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Tuesday, July 23, 2024

Realme targets mid & budget segments to compete in Indian market

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In Short:

Chinese smartphone company Realme is focusing on mid-range and budget smartphones in India to compete in the fiercely competitive market. They are strategically increasing their focus on the mid-high end segment and introducing AI features in their smartphones. Realme aims to sell 10 million smartphones, 7-8 million 5G-enabled products by 2024. They also plan to introduce new products like TWS and smartwatches in the Indian market.

Realme Focuses on Mid-Range and Budget Segment in India

Realme, a Chinese smartphone firm, is strategically targeting the mid-range and budget segment in India to strengthen its market presence. Chase Xu, Vice President and CMO of Realme, stated that the company is focusing on offering feature-rich smartphones at competitive prices to cater to the needs of value-conscious consumers.

Strategic Move Towards Mid-High End Segment

Xu mentioned that Realme is shifting its focus towards the mid-high end segment based on market trends and consumer demand. This approach allows the company to reach a wider audience and aligns with the growing trend of devices priced between Rs 20,000 – Rs 30,000, as per a recent Counterpoint Research report. Realme aims to capture a larger share of this rapidly growing market segment while maintaining its commitment to quality and affordability.

Emphasis on AI Features

Realme has introduced AI features in its latest smartphones, with plans to expand the application of Next AI technology to more series in the coming years. Xu highlighted Realme’s focus on AI imaging, AI efficiency, and AI personalization through initiatives like the Next AI Lab, reinforcing the company’s dedication to responsible innovation and user-centric intelligence.

Growth Plans in the Indian Market

Xu emphasized the significance of the Indian market for Realme, noting the company’s milestone of 100 million shipments in India within 5 years. Realme aims to sell 10 million smartphones, with a majority being 5G-enabled, through offline channels by 2024. Additionally, the company plans to enhance its product value proposition by 50% and increase sales volume by 25% in the Indian market.

Diversification into New Product Segments

While Realme has primarily focused on smartphones, the company is exploring new product segments in India, including TWS earphones and smartwatches. Xu stated that Realme aims to create a comprehensive ecosystem of tech-lifestyle products to enhance the daily lives of its customers.

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