After the demonetization of Rs 2000 across the country, the trend of cash has increased rapidly. Some of those who have Rs 2000 notes are buying the latest premium smartphones in cash. With the increase in the sale of smartphones, the trend of cash has also increased. Smartphone retailers are getting huge benefit from this. Because most of the customers are talking about going to smartphone retailers and buying mobiles in cash with 2000 rupee notes. According to sources, smartphone retailers have registered a 10%-11% increase in sales through cash transactions in a week.
Some retailers are offering discounts on smartphones and putting up posters detailing the number of 2,000 notes needed to buy the latest premium handset, as an opportunity to boost sales at a time when overall demand for smartphones is low can be used. The central bank had announced the withdrawal of Rs 2,000 notes from circulation on May 20 and urged the public to deposit or exchange the notes at bank branches by September 30.
Cash flow increased in a week
A Delhi-based retailer says that after the RBI announcement, business has seen an increase of about 10-11 per cent and cash transactions have increased the most. In recent times, most of the transactions are done through credit card or bank financing, but since last week, there has been a significant increase in cash flow over the counters. Due to which the retailers are benefiting a lot.
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Retailers pulled out offers
According to sources, smartphone retailers started offering cash discounts of up to Rs 4,000 on high-end handsets from the very next day after the RBI announcement. Due to which there was an increase of about 5% in the regular sale of smartphones. A Kolkata-based retailer says that there has not been an immediate increase in sales since the RBI announcement, but he expects sales to pick up as the deadline for note exchange approaches.
Apart from this, a Delhi-based retailer says that it is not like demonetisation, when there was an overnight rush by people to buy smartphones in cash at mobile stores. With the increase in cash flow, smartphone retailers are getting a chance to grow their business as well as earn well.
