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MusicMagpie
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=== SMARTDrop kiosks: Making life easier for customers === The SMARTDrop kiosk trials were launched in November 2020, primarily as a way of enhancing MMAG’s sourcing opportunities by making it easier for consumers to transact with MMAG and as another way of overcoming consumer apathy. Management estimates each UK household has 11 devices ‘left in drawers’, equivalent in value to £16bn. The concept is innovative and simple. Customers can drop off their smartphones in the kiosks, located in supermarkets, eliminating the need to make a journey to a post office or courier drop point, then receive immediate payment rather than having to wait as the kiosks have the technology to visually inspect and check the provenance and functionality of the technology. Customers can either initiate the selling process online and take the products to the kiosk, or initiate the whole process at the kiosk. The trials began in 20 stores in the North-West of England and given the initial success, in September 2021 management announced a sustainability partnership with ASDA, including a nationwide rollout of the kiosks across c 300 stores. Management estimates this will provide access to 90% of the population within a 15-minute drive, with rollout from March 2022 and expected completion in September 2022. In addition to the in-store presence, MMAG’s services are promoted directly to ASDA’s own online customers; ASDA’s website had over 30 million site visits in February 2021 (source: Admission Document). From a volume perspective, through September 2021, the company had traded c 3,000 devices through the kiosks, paying out over £800k to customers. By the end of FY21, c 5,300 smartphones had been traded with over £1.5m paid out to customers and in Q122 had increased to c 8,000 units, paying out £2.3m to customers. Importantly, so far and versus MMAG’s online offering, the kiosks have attracted a younger customer than average, and the quality of the product sourced has improved (so has a higher price point): the average price paid per unit on Apple and Samsung devices during Q221 of £236 was a 41% premium to MMAG’s average transaction. The most recent data imply a price paid of £283 (£1.5m/5,300 smartphones) to the end of FY21, and £287 (£2.3m/8,000 smartphones) to the end of Q122, due to the superior product mix. The initiative appears to be helping overcome customer apathy, as intended, as internal data suggest nearly 40% of customers that use the kiosk stated they would not have sold their old device otherwise. For ASDA, research from the trial indicates it is attracting new customers to the store who go on to make a purchase there.
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