Samsung's big bet, 'masterplan' to boost sales with 30-month EMI
Smartphone Sale: To revive sluggish demand due to rising phone prices, companies are offering excellent finance schemes. Samsung has now introduced a 30-month EMI plan.
RJ Kesari News Desk: Companies are now exploring new ways to revive demand that has sluggishly fallen due to rising phone prices. Samsung has also made a big move with a new foldable phone. According to Aditya Babbar, Vice President of MX Business at Samsung India, Samsung India expects smartphone sales to exceed industry levels.
Aditya Babbar believes that the introduction of multiple financing schemes, including the first-ever 30-month EMI (Equated Monthly Installment) plan, will make it easier for customers to purchase the device at a time when smartphone prices are rising due to rising memory costs.
Samsung's market share increased
"We are working with multiple financiers and we believe this will give customers more options," he told Financial Express. Aditya Babbar said that in the company's portfolio, flagship phones,
which typically cost more than ₹45,000, are expected to grow by 20 per cent this year. He said Samsung 's market share in India currently stands at 17.7 per cent and has increased from the January-March quarter, when it was around 15.5 per cent.
Biggest drop since 2020
According to data from Counterpoint Research, India's smartphone market saw a 10% decline in shipments during the April-June period, the largest drop in several years.
Although vendors launched various financing schemes for customers, high device prices have dampened consumer demand. This decline is the market's largest June-quarter decline since 2020.
Aditya Babbar said the company will offer customers several financing options for foldable phones ahead of the festive season.
Competition in the foldable segment is expected to increase, with Apple expected to launch a range of foldable devices in September and Google another major player in the category.