Spun-off into a standalone entity from being Oppo’s sub-brand, Realme has burst through the ranks to catch everyone’s attention. Showing fleet of foot in growth, it has successfully created a unique niche for itself. And being a vessel that is gathering steam every passing day, it has forecasted steady numbers ahead, even under the pandemic disruption.
Even as 2020 has been rocked with pandemic induced lockdown and supply chain punctuations, on-the-rise smartphone company Realme is optimistic of recording a 25%-30% YoY growth for its smartphone business.
Buoyed by the sale of 6.3 million smartphones during the festive month till November 15, the brand has set its sight to sell 2.5 million more smartphone units, taking the overall figure closer to 8.5-9 million mark by the end of December 2020.
Not just the smartphones, but the company is also looking to further the sales of their AIoT devices to the 3 million mark, having had an encouraging sale of 2 million of these devices in the festive period.
As have Chinese companies before it, Realme has also primarily targeted the affordable price segment for its Indian contingent of users. However, owing to their stupendous rise, it has managed to make slight increments in the average selling price of their smartphone models, bringing them over to Rs 11,000.
All the positivity on Realme’s part looks to be well backed by solid facts too. Presently, the Beijing-based company is the fourth-largest smartphone brand in India, with a 15% market share as of Q3 2020.
The company has put in a slew of consistent performances every quarter, growing by no less than 157% YoY in Q1 of 2020, before the pandemic struck businesses. However, as the company’s motto says “Never settle”, what ambitions does it hold for the coming future?
The ambition ahead
Realme was India’s fastest growing smartphone brand by selling over 16 in 2019, with 263.5% YoY growth. But going by the words of the top brass at the company, the IoT business is one that will be in the thick of things in the coming year. Not surprisingly, seeing as how Realme’s non-smartphone business has grown significantly and is expected to contribute over 10% towards overall revenues for 2020.
The company plans to go “deeper and wider” next year, with audio, wearable, and smart TV portfolio at the center of the forays. Plans for smart TV are on the cards too. Indeed, as things stand, the company looks set to add a new dimension to itself by aiming to become a leading tech-lifestyle brand in the coming years.
Up the rungs
Seeing the growth that the company has achieved, and the foothold it has established, it is incredible to see that it is after all only a two-year-old company. With products bearing excellent value, ever since its launch, its portfolio has grown to encompass a reel of budget banquet features, all at competition-beating prices. That is the template that has seen it rise to the seventh most popular brand globally. The company’s pandemic-beating performance is also a testament to organized infrastructure, and due to which it is now closing in on Samsung’s current third-place ranking.
From riding on the success of Oppo to making inroads in the smart sector, Realme is surely going strength to strength. Commanding a sizeable market share and clawing at the back of the rivals, this is one player whose ascent doesn’t look at stopping soon.
Stay tuned for more updates.