years for televisions.i Customers may receive up to 50 percent of the product’s original purchase price paid in the form of a Best Buy gift card if redeemed within six months of the effective date to purchase new products of their choice.ii
Buy Back Program appeal has been validated by a year of extensive consumer research, and most recently in a study conducted by Impulse Research Corporation.iii In the study, 40 percent of consumers surveyed agreed that concerns about technology becoming outdated have likely prevented them, or would prevent them in the future, from purchasing products such as laptops, mobile phones, TVs, tablets and netbooks. The study also affirmed the appeal of a Buy Back-like program when deciding on where to shop for popular electronics gear in the coming year. It revealed that 30 percent of consumers plan to purchase a TV or laptop in the next 12 months, and that 73 percent of consumers would consider purchasing these electronics from a retailer that offers a re-purchase type of program.
“We recognize that technology is changing faster than ever, and our customers tell us they want to enjoy these devices without worrying about when the next or newest version will launch,” said Brian Dunn, chief executive officer of Best Buy. “We call this ‘future-proofing’ because our customers can now have more confidence that they’re protecting the value of the products they’re purchasing today. With the Buy Back Program, consumers benefit from assurance, convenience and transparency so they can stay current and stay connected.”
Best Buy customers may purchase the Buy Back Program when buying a new product and redeem it at a later time, as long as the device is in good working condition and includes all original parts. Unlike typical retail trade-in programs customers don’t have to wait for re-payment, and can immediately apply money from their Buy Back product redemption to the purchase of new products at any Best Buy or Best Buy Mobile store. Better yet, consumers know what they’ll be paid up front, with a schedule that is available at the time of Buy Back Program purchase and is based on duration of product ownership:
- Redeem your Buy Back within 6 months from purchase effective date, and get up to 50 percent of your purchase price
- Redeem your Buy Back after 6 months to 12 months from purchase effective date, and get up to 40 percent
- Redeem your Buy Back after 12 months to 18 months from purchase effective date and get up to 30 percent
- Redeem your Buy Back after 18 months to 24 from purchase effective date and get up to 20 percent
- For TVs only, redeem your Buy Back within 48 months from purchase effective date and get up to 10 percent
“A program like Best Buy’s Buy Back should encourage higher consumption by early adopters and fast followers that are considering new technologies, because it gives them confidence that the electronic devices they have just purchased will have real value going forward,” said Stephen Baker, vice president of industry analysis for NPD Group.Impulse also found that when purchasing personal electronics, 84 percent of consumers say it’s important to deal with a reputable company who will responsibly re-use and re-cycle their old products. Electronics redeemed through the Buy Back Program will be assessed by its built-in team of Geek Squad Agents, and distributed among Best Buy’s aftermarket, trade-in and recycling programs. To learn more about the Buy Back Program and find the nearest Best Buy store, visit http://www.bestbuy.com.