Restored smartphones and no-interest funding plans spread more than two years turned into the reasonable interest drivers for retailers in last week’s Diwali deal, which were superior to industry assumptions, insiders said. The two variables consolidated to offer a silver lining for India’s cell phone dealers, even as natural interest for cell phones kept on excess lukewarm, best case scenario, in the second-biggest cell phone market on the planet.
Smartphones sales Got Higher This Year
Even as other appliance categories remained flat, our Diwali smartphone sales saw a 40% year-on-year growth. The introduction of zero-interest, two-year financing schemes for smartphones was the biggest driver of sales, even as buyers continue to hold on to their phones for more than 20 months.
Customers Focusing On Buying New Phones
Clients today routinely let us know that there’s not an obvious explanation for them to purchase new telephones, and the nature of existing telephones has likewise become generally excellent. Consequently, new buys are driven by natural interest — the main fragment that is seeing such an interest is the premium smartphone market.
Market Focusing On Refurbished Phones
As a result, Khatri, and other retailers, are focusing on refurbished phones. A multi-brand retailer in Delhi, who requested anonymity, said over the past year, they added a refurbished smartphone outlet in their physical stores, driving sales in a weak year.
The market dynamic comes amid a sustained slump in the smartphone market. Upasana Joshi, research manager at market research firm IDC India, said the finance scheme was a key driver of sales for top retailers, and smaller retailers struggled in the budget segment.