PhoneX Holdings Profile
PhoneX Holdings, Inc. operates as a market maker of used smartphones.
The company acquires products from both individual consumers, on its Website, uSell.com, and from major carriers, big box retailers, and manufacturers through its subsidiary, We Sell Cellular, LLC. To serve the company’s customer base worldwide, it leverages both a traditional sales force and an online marketplace where professional buyers of used smartphones could buy inventory on-demand.
The company sells devices through three primary means, such as utilizing its proprietary marketplace bidding platforms where buyers could source devices on demand; employing its sales force to sell devices to its global customer base; and leveraging third party e-commerce platforms, such as eBay and Amazon.
While a minority of the company’s product is sold directly to consumers through third party e-commerce platforms, the majority of its sales are to professional buyers. These buyers include brick and mortar retailers, online retailers, large and small wholesalers, small repair shops, primary refurbishing providers, and insurance companies. Approximately two-thirds of the company’s customer base is in the United States, with the balance internationally.
Competition
Best Buy and Walmart compete directly with the company’s uSell.com trade in platform.
Government Regulation
The company is subject to various state and federal regulations and laws, including state telemarketing laws, federal and state privacy laws, the CAN-SPAM Act, and the Federal Trade Commission Act and its accompanying regulations and guidelines, including ‘little’ unfair trade practice laws.
History
The company was incorporated in 2003. It was formerly known as Upstream Worldwide, Inc. and changed its name to usell.com, Inc. in 2012. Further, it changed its name to PhoneX Holdings, Inc. in May 2019.
