Innovations and strategy drive realme's exceptional 51% Q2 growth in India
According to Counterpoint Research, realme saw an incredible 51 percent quarter-over-quarter (QoQ) increase in Q2 2023. IDC's rankings place realme at No. 3 among the top 10 smartphone brands in India, despite a 3 percent year-over-year fall in the total smartphone market during the same period. Strategic positioning, ground-breaking innovations, and a focus on 5G devices in the Rs 10,000–Rs 15,000 ($122–$244) pricing range all contributed to this growth. realme's remarkable success can be attributed to a constellation of key factors that underscore its ascent in the market. One pivotal element is their astute approach to inventory and demand management, ensuring a finely tuned supply chain.
Complemented by this, their bold and strategic sales promotions have played a significant role in propelling the brand's prominence. Moreover, realme's shrewd decision to make 5G devices accessible at compelling price points has also been pivotal in their triumph. Marking a significant stride in innovation during the first half of 2023, realme said it has unveiled groundbreaking products that have captured the imagination of consumers. realme launched the 10 Pro Coca Cola limited edition smartphone, created for a breath of fresh air to the yet another design-forward smartphone by realme. With a Dynamic Island-inspired Mini Capsule, realme launched the C55 smartphone raising the bar of leap forward smartphones in the Indian market.
This year, realme won numerous achievements across a range of devices that have emerged as bestsellers in their respective categories like the 11 Pro Series which broke the highest first-sale record in its segment by selling 200K+ devices across all channels, and the best-selling narzo N53 broke records by selling 100K units in just 90 minutes, emerging as the Number 1 best-selling smartphone under the Rs. 10K segment on Amazon. realme's market penetration has been skillfully handled through a dual-channel strategy combining online and physical channels. Collaborative partnerships with esteemed platforms such as Amazon and Flipkart have significantly bolstered their market presence.
The brand's adaptability in managing inventory has been particularly noteworthy. This agility is underscored by a series of carefully orchestrated strategies, said the company. A well-structured product lifecycle plan has been employed, meticulously divided into distinct phases - the hot sales period, the sustenance phase, and end-of-life phase. Each phase is accompanied by a judicious channel strategy, informed by invaluable feedback from channel partners. According to the company, a critical component of their success has been the unwavering support provided to products over time. This strategy makes sure that products move smoothly throughout the retail environment, expanding their market reach. “realme's approach to launching the next generation of phones is marked by a well-calibrated gap, allowing ample time for each iteration to flourish before the introduction of its successor,” it added.
A strong relationship between the brand and retailers is supported by regular updates on product strategy. This collaborative relationship empowers retailers to liquidate their inventory in a timely manner. realme's meticulous oversight extends to a granular level of sales and supply management at the retail level. This approach ensures a seamless flow of products within the retail ecosystem, further enhancing their market reach, it said. Central to realme's growth is its "Spire Strategy," which prioritizes groundbreaking innovations in performance, design, and user experience. The strategy is bolstered by the "Simple Better Strategy," emphasizing comprehensive innovations across product lines. With a dedicated focus on four core product lines – GT Series, Number Series, C Series, narzo Series – as well as a strategic emphasis on mid-premium devices, realme is able to meet a wide spectrum of customer demands.
Now in its fifth year of business, realme said it is still committed to offering all-encompassing experiences. The brand is getting closer to achieving its aim of being one of the top five smartphone brands globally because of its dedication to developing innovative products and encouraging user involvement. The phenomenal success of realme in the very competitive Indian smartphone industry demonstrates both its strategic strength and dedication to innovation. By recognising the need for leap-forward innovations, implementing comprehensive strategies, and fostering local manufacturing, realme has not only achieved remarkable growth but has also become a catalyst for India's technological advancement. Users benefit from realme's products that combine performance, design, and affordability, making it a frontrunner in the ever-evolving smartphone landscape.