For electronic devices and expensive smartphones in the world, the huge shipping costs and component shortages are two of the main reasons companies selling their products at a low profit margin have had to raise the price of their offerings.
Companies like Redmi have already implemented a price increase on their multiple products. Just reported that the Redmi Note 10 Pro received its second price increase in a month.
The push for digital India has brought more startups to market with their electronic and related products.
Some of the companies including OnePlus, Samsung, Apple, Xiaomi, Redmi, Oppo, Realme, Vivo and others, have won the hearts of Indians with their various products. India is a very price sensitive market and in a market like this, if companies don't value their products properly, they will lose the love of customers.
Recently, companies have raised the price of their electronic products, such as smartphones and televisions. But why do these prices suddenly rise? Let's find out.
Huge shipping costs
One of the biggest changes the pandemic has brought to the business world is shipping routes and shipping costs.
Businesses now have to switch to newer routes and suppliers due to restrictions and closures in certain locations. For companies that need to take bigger paths, they need to shell out more money. In addition, shipping costs in general have also increased significantly.
Shortage of components
It is very simple math; the rarer a product, the higher its value. Right now, there is a severe shortage of chips around the world.
It affects companies that produce electronic products on a large scale. In addition, other components of electronic products such as display panels and more have also become scarce.
Huge shipping costs and component shortages are two of the main reasons companies selling their products at a low profit margin have had to raise the price of their offerings. Companies like Redmi have already implemented a price increase on their multiple products. Just yesterday, we reported that the Redmi Note 10 Pro had received its second price increase in a month.
There are many other products that will receive price increases very soon, so don't be surprised if you've seen a particular product at a cheaper price and now its price has increased.
