CPR Cell Phone Repair is Resuscitating Digital Lives
According to a recent study by IBISWorld, technological changes have motivated consumers to buy the latest incarnations of smartphones and tablet devices. These come with a higher average ticket price and replacement cost. As a result, the cell phone repair industry is growing at a faster rate than expected.
Last year, the cell phone repair industry revenue was estimated to rise at an average annual rate of 10.9 percent; however, growth in 2012 vastly exceeded that projection with 13.7 percent for a total of $1.1 billion. This digital trend and the increasingly mobile consumer is spurring growth in electronic repair companies like CPR Cell Phone Repair.
Recognized as the pioneer and fastest growing wireless technology franchise in the country, CPR has more than 150 locations globally and has experienced a three-year growth rate of 2,091 percent. “Since franchising our locations around the country, we’ve only seen growth in that demand, said Jeremy Kwaterski, founder and CEO of CPR Cell Phone Repair.”
Although certain devices are being priced more competitively, the replacement value to purchase a new smartphone is often far more expensive than the cost of repairs. Further to that, the lost digital life that often comes with discarding a damaged phone is often more of a personal loss than many consumers are willing to bear.
Entrepreneur Magazine recently listed cell phone repair as one of the hottest trends in franchising for 2014.
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