Tech

How the Smartphone’s Price has Decreased Over The Years

Smartphone prices have come down by 16% or more over the last decade, according to a report by KPMG and ICEA. This drop has been seen during the period from 2009 to 2018. The fall in prices of smartphones has to do with some reasons that are technology-related, and some that are related to plain human behavior. The KPMG report states that the decrease in prices could be due to an open source operating system that smartphones adopt. The source code in an open source IOS is available to everyone and free to download. 

This is a customizable aspect of a smartphone and it can be used and modified legally. You can get mobiles under 10000 INR, and don’t let low prices fool you into thinking these are inferior phones. Some have a few specs to match flagship phones, and are durable. Consumers are also holding on to their phones for longer durations, and though updating a phone is a welcome change, people don’t see the need to change their phones just because a few specs have been made more advanced. 

Hanging On 

People tend to hang on to their old phones for a period of 3 years, on average,  before trading it in for a new one. That’s because, as mobile phone technology has only improved over the years, smartphones are prone to last longer. Owners are smart enough to know that you don’t just give up a good old phone that works well, unless you’re getting something significantly better. Innovations like a new camera, which is just marginally better than the previous one, is no longer enough to tempt savvy customers. Therefore, new device sales inevitably suffer, and to get people to be interested again, brands have to lower prices. Some of the best phones under 20000 INR have the best features you can get in a handset. Brands drop prices to such mid-range levels to entice average consumers to make purchases. Consumers also find that prices of smartphones are much like prices of cars, and costs fall drastically after they’ve purchased new phones. For instance, if you take the iPhones, prices drop six months after a new buy in case you want one at a trade-in. 

Profit Margins

New brands enter the smartphone market segment on a year-in and year-out basis. With such a frequency of novel phones to choose from, brands have to compete with each other. Components are cheaper to make than before, and brands, especially the new Chinese ones, keep profit margins low. This is how they stay ahead of the competition and make their phones affordable. Mobiles under 10,000 INR are easily attainable from one of the leaders in the Chinese brand segment. Budget phones have a huge customer base in India, and they are made by top brands like Samsung, Xiaomi and Lenovo. 

Smartphones for Anyone

Chances are, you will get a smartphone that you want in your budget from some of the best phones under 20,000 INR. These mid-range phones are even more affordable if you avail of smart digital instruments like the Bajaj Finserv EMI Network Card, and you can choose the smartphone of your liking on the Bajaj Finserv EMI Store.

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