After a successful trade-in program in the United States, technology giant Apple Inc. (NASDAQ:AAPL) is making efforts to launch a similar program with Foxconn Technology Group in China. A Bloomberg article reported on the news and discussed about Apple Inc.’s new plan to introduce a trade-in program for iPhones in China.
Through this new trade-in opportunity in China, iPhone owners will be able to take their older iPhones to Apple stores in China for credit against Apple Inc.’s products as soon as March 31, according to people having knowledge of the plan. iPhone trade-in program in China also involves Foxconn Technology Group that will purchase and re-sell the iPhones and this joint-effort by Apple Inc. (NASDAQ:AAPL) and Foxconn Technology Group will also help in further improving their business relationship.
In this trade-in program, Apple Inc. (NASDAQ:AAPL)’s representatives will examine an iPhone’s condition at Apple’s outlets in China before providing store credit for those originally purchased in Greater China and Foxconn Technology Group will buy the iPhones directly without Apple taking their ownership, as said by a person having knowledge of the program.
Roger Entner, an analyst with Recon Analytics LLC, believes that such trade-in programs help the companies in bolstering their sales and improving their revenues, as he estimated that nearly half of the people purchasing iPhones in the United States during the final quarter of year 2014 traded-in their older phones.
“It has certainly been a driver for sales pickup,” Entner said.
According to Tim Cook, Chief Executive Officer of Apple Inc. (NASDAQ:AAPL), China is ready to get ahead of the United States in becoming a largest market of Apple products and he is making efforts to nearly double the number of stores present in Greater China by the mid of year 2016. During the final quarter in 2014, a record profit of $18 billion was achieved because of Chinese demand for larger-screen iPhones. Apple Inc. (NASDAQ:AAPL) believes that there’s a lot of potential in China for the company’s business to grow and so it has brought a new trade-in offer for the people of China, as Apple Inc. don’t want to lose its position and customers in that region.
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