The Demonetization of INR 500 and INR 1,000 bank notes in India affected a lot of businesses across a wide range of categories. However, according to a new report from The Hindu, Samsung claimed that its mobile phone sales were great even during the demonetization phase as retailers quickly adapted to digital payment channels.
Manu Sharma, vice president of Samsung India's mobile business, said, “Our Diwali and Puja [festive] sales were very good in October, after which it always cools down (in November). However, after the initial slowdown, it was back to normal in December,” in response to a question. The company recently launched the Galaxy C9 Pro and the Gear S3 in India.
According to Sharma, Samsung currently has a market share of 46.9 percent in the Indian smartphone market and 36.9 percent market share in the feature phone market. It's the leading mobile phone brand in the country, and by a wide margin. Samsung is banking on a huge demand for large-screen smartphones in the country.
