Market
14
Jan
2025
5
min read

Exclusive interview with Flip on their growth in 2024: expanding trade-in programs in the European secondary market

Flip, a Romanian refurbisher founded in 2019, has rapidly become a key player in the Eastern European refurbished electronics market. In fiscal year 2024, the company reported € 56.4 million in revenue, marking a 46% increase from the previous year’s € 38.3 million. After joining the eMAG group in 2021 and securing € 8 million in funding, Flip expanded its operations to Bulgaria, Hungary, and Greece, serving over 500,000 individual customers. Known for its innovative trade-in programs implemented with various retailers & telco operators, Flip combines sustainability with in-house refurbishment to deliver exceptional value to customers and partners. At the start of 2025, Secondarymarket.news sat down with Flip’s Alex Burghelia, co-founder and Chief of Growth to explore the company’s unique approach to trade-ins and its vision for the future.

Q: How are Flip's trade-in programs changing the refurbished device market?

A: Flip’s trade-in programs are revolutionizing the market by focusing on competitive pricing, exceptional customer experiences, and continuous innovation. Through a circular economy model, we offer market-leading prices for devices, ensuring both sustainability and cost efficiency. Our in-house refurbishment capabilities restore devices to the highest quality, which allows us to resell them at competitive prices.

Q: Can you elaborate on how pricing excellence plays a role in your business?

A: Pricing excellence and simplicity of process are at the core of our value proposition. Thanks to our circular business model, we can offer top-tier pricing for devices while promoting sustainability. By refurbishing devices in-house and reselling on own website without any middleman, we ensure that each product meets high standards of quality, making it possible for us to offer these devices at competitive prices, which benefits both consumers and the market.

Q: What sets Flip’s customer experience apart from others?

A: Our focus is on delivering an exceptional customer experience through quick, intuitive, and fair evaluations. Whether customers are trading in smartphones, tablets, or laptops, we ensure a transparent process that is easy to understand. This approach helps build trust and confidence, making customers feel assured that they’re getting a fair value for their devices.

Q: How does Flip support its partners?

A: Flip is committed to providing ongoing support to our partners. This includes offering training sessions, e-learning programs, and events to ensure their teams are well-equipped to manage trade-in programs. Additionally, we provide continuous support through live chat, email, and phone to ensure smooth operations. We’re proud to see high satisfaction rates, with over 75% of agents from our largest offline partner reporting satisfaction with our support.

Q: What role does innovation play in Flip’s strategy?

A: Innovation is key to our strategy. We’ve built an omni-channel presence that spans both online and offline channels. In 2024, we expanded our trade-in categories to include not just smartphones, but also tablets, watches, and laptops. This expansion, along with our transparent online selling process, ensures that customers can engage with Flip in a way that suits them best, whether online or in-store.

Q: Can you share Flip’s growth story for 2024?

A: In 2024, we’ve experienced remarkable growth in both our in-store and online trade-in programs. Our in-store trade-in volume increased by 204% year-over-year, driven by our presence in over 400 stores across key retail and telecom markets. Online, we’ve expanded with seven online journeys in four markets, leading to a 31% increase in trade-in volume compared to 2023. This growth demonstrates the rising demand for our services, both in-store and online.

Q: How do Flip’s trade-in programs impact its partners and their business?

A: Our trade-in programs have a significant positive impact on our partners. Over 85% of partner employees rate the programs as very good or excellent. Our buyback solutions are viewed as powerful tools to drive sales and increase customer loyalty, with a double-digit attach rate. Additionally, 65% of clients of our largest offline partner are aware of our buyback solutions, indicating strong brand recognition and trust.

Q: What are Flip’s plans in the refurbished device market?

A: We’re excited about our growth and our role in the market. We plan to continue expanding both online and offline channels, further enhancing our support for partners, and staying at the forefront of innovation. By maintaining a focus on pricing excellence, sustainability, and customer experience, we’re well-positioned to continue leading the refurbished device market.

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