With the Philippines now crowned as ASEAN’s fastest growing smartphone market today, and the global market at large growing 3.8% in Q1 2016, game-changing partnerships—such as financing options that allow more consumers to buy higher-end models gadgets at 0% installments—may prove to be the x-factor in sustaining growth.
This data is according to Prague-based consumer finance company Home Credit, noting that its financing services have helped fast-growing players such as OPPO gain significant revenues in previously untapped market segments in the country, leveraging on the ever-growing appetite of Filipinos for the latest gadgets.
“It is definitely an exciting time not just for smartphone manufacturers, but also the consumers, as even the flagship phone models are more accessible than ever,” - Home Credit Philippines Head of Sales Adam Bernasek.
Bernasek cited Home Credit’s recent 3 month promotional tie-up with OPPO, which offered the OPPO F1 “selfie expert” smartphone at low monthly payments with 0% interest, as a notable case study. The promo generated nearly P280M in loans for the OPPO F1 model, with the F1 accounting for 5 out of 10 products purchased through Home Credit in all establishments offering the promotion.
For its part, OPPO finds itself in a winning streak, as it continues to rapidly gain market share not just in the Philippines, but the rest of the region. Data from a Gartner report show that OPPO enjoyed a sales growth of 145% in Q1 2016, giving it the best performance of the period ahead of other leading
brands. OPPO has since jumped up in the overall global rankings for smartphone brands.
The overall smartphone sales were driven by demand for entry-level models in emerging markets such as the Philippines. However, consumers have also shown an increasing desire for better specs such as for processors, RAM and cameras at affordable prices.
A recent study by the International Data Corporation (IDC) stated that “from 44% share in 2015, less-than-1GB- RAM smartphones dropped to 38% last quarter as consumers demand for higher RAM for new mobile applications to run smoothly & With new financing options in place to allow more customers to get their hands on these higher-end models, the prospects of the local smartphone industry are more bullish than ever.
“As more and more consumers make the move from the entry level to the mid-to- high range, the demand for affordable payments will certainly rise,” Bernasek noted. “Home Credit and OPPO are more than happy to meet this demand, as we move forward in our partnership.”
OPPO’s latest model in the “selfie expert line, the F1S, launched last August 13, with Home Credit once again partnering with OPPO to offer the phone at 0% interest installments.
For more information, please visit www.homecredit.ph.
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