The South Korean electronics giant Samsung believes that India's continued concern over inflation is unlikely to have an impact on the market for mobile phones, and it anticipates a robust double-digit volume rise this year. For its recently released Samsung Galaxy Z Fold 4 and Galaxy Z Flip 4 phones priced between Rs. 90,000 and Rs. 1.5 lakh, the business has seen record pre-bookings by 50,000 buyers within 24 hours, according to Aditya Babbar, its head of product marketing.
Babbar told PTI that the company expects the industry to expand in the single digits while setting a double-digit volume growth target for 2022. "All our internal estimations show that the market will grow at a respectable figure, and we will surpass at 2x," Babbar added.
Babbar stated that Samsung is anticipating a 1.5-times increase in sales over the previous year in the premium category, but he would not reveal the number of units the company sold in 2021.
A downturn in rural demand indicated by consumer goods industries and increasing unemployment, along with high inflation, have raised concerns about the economy's overall consumption story.
According to Babbar, one of the main techniques used by the business to guarantee that customers' objectives are satisfied is providing easy financing. He continued by saying that partnerships with non-bank lenders have ensured that the average sale price at outlets rises as more people purchase more expensive phones due to the financing.
When asked about the loan book stress brought on by the sale of mobile phones and the payback rates, he told PTI that it has the greatest track record in the sector.
This year, Samsung has introduced a total of 16 gadgets across various client groups, which he claimed was the most new products introduced in a single year.
According to Babbar, who spoke to PTI, the recently released Samsung Galaxy Z Fold 4 and Galaxy Z Flip 4 would be stocked in 10,000 stores and sold at 12,000 points to help boost total sales. He also added that this is part of its focus to broaden the offers.
According to Babbar, who spoke to PTI, the company is also eager to bring users of competing brands into its ecosystem. He cited the foldable and flip phones as examples, where advance purchase can result in significant savings on accessories like watches and earbuds.
Babbar claimed that the business introduced the Flip and Fold category for the first time in 2019 and is experiencing 16-times growth in the now-mainstream category.