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Hi-tech retailers target 50% revenue surge before Tet

Hi-tech retailers target 50% revenue surge before Tet

Wednesday, February 07, 2024, 23:42 GMT+7
Hi-tech retailers target 50% revenue surge before Tet
This image shows young shoppers looking at a cellphone at a retail shop in Vietnam. Photo: Duc Thien / Tuoi Tre

Many retailers specializing in hi-tech devices, particularly smartphones, are eagerly anticipating a potential surge in revenue, estimating a nearly-50-percent increase in the days leading up to the Lunar New Year (Tet) holiday.

This optimistic outlook follows months of enduring financial setbacks.

The substantial uptick in revenue is attributed to a resurgence in consumer purchases of technological items in the recent weeks, according to statements from retailers.

Excitedly, these retailers are now predicting a potential climb in revenue of up to 50 percent compared to the previous period.

After operating at a loss for approximately a year, many hi-tech item shops are now reporting a bustling shopping atmosphere in the days leading up to Tet, which lasts a week from February 10, as documented by reporters from Tuoi Tre (Youth) newspaper.

Retailers note that among the items being purchased in large quantities, mobile phones emerge as the primary revenue generator, contributing significantly to the strongest sales growth.

A representative from the 24hStore system stated that despite the prevailing challenging economic conditions, many products are experiencing improved sales in recent days.

A few smartphone models, such as the iPhone 15 Pro Max 256GB Natural Titanium, have witnessed a sudden surge in revenue.

This particular model has garnered significant consumer attention since its launch, thanks to its novel titanium design and enhanced performance features.

Furthermore, the iPhone 14 Pro Max 128GB Purple and iPhone 11 continue to maintain their leading positions in terms of revenue.

Notable mentions include the Samsung Galaxy Z Flip5, a distinctive folding smartphone, and Apple's AirPods Pro 2 2023, both of which have captured special attention from eager shoppers.

Nguyen The Kha, commercial director of the FPT Shop system, indicated that there is expected to be a sharp jump in revenue from high-priced segment phones in Hanoi and major cities.

Conversely, sales of phones in the middle-price segment are anticipated to experience a significant surge in other provinces.

"Robust consumption has been observed over the past two weeks, and based on our analysis, we anticipate that turnover may see a rise of 30-50 percent compared to the previous period," Kha told Tuoi Tre.

Minh Tuan Mobile, another prominent retailer of tech devices, disclosed a noteworthy sales upswing of approximately 15 percent since December 2023.

The primary contributor to this growth has been the robust sales performance of iPhone products, establishing them as the key revenue generators for the company.

A representative from Minh Tuan Mobile noted that when purchasing hi-tech devices, the majority of buyers prioritize products with reasonable prices that can fulfill their requirements for work, study, and entertainment.

Hence, iPhones, along with MacBooks and iPads, hold a position of priority for consumers.

The Di Dong Viet system has reported enjoying a peak shopping period as a result.

“Presently, sales are experiencing an expansion of around 30-40 percent compared to the same period last month and have doubled against the previous week,” said Phung Phuong, a representative of Mobile Vietnam.

In celebration of Tet, many retailers have implemented a variety of sales promotion programs to attract a larger number of shoppers.

Kha informed Tuoi Tre that FPT initiated various sales promotion activities starting from early January, and these initiatives are set to continue until the end of February.

As an example, the company is currently running a super promotion program featuring discounts of up to VND24 million (US$986), installment payment options spanning up to 24 months, complimentary gifts for gamers, and opportunities to acquire a Xiaomi TV set.

The retailer is providing rebates ranging from VND3 million ($123.3) to VND12 million ($493.4) for cellphones of various brands and models.

The 24hStore system has introduced a sales promotion program wherein it rewards players of mini games with prizes such as gold, MacBook, smartphones, and more.

On the other hand, Minh Tuan Mobile is currently implementing a trade-in program, offering high prices for old products that customers wish to sell to the firm in exchange for new ones.

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Vinh Tho - Duc Thien / Tuoi Tre News

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