Samsung to double retail footprint, push premium TV product sales
NEW DELHI : South Korean electronics predominant Samsung intends to double its retail footprint in India by growing every distinctive and partner-run outlets. A senior govt said in an interview that the company objectives to develop its retailer rely from 2,500 to 5,000 by the highest of this 12 months, specializing in selling premium televisions in tier 2 and three cities.
“We will doubtless be present all through all channels, nevertheless we’re focussing on growing our offline retailer neighborhood. Until remaining 12 months, we had roughly 2,500 retail confederate outlets for selling QLED televisions. This 12 months, we are going to doubtless be at 5,000,” said Mohandeep Singh, senior vp of Consumer Electronics Business, Samsung India.
Apart from doubling its retail presence, Samsung plans to develop the number of “experience centres” from two to 15 this year, said Singh. On Wednesday, the firm introduced a new range of premium QLED, or quantum dot LED, and neo-QLED TVs for the Indian market, following the unveiling at the Consumer Electronics Show 2023 in Las Vegas earlier this year. The TV lineup starts at ₹1.42 lakh and utilizes quantum dots in front of regular LED backlight panels to enhance colours.
Singh said its store footfalls have risen since the pandemic, and premium products typically perform better in-store, as customers prefer to ‘touch and feel them’ before purchasing. He also sees a premiumization trend in the TV market, extending beyond the metros and tier 1 cities.
“Demand in smaller cities is growing as fast as larger cities and, at times, even faster.” For event, Davangere, Gorakhpur, Bathinda and Dibrugarh are plenty of the smaller cities the place Samsung is seeing a rising demand for premium televisions.
According to Counterpoint Research, good TV shipments observed 28% improvement from a 12 months prior to now in 2022. Samsung was the second-largest good TV mannequin, accounting for 10.2% of the shipments, whereas China’s Xiaomi led the market with a ten.5% share.
Samsung observed an rising need for big-screen TVs, and a “speedy transition” from 32-inch to 43-inch ultra-high definition televisions, Singh said. “Consumers are also opting for larger-screen TVs, and premium buyers are upgrading to premium technologies such as QLED and 8K.”
Televsions above 55 inches witnessed 150% improvement all through 2020- 2022, whereas the 65-inch part observed a 200% improve, and 75-inch class surged by over 300%.
The agency expects its QLED TV enterprise, which is part of its most premium traces, to develop by 2x in 2023. Televisions with 8K resolutions moreover observed 2x improvement for Samsung remaining 12 months, and the company plans to take this to 3x this 12 months.
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