Have you ever ever puzzled what occurs to a cell phone when you commerce it in for a more moderen mannequin? The behind the scenes world of cell phone trade-ins features a sophisticated and fairly inefficient provide chain, which ends up in secondary market consumers paying greater than double the trade-in worth supplied by cellphone carriers and producers.
This provide chain inefficiency is what drove PCS Wi-fi, one of many largest international distributors of secondary market gadgets, to ascertain TessaB Corp. They’re constructing a blockchain know-how powered platform that can minimize out provide chain intermediaries to decrease retail costs of used cellphones. This previous December, TessaB launched its first software of the platform, the Glyde Market, with a mission of addressing the price and belief points plaguing this quick rising business.
The used cellphone market is rising quick. In truth, in keeping with analysis agency Worldwide Information Company (IDC), the worldwide used smartphone market is forecasted to develop to $67 billion by 2023, with a compound annual progress price of over 10%. To remodel this traditionally inefficient business, TessaB has constructed a know-how stack that creates a clear and safe expertise, freed from intermediaries, that’s designed to create belief between consumers and sellers. First, when a vendor lists a cellphone, cell diagnostics are run on the Glyde Join cell app which checks all main features and confirms the cellphone isn’t stolen, including these outcomes to the blockchain. When a purchaser purchases the cellphone on-line, they will assessment the cellphone’s take a look at outcomes, and a sensible contract for the transaction is created, holding the customer’s fee in escrow. When the customer receives the cellphone, additionally they run the identical diagnostic checks on the cellphone, and fee is launched to the vendor provided that the outcomes match and verified by the blockchain. And that is just the start! TessaB can also be engaged on AI know-how that can permit the cell app to grade the beauty situation of a cellphone utilizing cellphone cameras, identical to you’re taking an image of a examine to make a financial institution deposit.
A mixture of cell diagnostics, blockchain, and AI is the way forward for this business, because it offers consumers confidence when shopping for used gadgets, serving to to enhance sustainability of the business by maximizing the life cycle of cellphones. Like supplied on Glyde, listings pushed by provide and demand will imply a extra level-playing area for shoppers and fewer domination by enterprise sellers which have massive inventories. It’s not about who sells, however what sells. The tip outcome? A real market the place provide and demand units costs, giving consumers entry to used telephones at truthful market values, whereas permitting sellers to seize the actual worth of their telephones. No extra limitless middlemen taking a minimize! Fixing an inefficient provide chain can finally deliver sellers of used mobiles double what trade-in packages pay out. For these seeking to make some extra cash throughout this difficult financial system, perhaps it’s time to promote your previous cellphone on the Glyde Market as an alternative of amassing mud in your drawers.