Xiaomi, the leading smartphone player, has launched Smart Upgrade, the buyback scheme for Redmi and Mi devices. Aiming to help users upgrade their phones, the scheme claims to offer an assured value of up to 70 per cent by selling their old Redmi and Mi smartphones.
Available for purchase, the buyback scheme will be available starting at Rs 399 for a device such as Redmi 9 Prime and going up to Rs 1,999 for premium smartphones such as Mi 10. The Mi Smart upgrade can be bought along with the smartphone purchase at all Mi authorised retail outlets and can be activated through an easy enrollment process with minimal documentation.
With Mi Smart Upgrade, users can encash their device at any time after 3 months till 15 months of purchase. The exchange value will range from 40 to 70 per cent of the suggested retail price of the phone.
The plan would offer up to 70 per cent of the assured value within 4-6 months, 60 per cent within 7-9 months, 50 per cent between 10-12 months, and 40 per cent on 13-15 months, from the date of purchase and final billing.
Users can get an assured buyback value of 40 per cent of the suggested retail price even after the warranty expires up to 15 months from the date of purchase of the old device.
"As a brand, we have always focused on creating unique propositions for our consumers and have created yet another one to continue the momentum of this festive offering. We are thrilled to announce our latest offering - Mi Smart Upgrade which is an assured buyback offer from Mi India. We are confident that this plan will create more opportunities for technology lovers to experience innovation through our latest smartphones and also address the need of the hour by making upgrade options affordable, easy, and convenient for our users," says Muralikrishnan B, Chief Operating Officer at Mi India.
Xiaomi says that on average, in India, users tend to change their devices every year and the value of the phone depreciates right after the purchase of the device. Mi India identified the challenge around the low resale value on smartphones and tailored the Mi Smart Upgrade offering based on this.
In India, consumers exchange their old phones while purchasing new ones on online portals such as Amazon and Flipkart, and at retail stores. Another common practice is to sell them on platforms such as OLX and Cashify or pass the phones on to someone else in the family.