Once lockdown ends, smartphone brands may flood market with devices: Analysts
By MYBRANDBOOK
According to analysts, smartphone brands, grappling with plunging sales, are likely to flood the market with new devices, aggressive pricing and channel incentives, in the hope of capitalizing on likely pent up demand after the Covid-19 induced restrictions wind down.
Neil Shah, Research Director, Counterpoint Research comments, “When the markets reopen, all the major OEMs will rush to address the latency in demand by heavily incentivizing both offline and online channels. If the COVID-19 situation gets normal by the end of April, we should expect brands to resume product launches and devise pricing and marketing strategies to push sales.”
Almost all major phone brands have suspended launch of their latest offerings including Oppo Enco M31, Vivo V19, Realme Narzo and Xiaomi Mi 10 while keeping stocks on hold.
However, there is no denying the fact that organic growth will be difficult and consumers will only buy a phone out of necessity or maybe settle for a refurbished one depending on their spending ability.
Earlier it had been reported that market research agencies have slashed their 2020 smartphone sale forecasts to show a first ever decline of 3-4% on year, from an expected 6-8% rise. For 2020, while Counterpoint Research predicts a 3% on year fall in shipments, Canalys expects a 4.2% decline, as consumers focus on non-essential purchases and conserve cash.
Whereas, CyberMedia Research (CMR) believes online has the potential to pick-up in terms of sales during mid-to-late second quarter and beyond.
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