Best Buy Aims To Future-Proof Your Technology

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News Posted: Fri, Feb 4 2011 11:29 AM

Best Buy plans to launch a buyback program aimed at helping you "future-proof" your technology. The retailer plans to launch the program during the Super Bowl this Sunday. Through the Buy Back Program, you can purchase the technology you want today, knowing that within two years (four for TVs), Best Buy will buy it back for a set price.

The program will accept TVs, mobile phones, laptops, netbooks, and tablets. When you sell your old technology back to Best Buy, you'll get a gift card that you can use in store for a future purchase. 


In an email to Best Buy Reward Zone members, Brian J. Dunn, CEO, explained the service:

Because you're a valued Best Buy customer, I want to personally tell you about a program we're launching during the "big game" this Sunday, Feb. 6. It's called the Buy Back Program and we're announcing it in a commercial during the third quarter, with stars like Justin Bieber and Ozzy and Sharon Osbourne.      http://image.emailinfo2.bestbuy.com/lib/fef41d77766c04/m/8/MKT_WB_Spacer.gif

Buy Back is essentially "future-proofing" your technology. You purchase the technology you want today, and we'll buy it back at a set price when you're ready to upgrade to something new. You'll know upfront what your gear will be worth, and you can conveniently redeem your Buy Back at our stores and immediately receive a Best Buy Gift Card.

You already enjoy Reward Zone benefits, and I hope you consider the advantages that Buy Back can provide. We're excited to introduce it in a big way on "big game" day. Be sure to tune in and learn more.

Thank you—we sincerely appreciate your business,

Brian J. Dunn

CEO, Best Buy Co., Inc.

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coolice replied on Fri, Feb 4 2011 1:51 PM

This is not a bad idea. I remember a few years ago, a store The Brick, had an environmental offer where, if you traded an old crt tv, they'd give you up 150$ towards a bigger crt tv (they were getting rid of their stock)

So thats what my old man did.... we took our old 20 inch crt.... and came back home with a 200 lbs 32inch sony wega crt tv, for like 100$. Good deal... still have the tv, works like a charm

Though no company would actually take on this venture if they werent profitable. I hope that BB matches a realistic Future Value. For example, i a 2000$ tv, 4 years down the line.... BB offering like 40$ would be totally inconsiderate. But if they offer something worthy, like 200$, Deal!

Not saying that i'd use this option... at least not yet... but interesting nonetheless.

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AKwyn replied on Fri, Feb 4 2011 2:54 PM

This sounds good in theory but with the example shown, I'm going to worry that it won't look so good. It will look good for the people who upgrade their TV's frequently and save a little extra money on the sidelines (buying it back for $1,325 if you purchased a $2,650 TV in the past 6 months) but if a TV comes out in the 12-18 months you're going to be looking at $757 for your $2,650 TV you purchased.

I'm not a big fan of them dividing the price by 2, 2.5, 3.5, 4.5 and 5.5 to see how much your TV is worth and how much you should be getting for it. I mean if they want it to succeed then at least take into consideration other factors such as the resale value. Some sucker is going to be trading in their "worth more then they know" TV and Best Buy will mark it up considerably.

 

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^True, but you do have to consider the extra costs of buying back old tech. After all once you (the company) buys it you need to ship it to a site to get tested, where you have to pay someone to test it, then you have to ship it to a place where you can sell it.

So while your tv is worth more then what they are offering they still need to be profitable in the transaction. 

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