RE: I know the refurbished industry inside our28 Nov 2023 12:28
Even more exciting - a new poster making the effort to join LSE to create FUD
I also know this market very well having dealt directly with the likes of Macquarie, Ingram Micro and another whose name i cannot recall
Kiosks questionable? Not based on the recent update from the company in August:
SMARTDrop Kiosks have proved to be hugely popular with customers since their launch in November 2020, and now account for 45% of musicMagpie's Consumer Technology sourcing in the UK. The Group is looking to expand the reach of its SMARTDrop Kiosks by placing them in new high footfall sites across the country, making selling and recycling mobile devices even more convenient and accessible for consumers.
Steve Oliver, Chief Executive Officer and Co-Founder of musicMagpie, said: "We're thrilled to announce that our SMARTDrop Kiosks will be arriving at three new major locations this week, following the successful rollout in Asda stores across the country. Our SMARTDrop Kiosk in The Trafford Centre has been one of our most successful installations to-date, and with millions of people visiting each of these new sites every year these will serve to increase brand awareness and promote the service making it easier than ever for customers to trade in their phone for cash, while doing something positive for the environment."
Flawed Rental Business?
Hardly, the company are choosing to target the B2B segment and are making higher margins. I have worked previously with a Phone lease business - I can assure you that it is not flawed. Customer have option to take out insurance and MMAG provide free cover and screen protector. I know tow boys agead 10 and 15 who have had teir phones for two years and not a problem at all when using screen protectors
Market is buoyant and MMAG have opportunity to grow their share in the UK and US
The global market for refurbished and used smartphones is expected to grow from $41.3bn in 2020 to $75bn in 2027, with it expected to be worth $46.5bn in 2023 (source: Statista). At the time of IPO, independent third-party research commissioned by MMAG estimated that the market for its core categories in the UK and US was worth £9bn in FY20, of which the UK made up £1.6bn and the US £7.1bn (source: admission document). Furthermore, management quoted UK market shares of 7% in smartphones and 5% in media and books, and US shares of 0.5% and 0.3%, respectively. The low market shares quoted and strong growth rates estimated for the wider market suggest significant potential for growth in both categories.
Winning i this market is all about price and customer experience - making it easy for customers to get a great price with the minimum of hassle. Their kiosk roll-out in itself is an opportunity to differentiate around experience.
Your attempts to de-ramp are laughable and disgraceful
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