FUTURE OF THE SMARTPHONE MARKET IN SRI LANKA by Kevin Jiang
As the world integrates the ‘New Normal’ in the ecosystem, Sri Lanka’s digital framework is pacing with fresh energy and has bold plans for the future. The ‘New Normal’ has given rise to several ‘behavioral changes’ in the Sri Lankan consumer, and the need to be digitally connected is one of them. While we are in an era of ‘physical restrictions’, virtual platforms are sufficing the need for connection and communication. This accentuation in the consumption of internet in the nation is here to stay.
The ‘new normal’ era has shed light on how ‘digital connectivity and inclusivity’ should be omnipresent and how digital ecosystems are not a luxury but a necessity. In the age of rapid technological advancements, smartphones have played a pivotal role in furthering and strengthening digital interdependency.
Smartphones reinforcing the new normal
The Sri Lankan citizens have witnessed an accelerated need for a digitalized society, and smartphones have played a decisive role in bringing normalcy to the people. Smartphones have helped people in harnessing the power of the internet and have sufficed for workplaces, educational institutions, entertainment zones and information hubs. Smartphones have helped people in achieving digital connectivity as well as aided in keeping the economy and workflow going.
The rise of technological innovations has sparked the age of digital transformation in Sri Lanka, and smartphones are enabling the netizens to explore the endless possibilities of the online world. The nation witnessed a whopping 245% increase in E- commerce base as the basket went from $11 to $38 which was primarily driven by e-payment, e-banking, online medical consultation and e-sports, the latest segment on e-platforms.
Smartphones are also galvanizing day-to-day activities like online classes, online shopping, and e-payments with 43% people accepting to have tried newer things online. It is definite that the inertia has been broken and an increasing number of consumers would be inclined to adopt digital mechanisms.
What is astonishing to note is that the nation has witnessed a swaggering 200% growth in Facebook and 50% growth in YouTube users. Thus, the digital landscape of the country is on the verge of blossoming and smartphones are aiding its augmentation.
Rethinking smartphones in the ‘New Normal’ era
The smartphone industry is looking at a promising avenue. In terms of digital development, Sri Lanka witnessed a speedy process where now the usage of mobile phones has become a common feature among the people. The end of nearly three decades of war had explored the entire country to grab mobile phones for their communication purposes, and this development has positively contributed to increasing the number of mobile phones subscribers in Sri Lanka. Currently, with over 10.10 Million internet users and over 47% internet penetration, the Sri Lankan smartphone market stands at an 11% YoY growth.
Smartphone manufacturers are eyeing this opportunity of impending demand for smartphones. Deeper insights into the market reveal that 48%of the people would be interested in buying products that are manufactured locally. Thus, the vision of ‘Make in Sri Lanka’ and ‘Digital Sri Lanka’ can go hand in hand in reforming the smartphone industry in the coming years.
Driving customer-centric innovations
A zest for technology has paved the way for smartphone manufacturers to innovate gadgets that provide a personal, customized, and revolutionary experience to the users. In the foreseeable future, the smartphone industry will see an advancement towards ‘customer-centric’ innovations.
Smartphones are now being regarded as an essential commodity and features tailored to suit the customer expectations will dominate the industry. There will be an ever-increasing demand for feature-rich smartphones and the smartphones that offer ‘Best of everything’ are bound to rule.
Smartphones are now becoming multitasking devices and are impacting every single aspect of our lives. They are now our workstations, binging portals and are replacing all other gadgets that help us in day to day activities. In such a case, the needs of consumers are also evolving ranging from High definition displays for binging content, to a mammoth battery for work or a sturdy processor for gaming and minimum lag for a seamless experience. Feature-rich smartphones are sure to emerge as the game changers in the smartphone industry.
vivo, the leading global smartphone brand, has always carried the spirit of ‘customer-centric innovation’ at heart. Its biggest key differentiator is the cutting-edge, innovative products that are tailor-made to suit the needs of the dynamic youth. vivo has launched several ‘industry-firsts’ trendsetting technologies like AI-powered Quad cameras, In-Screen Fingerprint Scanners, Superb HD Displays, Pop-Up camera, Special gaming and turbo modes, Flash charging, etc., with the intent to elevate the customer experience for its users.
As a youth-centric brand, vivo is tapping into this wave of digital transformation and is manufacturing smartphones that cater to all the digital needs of the users. It is also exploring to tap the 5G wave that is bound to take the nation by the storm.
living in an era where the nation has a splendid chance to drive the wave of a digital
revolution in its favor. vivo is aiming to aid in developing the digital fiber
of the nation and take the country from ‘New Normal’ to ‘Beyond the new normal’
through its innovative smartphone technology.