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Samsung makes changes to deal with declining phone sales
Over the years, Samsung has become one of the leading smartphone brands ruling the world. But recently the company has faced some decline in the sales of its phones. To combat these declining phone sales, Samsung has made some upmarket changes.
Soon after the Korean company showed investors a downbeat review of its global smartphone market this year, it gave a cheerful presentation to the media to launch its latest flagship smartphone series – Samsung Galaxy S23.
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According to analysts, the reports of dilution and anti-innovation did not describe hype or false optimism about the new hardware but it shows that Samsung is trying to maintain market share by doubling down on the premium end of the market.
Daniel Araujo, Samsung’s vice president in Seoul, said on the fourth-quarter earnings call where the company provided details behind its lowest quarterly profit in eight years (Via Financial Times) – “Amid prolonging geopolitical issues, continued inflation and the continued economic slowdown, we expect the smartphone market to contract in 2023, with the mass market impacted the most.”
In the meantime, TM Roh, the head of Samsung’s mobile business at the Galaxy launch event in San Francisco said – “We intend to focus on the premium segment in developed markets as well as some of the countries where we are seeing solid growth.” He added that he had seen a “noticeable shift” to luxury models in developing markets.
Samsung’s renewed focus on the Galaxy S23 smartphone, featuring advanced camera improvements and longer battery life, suggets that it struggles to compete with Chinese rivals in the low-to-mid-end smartphone market, while premium-focused Apple has outperformed the market with record service revenue in its last quarter from its software ecosystem.
Samsung aims to stay on top and achieve higher average selling prices with the premium Galaxy S23 phones and foldables. The company will also drop some mid-range models to better deal with an increasingly polarized market.
In addition, Samsung lifted the cover last week on its renewed interest in mixed-reality offerings for smartphone users, in partnership with Google and Qualcomm.
Bryan Ma, an analyst at IDC said, “Samsung is focusing on the high end not only because of the better margins but also because it is more resilient than the rest of the market.” He noted that global smartphone shipments fell 11% overall last year to 1.2bn units, the lowest since 2013, yet smartphones costing more than $600 only slipped about 1%.
The IDC report claims that Samsung was able to increase its market share from 20% last year to 21.6% in 2021 despite economic constraints, with sales from its Chinese rivals suffering from the COVID-19 lockdown.
With the new changes made for declining smartphone sales, Samsung hopes to regain lost ground in China where its market share has fallen to about 1%, by launching a specially designed foldable model for Chinese consumers this year. However, analysts are unsure about the chances of a significant recovery.
Samsung will soon launch 2024 monitors in the US. Similar to smartphones, Samsung launched a pre-reserve promo for 2024 monitors, slated to bring a $50 discount on early orders in the US.
From May 13 to June 3rd, reserve a new 2024 Samsung Monitor and save $50 via instant discount at the time of purchase. The Gift will only be available to customers who complete their reservation during the Reserve Period.
The South Korean tech giant officially opened the reserve period for the upcoming 2024 monitors. Interested consumers and potential buyers should reserve now to get $50 off our new monitors during early order.
Consumers reserving monitors will be entered into a sweepstakes for the chance to win a $5,000 Samsung credit. So it’s a no-brainer to pre-reserving the upcoming Samsung monitors in favor of a steal discount on day one.
While the details of the 2024 monitors, including pricing, are not yet available, Samsung will come up with something for everyone. Notably, Samsung has been the number 1 monitor brand in the US for 2 years in a row.
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Samsung reiterated its commitment to raising investment in Vietnam. The company’s Chief Financial Officer recently met the Prime Minister of the country, ensuring him towards investment plans.
According to reports, Samsung pledged to boost its annual investment in Vietnam by $1 billion. This announcement showcases the company further strengthening ties with Vietnam responsible for half of its smartphone output.
Since Vietnam plays a pivotal role in the operations of Samsung, the official expressed hopes that the country’s business environment would continue to improve. Chinh also requested Park to help local firms enter Samsung’s supply chain.
In return, the Vietnamese PM confirmed to help Samsung do business in the country. The country is reportedly considering reforms to its business environment, administrative process, and regulations important.
Park said during the meeting that Samsung Electronics has already invested $22.4 billion in Vietnam so far and incorporated a total of 309 Vietnamese companies into its supply chain, a more than 12-fold increase from 2014.
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Samsung is considering to launch an FE-branded Galaxy Z Flip 7 next year. The company reportedly entered a review of plans to introduce an affordable foldable phone this year. There is speculation that the rumored Galaxy Z Fold 6 FE might not debut this year.
According to TheElec, Samsung has been planning to launch the Galaxy Z Flip 7 FE next year. It may be cheaper than the regular variant in favor of a downgraded display and processor. However, Samsung’s pricing strategy would be worth seeing for its first affordable Flip phone.
This year, the South Korean tech giant is expected to launch only two foldable phones. While there are no signs of a Galaxy Z Fold 6 Ultra, the Fan Edition may also be canceled in review. Therefore, an FE lineup of foldable phones – Flip and Fold will likely join the segment in 2025.
Samsung could hold the next Galaxy Unpacked on July 10 in Paris. At the event, the company may not only launch new foldable phones but the Galaxy Watch 7 series and Galaxy Buds 3 Pro could also be launched. Well, Samsung hasn’t officially confirmed the event so far.
We are also hearing that the Exynos 2400 might not be employed in the Galaxy Z Flip 6 this year. The company has reportedly tested it but the chip has failed to offer satisfactory results. This means the Galaxy Z Flip 6 will also use Snapdragon chip internationally.
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