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Thursday, May 6, 2021

How is the Smartphone Industry Trend in 2021?

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2020 marked the most challenging year in history, and like every other industry, the smartphone industry also experienced an upheaval however emerged more resilient than before.  As per data from Counterpoint’s Market Monitor service, the Indian smartphone market registered a modest 4% decline in the pandemic-hit year and gathered momentum in the second half of 2020 by crossing 100 million units. Also Read – AirPods 3, high-fidelity Apple Music streaming to launch in ‘coming weeks’

While the pandemic continues to ravage the world, below are some of its visible impacts on the over-competitive smartphone industry. Also Read – Apple Watch can soon measure blood pressure, blood glucose and alcohol level: Report

  1. Rise in online sales

Due to various lockdown and social distancing norms in 2020, online sales shot up. Offline-centric brands such as Samsung, Vivo and OPPO increased their online presence. Smartphone companies increased their online presence on various Indian ecom platforms like flipkart and amazon. Customers preferred buying mobile phones online. Xiaomi launched ‘Mi on Wheels’ to drive its sales on offline channels and in remote areas. Many brands also launched innovative promotions and loyalty programs such as ‘Smart Upgrade’ to retain as well as increase their user base. Also Read – Facebook, Instagram convince iOS users to allow for app tracking to remain free

  1. Rising Smartphone Usage

The pandemic has brought about a new normal and altered the life of every individual across the globe. Whether it is e-learning, the shift to online purchasing or increased content consumption due to stricter social distancing, the current Coronavirus pandemic has proved our dependence on our smartphone more than ever.

The industry rebound in the latter half of 2020 underscores the importance of devices in our day-to-day life.

Nearly all smartphone companies are playing on this sentiment to dole out phones with increased specifications and enticing functionalities at a very affordable price tag particularly in the budget segment of under 10000.

  1. Enhanced specifications at jaw-dropping prices

With the falling demand in phones due to reduced buying sentiment, smartphone companies went tooth- and- nail to lure customers particularly in the budget segments with dazzling displays, sophisticated camera set-ups and high-end specs. Users are quite literally spoilt for choice and no longer have to compromise on features in the mid-tier and budget price segments.

  1. Falling Demand for New Phones

The most notable of all of Covid-19’s effects was a falling demand for new smartphones due to reduced consumer buying confidence. The global recession which led to job cuts and pay reductions coupled with uncertainty about the future and changing consumers’ priorities was one of the driving forces for consumers cutting down their spending drastically. Obviously, many users chose to hold onto their current devices and not look for upgrades unless absolutely unavoidable.

Companies like Samsung jumped on the bandwagon to offer a wide range of Android phones with top-in-class specs well positioned in the mobile phones under 20000 price segment.

  1. Declining production

Smartphone companies who manufacture in India, including SamsungXiaomi & Realme to name a few, saw manufacturing units completely shut with the onset of the lockdown in the second quarter of 2020. The lockdown restrictions imposed by the government also prevented any non-essential movement which meant offline stores were inaccessible to consumers. All of these contributed to supply challenges and revenue decline for the smartphone industry.

At the same time, the anti-China sentiment is forcing global smartphone companies to gain a stronger foothold under the ‘Make in India’ campaign and we can expect more manufacturing setups in 2021.

Having stated the above, we can expect the smartphone industry to transition from high-feature, premium phones towards the lower price tiers. Samsung, the 2nd largest smartphone company in India by virtue of market share, has some awesome smartphones in the under 10000 segment which could be value-for-money purchases. Here are our top 5 picks for you:

With the above said, you should no longer be constrained for choice of phones in the under 10000 segment. Bajaj Finserv could be your trusted partner in buying your next smartphone in easy installments through the Bajaj Finserv EMI Network. If you don’t have an EMI card, you can avail of in-store financing in any of the partner stores.

(This is a sponsored article)

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