ELKO’s partnership with Foxway began in 2019, marking their initial steps towards sustainability. Recommended by their franchise partner Elkjøp, Foxway’s favorable business proposition and sustainability focus made them an ideal partner. The collaboration was well-received by customers, who appreciated getting paid for their old devices while contributing to environmental conservation. Foxway’s trade-in solution has been instrumental in supporting ELKO’s goal of educating customers to be responsible consumers, making device collection easy and boosting lengthy campaigns expected by major brands.

The onboarding process with Foxway was straightforward, with their platform offering a plug-and-play solution. Although ELKO faced some challenges in integrating the process with their VAT and ERP systems, they quickly overcame these hurdles. The trade-in program has seen significant growth, with a 60% increase in the number of devices received and a 90% increase in value in 2023. Campaigns like “Get something for nothing” have played a crucial role in this success, with about one device returned for every 100 Icelanders annually.

“As of today, Foxway is operating in nearly 50 countries, and we’re always thrilled to enter new markets together with new partners for our trade-in solutions. ELKO is a good example of a new Foxway partner with clear expectations and a strategic plan for integrating this new service into their customer journey. In the retail environment, sustainability is becoming more important, with customers expecting a circular approach. For our retail partner, this service can boost sales volume and gain customer loyalty”, stated Holger Föst, Sourcing Director at Foxway

Sustainability is a core value for ELKO, shaping their future strategies and actions. Their environmental efforts include better waste sorting, selling more pre-owned products, and planting a carbon-reducing forest. Initiatives like the International E-waste Day have been highly successful, encouraging citizens to recycle or trade in electronic devices. ELKO’s sustainability incentives are well-received in their marketing activities, with campaigns driving significant increases in the number of devices sent to Foxway. Despite challenges related to their location and infrastructure, ELKO remains committed to expanding their circular economy efforts and achieving their ambitious sustainability goals.

ELKO, Iceland’s largest electronics store, has been a trusted name since 1998, offering popular electronics brands at competitive prices. With a team of 240 employees, ELKO operates five physical locations and an online store, ensuring wide accessibility for customers across the country. Their commitment to customer satisfaction is evident, having recently ranked third in the local customer satisfaction index. ELKO’s franchise agreement with Elkjøp, a Norwegian company with around 400 stores in the Nordic region, allows them to leverage joint procurement for better pricing on well-known brands, benefiting their customers.

Commenting on this collaboration with Foxway, Óttar Örn, CEO of ELKO stated that “We must take responsibility for electronic devices and what happens to them after the first use. By building partnerships that support our aims, we can strengthen the leading voice that guides us all on this journey”.