Giant video game retailer GameStop has long been criticized for the way in which it handles trade-ins and the money paid per title. Good news, then, as the company confirmed today that it is overhauling its trade-in business--part of its all-important "buy-sell-trade" model--with the aim of simplifying the process and paying more money per title on average.
"GameStop made the decision to simplify the trade-in pricing structure that is part of our buy-sell-trade program based on positive feedback we have received from customers and store managers," GameStop pre-owned business executive Jason Cochran said in a statement sent to GameSpot today. "We anticipate this change to be well-received by our customers as they experience the added value we are now offering them for their pre-owned video game and consumer electronic products."
Cochran pointed out that in 2013, GameStop's pre-owned business was booming, with over $1.2 billion in trade credits during the year. In addition, more than 70 percent of that (about $840,000,000) was applied to the purchase of new products. "We want to provide our customers the best value for their trade and we believe customers will be pleased with this new simplified pricing," he said.
Kotaku first reported on details about GameStop's new trade-in structure last night. While unconfirmed, here are the highlights of that story.
- New initiative will begin August 18.
- Aims to reduce complexity; no longer will you need to put money toward a preorder or other promotion to get the maximum value for a game.
- The in-store credit value will remain larger than the cash value for trade-ins.
- Average price paid per game will rise by 20 percent.
- Expect to hear about this in-store; store associates are being informed to ramp up face-to-face messaging about the new initiative, in a bid to get people to trade in more games.
Are you more likely to trade games in at GameStop when the new initiative rolls out? Let us know in the comments below!
|Eddie Makuch is a news editor at GameSpot, and you can follow him on Twitter @EddieMakuch|
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