Realme has announced plans to increase its annual research and development (R&D) budget by 58% in a big to ‘anchor stability of the business as part of its long-term growth strategy’. The company has also announced it will not be expanding to new markets in the next 18 months. It will also be adopting a unified global product line that will see the company reduce product launches by 35 percent in 2023.
The company says the increased investment will boost technology innovation and quality of smartphones shipped into Kenya and other markets beginning next year- as the brand positions itself to become the first choice for young people.
“This means you can expect even more exceptional Number Series phones moving forward, as our Number Series is our “essential” product line, packing essential tech into a stylish package with an accessible price tag,” said realme Chief Executive Officer, Sky Li.
While significant investments will be placed on research and development, realme will not expand to new markets in the next 18 months as adoption of unified global product line will reduce product launches by 35 percent in 2023.
Instead, it will focus on consolidating China and Indian markets with ‘tens of millions of shipments’ and creating 15 markets including Kenya with ‘millions of shipments,’ over next three years.
“We call this new market focus our “Market Cultivation” strategy, which will place particular focus on our two 10-million shipment markets while working towards building a core of fifteen 1-million shipment markets,” said Li.