Samsung Electronics’ limited edition strategy for the Galaxy Fold is turning out to be working effectively by accurately targeting consumers’ penchant for rarity, according to industry sources Monday.
After the first batch of the world’s first 7.3-inch foldable device was sold out on Thursday and Friday, there are an increasing number of Koreans who are seeking ways to get the limited phone online.
On online communities where people trade second-hand products, there were posts offering to resell the devices for 20 to 25 percent higher prices.
A reseller on the country’s biggest online market for used goods put his Galaxy Fold that was delivered on the launch day up for sale at 3 million won ($2,515).
The official price tag for the device is 2.40 million won.
IFA officials hold up the Galaxy Fold devices at Samsung Electronics’ exhibition hall at IFA2019 in Berlin. (Samsung Electronics)
On the other hand, some posted asking Galaxy Fold owners to resell the device at better deals.
It’s been estimated that 1,000 to 2,000 units of the Galaxy Fold were released last week as the first-round volume. Around 1,000 units were distributed to the country’s three mobile carriers, and the rest of them were sold at Samsung’s online and offline shops.
“Unlike previous skeptical views about the foldable smartphone, the going has been smooth as the company has well implemented the limited edition strategy,” said an official from the telecom industry. “To make Fold successful, it appears likely that Samsung will control the sales volume as discreetly as possible, because it’s creating a whole new market amid the slowing smartphone industry.”
Samsung will start its second round of preorders on Sept. 18. The second volume will be delivered starting Sept. 26 through the end of October.
The Galaxy Fold’s initial success is providing an upbeat sentiment for the global smartphone industry that had been in dire need for an impetus.
Including China’s Huawei Technologies, as many as 19 smartphone vendors have announced their plans to launch foldable devices in the near term.
Huawei will unveil its foldable model Mate X next month, which will be Samsung’s main competitor.
Motorola, Xiaomi, Oppo, Vivo, TCL, Google, Sony and Apple are also expected to join the race in the foreseeable future.
According to market researcher DSCC, the shipment volume of foldable display panels is forecast to grow from 360,000 this year to 68.8 million by 2023.
By Song Su-hyun (email@example.com