With a new array of budget-friendly devices, Samsung Electronics is looking to double its online sales of smartphones in 2019 to reach $1 billion in India. Smartphones, as well as fashion, are said to be some of the most popular purchase categories in the country’s fast-growing online shopping market, Reuters reported.
In February, the company rolled out its M-series phones, which are only sold via the company’s website as well as the local Amazon unit. Those devices are priced from $114.23 (7,990 rupees) to $257.20 (17,990 rupees). The company is said to have sold more than two million units since their rollout.
Samsung India Senior Vice President Asim Warsi told the newswire, “Business-to-consumer sales in the online market are expected to be $4.5 billion this year and, if that is so, we should be around 25 percent of the market.” However, the report noted the company has strong competition from companies such as Xiaomi Corp of China, which sells many of its high-spec and inexpensive phones on the internet.
The news comes after it was reported in January that India’s mobile phone market saw shipments increase 11 percent last year, with shipments of smartphones rising 10 percent. Counterpoint’s Market Monitor service found that India was the fastest-growing smartphone market last year. The research firm also noted that India has surpassed 430 million smartphone users, but accounts for less than half – 45 percent – of the total addressable market for smartphones.
Counterpoint Research Analyst Karn Chauhan said at the time, per an announcement, “India is underpenetrated relative to many other markets. This was one of the key reasons for its growth in 2018, where not only new users shifted toward smartphones, but there was a healthy upgrade within price tiers, especially from entry-level smartphones to the mid-tier segment.”