Samsung India keeps contributing to the wealth management of the people who want to own Galaxy devices, simultaneously carrying the personal goal of increasing the market, through the ‘Affordability plans’ in the country….!!
Addressing on behalf of Samsung India, Aditya Babbar, Senior Director and Head of Marketing explains that Finance+ and other such products are helping drive sales of smartphones in the world’s second-most populous country.
“When consumers walk in a store, they have a set budget and when the financing starts, they are told how they can upgrade.”
“Affordability is playing a key role in smartphone purchase across price tiers in India.”
Samsung India’s ‘Affordability plans’ is a key role in sales of Galaxy smartphones
It has been seen that Samsung’s Finance+ scheme is in preference n recent months to purchase a Galaxy smartphone as an upgrade to a better-performing device. Similarly, Samsung has more consumers opting for accessible financial schemes and Affordability plans support the financials of galaxy buyers.
In fact, Samsung’s easy-to-own lending program is not only driving sales of premium phones but also helping first-time smartphone users own a low-end Galaxy device. Under which the Galaxy A03 Core costs Rs 6,999, available at a more accessible Rs 900 per month with Finance+.
What’s more Senior Director Babbar convinced in an interview
Babbar convinced to the news channel interview on the sidelines of the launch of the new Galaxy A14 5G and A23 5G in the country. The smartphones start at Rs 16,499 and Rs 22,999, respectively.
40 percent of consumers buy a smartphone over affordability and in the case of Samsung, that number jumps to 60 percent. Because of that, Samsung has grown three times as much as its competitors in reaching potential smartphone users.
“If we have a great proposition compelling for good affordability, it drives consumers in the right direction.”
In the December quarter of 2022, Samsung overtook Xiaomi to once again become the biggest smartphone vendor in India with a 21 percent market share, market research agency Canalys revealed.
Samsung’s recent performance in India’s smartphone market
Samsung’s recent performance in India’s smartphone market has a lot to do with Galaxy A-series smartphones. Which is the fastest-growing series with over 10 million units. Xiaomi’s loosening hold on the Indian market had been predicted by experts for months. Many claim its current portfolio of smartphones has become too expensive. Samsung, on the other hand, in recent months has doubled down on low-to mid-end smartphones.
Babbar may have been optimistic about the growth potential and increase in ASP of handsets. But insiders and analysts are already signaling a peak in smartphone sales in the world’s second-largest mobile phone market.
In October last year, India had about 790 million wireless broadband subscribers, as per the latest figures from the country’s telecom regulator. That number barely exceeded the previous peak of 789 million, which was recorded in August 2021.
Smartphones are the primary way to access the internet in India have also grappled with slow growth in recent quarters. Canalys research shows that India’s smartphone shipments fell to 151.6 million units in 2022, declining by 6 percent compared with 2021.
The situation in India reflects global trends. Higher manufacturing cost, increase in the prices of chips. The war in Ukraine and looming fears of an economic slowdown are all contributing to users cutting back on smartphone purchases. The slowdown in smartphone sales is taking place around the world. That is especially in Europe and China, with very similar quarterly declines.
Concluding para…
Affordability plans that subsidize the cost of ownership of handsets and 5G connectivity have both helped Samsung increase the penetration of smartphones in a market like India. Where the South Korean major faced tough competition from Chinese brands like Xiaomi and Realme in recent years, claims Babbar.
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