Wednesday, December 28, 2016
LatestOne.com Sees 50% Growth of Technology-Based Accessories
While Mobile phone has become a basic necessity, some of the accessories such as chargers, earphones and covers have become essential for a large population. Technology based accessories such as Bluetooth headsets, fitness bands, smart watches, blue tooth selfie sticks, lens, power banks, cables, OTG sticks and VR headsets have increased at 50% YOY, making mobile accessories a Rs. 20,000 crore market in India. As India is expected to surpass US and China in mobile phone market size of the world by 2017, the accessories market is estimated to grow 20-30% year-on-year.
There are three different types of retailers for mobile accessories in India – online, offline and selling on online market places. LatestOne.com has focused exclusively on the online strategy and emerged as the No.1 retailer of mobile accessories in India in a short span of 2 years with a gross revenue of 80 crores and net revenue of 50 crores in 2016.
LatestOne.com also launched a wholesale site for b2b in September 2016. Within 3 months, over 1,500 dealers & retailers have registered and over a 100 have been activated by placing online orders.
Ameen Khwaja, the Founder and CEO of LatestOne.com said, “Rapid surge in mobile phone adoption in both urban and rural areas associated with rising inclination of customers towards latest mobile accessories is the key driving factor for the growth of this segment. LatestOne.com has launched 13 new products in the last 12 months in order to continuously meet these demands of online customers.”
In the calendar year 2017, mobile covers will continue to be the single largest product. Covers like printed and shock proof back covers will be in demand. Smart watches will come embedded with new features and less prices.