In 2012, families tend to have a plethora of used, no-longer-desired electronics that sit in the back of a closet simply because everyone wants the newest model gadgets these days. So what happens to these mounds of ignored gadgets?
Currently, the most common thing people do with them is simply throw them out or recycle them properly, and the vast majority of people never think twice about it. But, for the Elite entrepreneur, this status quo is a market opportunity.
Think about retail clothing lines: when clothing brands and stores started to become popular for all social classes in the beginning of the century; for the first time, families had an excess amount of clothing. Some would become hand-me-downs but that was not enough to meet the vast supply.
Besides charity, thrift stores popped up on a large scale around the country allowing families to sell second-hand clothing to the store, which would then sell it back to customers looking for a discount. A simple yet lucrative business model.
Boutique buy-back startup TechPayout was founded by Audrick Kramer to apply this thrift store business model to electronics, while transforming the brick-and-mortar facets of the company into an efficient and streamlined commerce platform.
Being as though this concept is far from new, at first glance one may not perceive TechPayout to be a disruptive service. However, this is a dubious assumption: TechPayout has perfected a unique commerce platform inspired by this olden-day thrift store concept in way that other startups in the sectors have failed to do.
With a strong emphasis on customer service and social media, TechPayout gives users the opportunity to get immediate price quotes for used devices (over 500+ items in their database including smartphones, tablets, iPods), and if they like what they see, they can send in their device (free shipping) in exchange for cash paid via Paypal or Check.
The platform offers an alternative to the frustrations of eBay or Craigslist, and because of TechPayout's streamlined model, Kramer is able to bring in bigger margins than many of the big box store buy-back programs.
Not only is the electronic thrift concept a lucrative market opportunity, but Mobile devices, in particular, are a major growth-market right now. This means more supply & demand for TechPayout, which naturally translates to more business. According to MobileThinking.com, over 1.5 billion mobile phones were sold worldwide in 2011, an increase of over 11% from previous year. And of that, almost 500 million smartphones were sold worldwide in 2011, up a whopping 63% from 2010.
That means a lot of old phones just laying around in a drawer, or worse: a landfill. From the customer's standpoint, wouldn't they rather get paid for what they are acclimated to discarding? The majority of gadgets bought-back eventually find their way in to the hand's of a new user, but for those electronics that have seen their last days, TechPayout promises that no items will ever end up in a landfill and works closely with local recycling centers.
Without further adieu, here is Elite Daily's Interview with Audrick Kramer:
When did that moment hit you that made you want to risk it all by launching an innovative venture?
What is the biggest failure you have experienced in your career? What advice would you give other young people about overcoming failure in a make-or-break venture?
Was there a turning point in your life that led to the idea for you to start TechPayout?
Explain TechPayout to us and how it works, in a nutshell?
What does success mean to you and your business? What is your dream accomplishment for this business?
Who’s career has inspired you & TechPayout the most?
With such an ecologically based business plan, the idea of TechPayout seems too good to be profitable. Some might think you would be lucky to break even. Explain how TechPayout is a financially profitable company?
We value your idea and think it is incredibly progressive, but some might view your company as iconoclastic. What would you say to that? Why should a business care about environmental concerns if they don’t have to?
What plans do you have for your career that we would have never suspected? How do you plan on expanding your business, keeping it relevant in the future?
5, 10, 50 years down the line, when you have achieved everything you aspire for today, where do you see yourself?
More Info on TechPayout:
After interviewing Audrick Kramer, Elite was interested to find more on TechPayout that we have decided to share with you. Let's look at what makes TechPayout unique:
Pricing: TechPayout offers custom 'real human being' quotes, always monitoring price fluctuations in the market, and recognizing additional value for items like brand new packaging, or an unlocked iPhone4.
Social presence: TechPayout is constantly listening to its customers on Twitter & Facebook, and interacting with them on a daily basis.
Win-Win transaction: TechPayout helps customers stay green and de-clutter while making some green at the same time, all items are then given a second life through various channels.
Boutique Approach: TechPayout offers immediate responses, faster payment time, higher customer service, and a real phone # to get a hold of them directly.
Other TechPayout amenities that are coming soon include: Macbook buybacks, monthly sweepstakes, a robust referral program, mobile app, and other incentives to reward their user base.
If you are interested in selling or buying used gadgets, visit http://techpayout.com/