Chinese smartphone maker Vivo has unveiled its first flagship store in Thailand and plans to roll out seven new 5G-enabled handsets this year to nudge consumers to switch from 4G to 5G devices.
"We continue to see demand from consumers switching from 4G-enabled handsets to 5G smartphones in 2022 to use faster connection speeds and advanced technologies," said Bale He, sales director for Vivo Thailand.
Last year, 5G-compatible smartphones accounted for 19% of the total market and the proportion is expected to hit 25% this year, he said.
On Wednesday Vivo opened its first flagship store on the third floor of Siam Paragon with an investment of 40 million baht to demonstrate new products and innovations, including concept smartphones, said Mr He.
The store is designed under the theme "Joy of Humanity", inspired by Thailand's natural beauty and innovative technologies.
Vivo has 130 brand shops operated through collaboration with partners countrywide with a projected increase of at least 10% this year.
Vivo, which has been operating in Thailand for eight years, has around 10 million users. Some 3 million Vivo handsets were sold in Thailand last year with a 19% market share.
"In 2021, about 15 million smartphones were sold in Thailand. The country's smartphone market grows an average of 5-8% per year, but last year it rose only by 1.6%. A similar situation is expected in 2022 due to the sluggish economy," he said.
The firm aims to maintain its 19% market share this year by introducing seven new 5G smartphone models as well as working with mobile carriers to develop new handsets.
"We continue to survey our customers to find out what they want and make products that serve users while collaborating with partners to ensure success," said Mr He.
Vivo recently launched the V23 5G model, which attained the best first day sales of devices in the range of 15,000-20,000 baht in the country.
"Soon we will launch smartphones that target users who love new things and online shopping," said Mr He.
According to Mr He, Thailand is a significant market for smartphone business investment due to its large market size, high proportion of smartphone users and high growth rate of smartphone sales.
"With the growing demand for 5G smartphones, we believe there will be a plethora of opportunities for us to expand our business in Thailand while continuing to provide advanced technology and comprehensive service to local users," he said.