Out With The Old, In With The New: Suning Subsidizes 500 Million Product Trade-ins and Offers Free On-site Home Appliance Inspections

BEIJING,April 6,2021 -- Suning.com (002024.SZ),China's leading smart retail service provider and a Fortune Global 500 company owned by Suning Group,has launched a new home appliance trade-in scheme during its inaugural 2021 Product Upgrade Conference held on March 30 in Beijing. The new plan will see Suning.com subsidize 500 million product trade-ins and offer free home appliance testing and maintenance services.

In fact,Suning.com pioneered home appliance trade-in services starting in 2005. In 2009,when China introduced a national trade-in policy for home appliances,Suning.com responded immediately by further updating its services including setting up a reservation hotline and offering specialized consulting services in its brick-and-mortar stores. In the same year,China's first batch of customers who benefited from the national trade-in policy were mostly Suning.com users. More than a decade on,the first batch of home appliances to benefit from the scheme are nearing the end of their product life-cycle — ushering in a new opportunity for the trade-in market.

Seamless cross-category upgrades,delivered in just one hour

During the conference,Hou Enlong,president of retail at Suning.com,unveiled the latest version of Suning.com's 3C home appliance trade-in plan. Consumers can enjoy a streamlined upgrade process that encompasses old appliance removal,new appliance installation,price comparison,improved customer experience and more.

As part of its scheme,Suning.com will complete the delivery of a new home appliance while simultaneously removing the old appliance. This saves customers from needing to wait for a replacement machine or organize their own appliance removal. The scheme also supports cross-category trade-ins,which enables customers to swap an existing appliance in one category with an appliance in another,such as trading in a fridge for a washing machine.

With tens of thousands of stores nationwide,Suning.com can realize trade-ins in just 60 minutes. Customers can place an order online and enjoy rapid delivery to their doorstep,or head to their nearest store and complete the trade-in — both in as little as one hour. Suning.com also instantly completes a one-click valuation of the old appliance,then directly deducts this from the price of the new model for a seamless trade-in.

Suning.com has launched a new home appliance maintenance service in tandem with its trade-in scheme. Consumers can enjoy free maintenance services on-site,or schedule a complimentary at-home visit from a professional engineer.

Supporting change with action

Xiong Xiangyi,executive president of Liaowang Institute – the public policy research center at the National Center for Research (NCR),released its 2021 China Home Appliances Trade-in Annual Survey Report during the conference. He noted that the product upgrades are expected to become more popular in 2021. Due to the increasing awareness of trade-ins among Chinese consumers,2021 is slated to be the first year where the industry sees an uptick in consumers swapping old appliances for upgraded products.

Home appliance trade-in policies have garnered significant attention as a result of their ability to reduce carbon footprint and support green consumption. The Report acknowledged that in the trade-in 2.0 era,government-led and company-sponsored programs will become more significant. Recognizing this,Suning.com has actively launched a number of trade-in benefits and subsidies — pioneering the green home appliance market of tomorrow.

As the leading company in recycled home appliances,Suning.com's dual-line service upgrades are aligned with consumer demand for smart,high-quality household appliances. At the same time,Suning.com has developed its trade-in service to help promote recycling and upcycling within the industry.

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