Traceability is essential in the supply chain of secondary markets in electronics.
So what does it mean?
What is traceability in the secondary market for consumer electronics?
Traceability is the ability to trace the journey of a product. The traceability process retrieves the relevant data on the product’s history- the when, where and whom. In the secondary market, businesses use traceability to verify the authenticity of a product, its condition, and its environmental impact.
Benefits of traceability to consumers.
Consumers of second-hand electronics find traceability valuable because of the security and transparency that it provides.
- Security: Buyers of second-hand devices are looking to snag a great deal but are wary of purchasing phones with a dubious origin like theft, as stolen phones can be blacklisted and unusable. With stolen phones making a £27 million pa market in the UK, this concern of buyers is valid and one an efficient traceability process by the brand can clarify.
- Transparency: Traceability makes room for transparency from sellers. Consumers can trust that they are receiving a device with the promised quality. This transparency of the device’s condition is imperative in the electronics secondary market as some refurbished devices may come with inauthentic parts, which voids any manufacturer’s warranty.
Why is traceability important for businesses on the secondary market?
Businesses in the peer-to-peer market can benefit from having a traceability system by reducing scams and financial loss and improving trust in customer transactions.
- Tackling scammers and reducing financial loss: One of the risks businesses handling second-hand devices face is getting scammed. Brands on the secondary market with no effective traceability system are ill-equipped to track a device’s origin or history, which puts them at risk of receiving stolen or fraudulent devices from sellers. Scammers would have received payment for the device, leaving the business to deal with the financial loss of an unsellable blacklisted or unusable device.
- Gaining customer trust: Transparency of product condition and history is fundamental in attaining customer trust as a business in the secondary market. Buyers of second-hand electronics opt for businesses which put their minds at ease on the where, when and who questions related to the history of their second-hand device.
As a business or consumer on the secondary market, if you do not have an internal traceability system, there are available software services like CheckMEND and other IMEI services which are user-friendly that simplify the process.
At vendi, we understand the importance of safety and transparency in the secondary market. This is why we’ve built product traceability with advanced verification technology that validates the product’s authenticity, ascertains its condition, and its impact on the environment to protect the brands and the users from the unregulated secondary market.
vendi’s 80-point verification system covers device history, hardware diagnostic and cosmetic assessment. With our process, consumer electronics businesses in the secondary market can send in devices to be verified with our traceability technology for an in-depth report.