Indian Mobile accessories market is estimated to grow 20-30 % year-on-year
While Mobile phone has become a basic necessity, some of the accessories such as chargers, earphones & 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 â€“ 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.
- From 100 orders per day to 5,000 orders a day
- 20 Lac customers, 12 lac customers who have placed order and received delivery and 2 lac repeat customers
- Over 10,000 SKUs
- Two fulfillment centers (Delhi & Mumbai)
- Delivering to 10,000 pin codes
- Single largest product by revenue is smart watch with 1 lac units sold and INR 15 crore revenue
- Single largest product by quantity is mobile covers with over 3 lac units sold
- Mumbai & Pune together is single largest market contributing 23% of sales
- 6 lac units of PTron products sold in last 18 months with INR 40 crore revenue and 2% returns
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.
Mr. Ameen Khwaja, the Founder and CEO of LatestOne.com said, â€œRapid 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.â€
In the calendar year 2017, mobile covers will continue to be the single largest product. We see covers like printed and shock proof back covers will be in demand. Smart watches will come embedded with new features and less prices.