SMARTPHONE maker realme is bullish about its prospects in the mobile industry this year.
Its founder and chief executive officer, Sky Li, when unveiled the company's rebranding strategy recently, said the company has gone through a thrilling journey since realme's inception in 2018.
He expressed the brand's determination to understand young users better and provide tech experiences exceeding expectations.
Li detailed the evolution of their tagline from 'Dare to Leap' to 'Make it real', explaining that the change represented a shift towards encouraging young users to turn dreams into reality, making breakthroughs in both work and life.
"We've been consistently pushing the boundaries, providing innovative technology at affordable prices. As an ambitious brand, we're not content with our past successes. We're gearing up for a rebranding in 2024, a year focused on progress. We want to be a tech brand that truly understands young users, offering experiences that go beyond their expectations," said Li.
Commenting on the main smartphone industry trend for 2024, he said that greater imaging technologies will be a central focus in 2024.
"This aligns with realme's strategy of pushing breakthroughs in product, technological, and brand strengths. We've designated 2024 as realme's 'Year of Imaging', with a significant emphasis on photography capabilities. Our recent announcement at CES 2024 showcased the periscope tele-camera lens in our upcoming Number series, ensuring our users have access to top-notch technology," added Li.
Addressing the healthy growth of realme despite a shrinking global market, Li attributed their success to unwavering user support and the 'Simply Better' strategy initiated in 2022.
"Our growth is attributed to our realme users. Their unwavering support has been crucial. We embraced the 'Simply Better' strategy since 2022, focusing on long-term growth. Our innovative-driven products, like the realme GT3 240W, with the world's fastest charging technology, have set us apart. Looking ahead, we're cautiously optimistic about 2024, prioritising long-term, high-quality growth over short-term metrics," he said.
Discussing the shift to an open and wide-reaching approach, Li emphasised the importance of connecting with more young users globally.
"We're transitioning from a trend-based to a more open and inclusive strategy. With 200 million users globally, it's the right time. This approach, combined with a triangular focus on brand, technological, and product strengths, will connect us with more young users worldwide. We're excited about the possibilities as we scale and explore new avenues," he said.
Li's vision for elevated product experiences involved a significant increase in R&D spending, with a focus on breakthroughs in imaging, gaming, display, and charging.
Collaboration with international tech partners and expanding the tech talent pool were crucial components of this plan.
"To elevate experiences, we're increasing R&D spending by 470 per cent, focusing on breakthroughs in imaging, gaming, display, and charging. Collaboration with international tech partners and expanding the tech talent pool are part of the plan. It's about providing products that truly meet users' needs and bring tangible benefits to their lives," said Li.
The challenges of capturing the young market were acknowledged by Li, who stressed the need for agility and innovative technologies.
"The young generation is adaptive and quick to adopt new technologies. To capture their hearts, we must be agile and impress them with innovative technologies like the world's fastest charging. Our 'Top to Bottom Expansion' strategy ensures our products cater to all segments, providing great technology for all young consumers," he explained.
In terms of realme's market share in Malaysia, Li revealed a current share of approximately 11 per cent, with aspirations to not just retain a top-five position but to enter the top three ranks in the next two years.
"Innovation remains our core strategy. Prioritising product, technological advancement, and brand strength, we'll introduce innovations relevant to young Malaysians, aiming for long-term, high-quality growth. Our retail experience will be enhanced, offering unparalleled services and expanding our sales network," said Li.
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