Part of the Series – Twist and Trade: A New Spin on an old or existing business model!

Last week my family and I were walking around the King of Prussia mall. I was trying out the Shopkick app that I downloaded recently (mostly for the embedded Target coupons). So, I had to walk to Old Navy on the upper level. That is when this caught my eye:

 

As much as this EcoATM looked weird, it fascinated me. So, when I caught up with my family, we talked about it and did more research. I found this instructional video on how it works:

 

 

Scott had pointed out that it was probably installed just in time for the iPhone 5C release. Ironically this EcoATM, located in the Court, was not near the Apple Store, which is located in the Plaza (non Philly locals: follow the King of Prussia link to find out what I am talking about). It was placed above the food court towards the Twentysomethings’ clothing stores.

In my opinion, it is more of a statement of the following:

1. The United States mobile device market is becoming more developed, even though it is still far behind Europe and Asia. There are now many more models of mobile devices and smartphones. Cell carriers are now competing with each other by providing better device upgrade plans.

2. It is taking the existing electronics trade-in model, a la Gazelle, eBay Instant Sale and uSell, and making it localized or “offline.” Plus, it is faster to payout by dispensing cash.

NOTE: If you plan to sell/trade-in your old phone, PLEASE BACKUP your data and then make sure to COMPLETELY erase the device.

I found this article helpful in my research:  How to sell your old cellphone

If I end up using this ATM, I’ll write a followup on the experience.