Smartphone buyers prioritize features over looks,price
According to analysts, consumers have shifted from buying only based on the price tag. Now, studies showed that buyers of smartphones from across the globe take into consideration a number of other factors before shelling out cash.
Largely caused by the release of the iPhone, the consumer mindset changed drastically. Applications and new features affect the decision making of buyers, prompting old players in the industry such as Motorola and Ericsson to bow out of the competition. Chinese companies adapted quickly to this consumer psychology, according to analysts. Firms like Huawei and ZTE have been gaining more ground, pulling farther and farther away from forgotten brands like Siemens and soon, Nokia.
Indian companies started to outsource parts of their operations from China. Local Indian firms such as Micromax, Karbonn, and Spice get hardware from Chinese producers. This arrangement is due to the Indian market acknowledging the growing market's desire for better features rather than price or looks.
Some local brands which are bestsellers in the Indian market are Miezu MX2, Gionee E6, and Micromax Canvas 4.
Studies suggested that the Indian market will boom in the coming years, making it a gold mine for smartphone companies in the world. Analysts predict that the Indian market will be worth almost US$1 billion before 2014 hits - a figure which translates to a world record of 167% annual industry growth.