Samsung is on track to lose at least $5.3 billion with the Note 7 fiasco, but the company is bullish on the Indian market. The South Korean company expects to increase its market share in the country during the lucrative festive season in spite of the Note 7 setback by focusing on the Galaxy S7 and S7 edge.
Samsung was able to get customers that have pre-ordered the Note 7 in the country to switch to the S7 or S7 edge by rolling out several incentives. The brand has also mentioned that those that have imported the handset from other countries will be eligible to receive a refund.
In a statement to Economic Times, vice president of Samsung India's mobile unit Manu Sharma talked about the sales strategy during the festive season:
We have converted the Note 7 prebooked customers in India to S7 and S7 Edge. We are humbled by the loyalty of the consumers towards the brand. There is now a strong sales momentum on S7 and S7 Edge. By virtue of being a full range player with 25 models across segments, we are confident to grow our share and sales this quarter.
Sales of the S7 and S7 edge have allegedly doubled following the termination of the Note 7, according to the publication. With over 30 phones available for sale across all price segments, Samsung is in a strong position to solidify its place at the top of the Indian smartphone segment, where the company already occupies a 48.7% market share.
With the rise of 4G services in the country, Samsung is also committing to support 4G on all of its upcoming phones, including entry-level handsets.