Despite its incredible success throughout the world, there’s no doubt that growth in the smartphone industry continues to decline as the market reaches its saturation point. The most recent figures seem to confirm this, with the market’s growth set to decline from 6.5% to just 5% in 2018.
With the price of components also on the rise for premium handsets, this is a trend that’s likely to continue in the years ahead.
It’s never been easier for smartphone users to monetise their handsets in the modern age, however, as their capabilities increase and range of available contract types continue to diversify. Below, we’ll look at the real-time market and ask how customers can monetise their mobiles:
- Look for Deals that Offer Cash-back
You can monetise your handset at various stages of its life-cycle, as this process starts when your make an initial purchase.
This is particularly true with premium handsets such as Apple’s iPhone X, as distributors are increasingly keen to tailor promotions and offer incentives that truly engage their customers. If you look at the most cutting edge iPhone x contract deals, for example, you’ll see that it’s possible to receive a fixed sum of cashback on your purchase.
Similarly, these handsets are also being made available without an up-front charge, so there’s an opportunity to save money as well as generating income.
While the precise sum of cashback will vary between distributors and handsets, you’ll be eligible to receive anywhere between £10 and £35 simply by buying a brand new smartphone.
- Embrace the Exciting New World of Mobile Apps
As the smartphone market has evolved, it has blazed a new trail for other innovations and technologies to follow suit. Take mobile apps, for example, which have revolutionised the experience of using a smartphone and made it easier to generate income through your handset.
One of the best examples of this is Swagbucks, which allows you to accumulate points by searching the web, completing surveys and streaming movie clips all through your smartphone. These points can be redeemed in the form of gift vouchers from stores such as Target and Amazon, while you can also exchange them for PayPal cash.
In short, this type of app enables you to monetise your handset without requiring any significant skill or time investment. Similarly, it allows you to generate incremental revenue while completing perfunctory, everyday tasks, creating a new form of passive income for the digital age.
- Cash in your Phone at the End of its Life-cycle
Interestingly, it’s also possible for you to monetise your handset at the end of its life-cycle. This is because you can cash in your smartphone when you’re about to upgrade, as you look to recycle it in exchange for a predetermined, financial value.
So, instead of discarding your smartphone, you’ll send the handset to a reputable service provider in exchange for a fixed sum of cash. This will be agreed after a real-time valuation, while it will be influenced by the condition of your phone, its age and live market value.
In general terms, providers will accept phones in almost any condition, and you must appraise the final offer before making an informed decision. Just remember that the offer made by recycling firms will be slightly less than the real-time value of the handset, so you’ll need to compromise and manage your expectations when completing a deal.