When it comes to buying a new phone, it’s easy to be drowned in the sea of tech jargon. This is especially frustrating when you don’t even know what it means. CompAsia’s focus is to create a device lifecycle ecosystem in the markets in which they operate, including Malaysia, that is not only about buying and selling second devices.
It also includes introducing and establishing its consumer-facing and user-friendly digital-based technology platforms for second-hand device buy-back & trade-in services, new device financing leasing with up-grade benefits, and device protection services which support a self-reliant, sustainable, and scalable opportunity for CompAsia to become a dominant player the second-hand phone marketplace in the countries it operates in, including Malaysia.
“In order to rebuild that trust among consumers, their aim is to go above and beyond when it comes to assessing and reselling devices. This is all part of the device lifecycle ecosystem which consists of acquiring second-hand devices, reselling these devices and safeguarding these devices from damage. This ensures the longevity of the device, keeping it functional for as long as possible, thus avoiding e-waste,” says CompAsia Chief Strategic Officer George Hashim.
So aside from being a highly sustainable solution, it is also highly cost-effective for consumers. For the price of a brand-new mid-range phone, they can afford a second-hand flagship for around the same price.
For consumers, they have InstaCash, which is an app that allows consumers to trade in from anywhere and anytime. As a digitalised solution, consumers can expect consistency and convenience. Due to movement restrictions throughout the pandemic, the InstaCash app proved to be especially handy especially to those who were looking to cash in on their unused devices.
As for businesses, they work with a number of telcos, original equipment manufacturers (OEMs), and retailers in acquiring second-hand devices. “Furthermore, our partners are not limited to Malaysian businesses but include international corporations,” says Hashim.
The devices that they acquire go through the InstaCash direct-to-consumer trade-in programme, which ensures that every device is data wiped, graded, tested, and classified based on their condition before being put on the market.
Living in the age of the internet is an opportunity for any business. Every sale can lead to a good review or a bad review. CompAsia sees this as a way to spread the positive experiences of their customers, providing them with quality devices at affordable prices. So aside from the education and awareness that have been initiated by them, they are also allowing their happy customers to spread the word organically.
He says there are a few challenges. One is sourcing. “They need to be able to locally source all their phones out there in the Malaysian market because they want the phones preferably to already be Malaysian SIRIM certified when they were sold as new here. CompAsia will be investing a lot and they are going to be pushing more adoption of people trading in their old phones to upgrade. And therefore, on this front, they will continue to work with their partners in the Malaysian new phone market, as well as themselves promoting and driving second-hand phone trade-in through our direct-to-consumer InstaCash app.”
2021 has been a very interesting year for CompAsia, says Hashim, and the pandemic has taught them a lot as well, such as, “to be more agile in our market and partnership engagement approach and to also become more digitally engaging to reach more consumers online through web and app base experiences, which is going to play an important part in their growth plans for 2022.”
