By Munsif Vengattil
NEWDELHI – Samsung Electronics is concentrating on repeat purchases from its 175 million clients in India by a brand new cashback bank card, a senior govt mentioned, a transfer to spice up gross sales within the vital market the place it was as soon as the highest smartphone vendor.
With India’s festive season underway, the South Korean electronics big on Monday launched a brand new bank card with India’s Axis Financial institution to supply 10% cashback all 12 months spherical to clients shopping for Samsung merchandise.
Sometimes, such low cost presents can be found on e-commerce web sites resembling Amazon.com Inc and different brick-and-mortar shops solely in the course of the festive season or throughout gross sales.
“We're speaking about 175 million present customers, which is our present put in base for Samsung in India. This whole base is a possible,” Raju Pullan, Samsung’s senior vice-president for its India cell enterprise, instructed Reuters.
Samsung, which says it's India’s largest shopper electronics agency, sells every part from smartphones to washing machines within the nation. However almost 72% of its complete India income of $9.3 billion in 2020-21 got here from smartphones.
Samsung’s transfer to supply cashbacks to clients by its new card partnership comes after it misplaced smartphone market share over time to Chinese language rivals resembling Xiaomi, Oppo and Vivo, who provide many funds smartphones on the earth’s second largest cell market.
Within the second quarter of 2020, Samsung had a 26% share of India’s smartphone market, which is at the moment at 19%, information from Counterpoint Analysis reveals.
“Samsung goes aggressive on the financing aspect of issues. Monetary help performs an necessary position in serving to individuals make smartphone buy selections,” Counterpoint analyst Tarun Pathak mentioned.
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