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Customers are said to be the backbone of a business, especially when it comes to the existing customers.
Many companies focus on new customer acquisition but attracting new customers cost a business five times more than keeping an existing one.
This attachment should always be noted by the firm and relevant steps to be taken.
While nowadays, the consumer has a wider assortment and more platforms to shop from; the personal relationship with the retailer is more missing.
As customers move through this engagement, retailers learn more about these customers and are able to offer ways to satisfy their needs.
In another way, customer loyalty programs in retail are there for retailers to reconnect with their customers as individuals.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India smartphone market was worth 154.0 million units in the year 2020.
According to the data yielded by the study, the market is estimated to grow at a CAGR of 14.2%, to reach 388.0 million units by the end of 2027.
With constant launches of innovative and attractive smartphones in India, the smartphone market is booming rapidly.
However, the negative side effects of smartphones and the shortage of chips that resulted from the COVID-19 pandemic may be a major restraining factor for the India smartphone market.Launch of 5G Technologies Is Expected to Drive the India Smartphone Market in the Forecast PeriodThe availability of 5G in India is expected to trigger a boom in smartphone demand in the next few years.
Among these regions, North India dominates the market, with cities such as Delhi, Gurgaon, Chandigarh, and Lucknow experiencing rapid growth in smartphone demand.
Furthermore, West India and South India also cover a substantial share in the market, with cities like Mumbai, Bengaluru, Chennai, Jaipur, etc., witnessing steady growth in the smartphone market.Impact of COVID-19 on India Smartphone MarketCOVID-19 provided a lucrative window of opportunity to the Indian smartphone market after its sudden outbreak in 2020.