noun
bartered item; trade-in
Refers to an item given in exchange, especially in a barter or trade-in context.
古いスマホを交換品として出して、新しい機種を安く買った。
I traded in my old smartphone and bought a new model at a lower price.
noun
substitute; replacement; exchange item
General term for something that replaces another, often in a transaction or swap.
不良品だったので、交換品を送ってもらった。
Since it was defective, I had a replacement sent to me.
代替品 emphasizes a substitute that serves the same function, while 交換品 focuses on the exchange process itself.
Compound of 交換 (exchange) + 品 (item).