How Can You Expand Your Business Besides Gadget Repair?
By: Liliana - February 08, 202225 Views
With Americans smashing their phones at least four times per week, the repair industry is primed for profit. Furthermore, retailers looking beyond gadget repair will be more efficient and create additional revenue (in the short and long run).
Diversifying the business besides device repair has the benefit of making you a one-stop destination for all the device needs, from repair to accessories.
However, how can you expand your business besides gadget repair? Here are six of the most effective techniques to grow your business:
In-Store Accessories Allocation
By providing accessories in-store, you may turn your store into a retail destination. Covers, headphones, chargers, screen protectors, power banks, and speakers are just a few examples of mobile accessories.
Customers can browse extra things that go with their phones while waiting for their phones to be fixed. And you’ll see a spike in sales once they find what they’re looking for (and profits).
Apart from that, the best time to sell a screen guard or a cover is when someone’s gadget is being serviced. They’ll want to protect their investment, and a little persuasion by you will persuade them to purchase.
Another advantage of selling phone accessories is that customers are more likely to buy them. When was the last time you replaced the screen guard of your phone? Do you have any plans to alter it anytime soon? Or are you looking for a new phone case? It’s likely to replace the tempered glass and cover every few months.
Have all the top-brand mobile accessories, allowing you to equip your business with your customers’ items.
Stock up on smart home items.
Between 2020 and 2025, the global smart home sector is estimated to grow at a compound annual growth rate (CAGR) of 16.1%. By 2025, the smart home industry will be worth $195,295 million, up from $92,744 million in 2020. The demand for smart home devices will rise in the next five years, according to the data. What better way to profit from it than to stock smart home devices in your shop?
You could also put money into intelligent security systems. In 2020, smart home customers were estimated to spend $19.4 billion on security systems, with that figure expected to treble to $35.6 billion by 2024. If you’re hesitant to invest in smart home technology, start with a small range of products. Analyse the demand for those commodities in your area and eventually increase your product line.
Tip: to broaden your offerings, offer support with the installation of smart home systems. It increases your credibility (as a business owner) and eliminates last-minute annoyances like “I don’t know how to use or install it.”
Mobile Phones for Sale
The need for new phones does not appear to be slowing anytime soon, with new phones being released virtually every day. Even though the pandemic has had a significant impact on the smartphone business, IDC (International Data Corporation) anticipates the market to rise in 2021 as 5G devices become available. According to IDC’s long-term prediction, the smartphone industry would reach 1.492 billion units by 2024. (Up from 1.242 billion units in 2020).
You can fulfil orders with drop shipping if you have a limited budget. Allow clients to order cell phones directly from your accessory dealers and have them delivered to their homes or offices.
Provide warranty and insurance plans.
Because mobile phones are particularly susceptible to physical and technical harm, insurance coverage is essential. Consumers are also compelled to get mobile phone insurance policies due to rising smartphone expenses, theft instances, and equipment failure. According to Grand View Research, the mobile phone insurance industry is expected to grow at a CAGR of 12.7 percent between 2019 and 2025.
You can provide complete service and peace of mind to your consumers by selling insurance and warranty extension solutions. Furthermore, each insurance plan you sell will yield a sizable profit for you. For your repair, you can additionally provide extended warranty alternatives. Customers will have more faith in your parts and repair services as a result of this. For example, offer a limited lifetime warranty on all mobile parts.
When you procure the mobile repair parts, you can provide the customers a lifetime warranty on their repairs, boosting your store’s legitimacy and profitability.
Trade-In and Repurchase Programs Must Be Encouraged
Integrating trade-in and buyback programs is a simple method to expand your business beyond gadget maintenance. For starters, you’ll be able to persuade clients to upgrade from their old devices to newer and better ones. Second, you can buy used smartphones and resell them for more money. The market for used mobile phones is continuously expanding. By 2022, the used phone industry is expected to reach $52.7 billion. Repair the used gadgets, wipe all of the data, and resell them at a higher price. In this manner, you’ll make more money on that device than you did on the original repair.
But keep in mind that it comes with more dangers. You can lose more money than you make if you don’t value the customer’s old phone properly.
Integrating buyback programs and selling used mobiles also attracts new customers searching for lower-cost options. New phone customers will receive a discount, while second-hand phone buyers will receive an outright item at a reasonable price.
Supply the Spare Parts to Local Repair Shops
Spare parts are the most important portion of the mobile repair industry. Customers nowadays expect quick service, which is contingent on having spare components on hand. You can make the most out of it by supplying spare parts to local small repair shops.
It will not only help you expand your business over and above device maintenance, but it will also help you raise your profit margin. When you purchase parts in quantity, you are entitled to an optimal price and a large discount.
To get the most out of your spare parts supply business.
- Make sure you collaborate with local repair shops beforehand to It is not a good idea to stock things first and then try to sell them.
- Don’t overstock parts because their prices fluctuate frequently.
- Be aware of what parts are in high demand (when ordering in bulk).
The device repair business is fantastic, but it can help you earn more money when paired with other similar tactics. Begin by stocking smart home accessories and smart home items. Gradually expand your product offerings, including mobile devices, insurance plans, buyback programs, and spare parts.
Is there anything else you can do to broaden your business beyond device repair that I missed? Which method of diversifying the business would you choose? Please let me know in the comments section.