Xiaomi has just launched a new buyback scheme for smartphones in India. Earlier today (5th November 2020), the company announced its Mi Smart Upgrade scheme that is eligible for both Mi and Redmi smartphone users.
For those unaware, a buyback scheme essentially allows users to take their old smartphones back to the same brand in exchange for a new device with a discounted price. In other words, it lets users upgrade to newer models at a more affordable price point. As per reports, an average Indian consumer tends to change their device almost every year, with the value of the smartphone depreciates immediately after buying it. Thus, Mi India seeks to challenge this issue of low resale value through the Mi Smart Upgrade plan.
According to Muralikrishnan B, Chief Operating Officer at Mi India, “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.”
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Through the Mi Smart Upgrade, customers can encash their devices from anywhere between 3 to 15 months from the date of purchase, with the exchange value being anywhere between 40 to 70 percent of the original SRP value of the handset. Furthermore, users can also be assured of 70 percent buyback value for the device under 6 months old, 60 percent for those between 7 to 9 months old, 50 percent on 10 to 12 months, and 40 percent from devices that are 13 to 15 months old.
The Xiaomi buyback scheme will be available through authorized Mi retailers and can be activated through a simple enrolment process that requires only minimal documentation. Furthermore, users can also purchase buyback options which start from 399 INR (roughly 5 US Dollars) for devices like the Redmi 9 Prime and up to 1,999 INR (roughly 27 US Dollars) for the Mi 10. Customers can also buy the Mi Smart Upgrade plans alongside a new device from authorized Mi retailers.
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