Smartphones have become a device that everyone must possess. Its use has evolved from its original purpose, communication, to many other important things such as banking, scanning, and even a medium of income generation.
While everyone desires to own the best smartphone, there are the best features and specifications. Price stands as a limiting factor. Price is a factor that makes interested users change from the phone they desire to the ones they can afford. The price of different smartphones varies; some smartphones cost as high as $700, while some smartphones are as cheap as $25. In this article, we will be discussing some factors that determine the price of smartphones.
Factors that determine the price of smartphones
- Brand: The brand is a major factor that affects the price of smartphones. It is observed that a brand with a great reputation causes various users to believe that their product is higher in quality and value. Ultimately, this makes users believe they are worth more than their competition’s products. This helps enhance the price of smartphones and the willingness of people to buy from them.
- Length Of Time In Market: A new phone that has not spent much time on the market is likely to cost more than one that has been available for a while. The reason behind this is that people are often so thrilled to experience what it’s like to use the latest phone produced that they do not mind the price. However, after using it, naturally, they just get sick of it and move on to another new phone, thereby reducing the price of the old ones.
- Storage Capacity: The bigger the memory storage, which enables you to store files such as videos, documents, audios, chats, etc. is, the higher its price. Smartphones with storage capacity within the range of 8 GB to16GB normally fall into the low-priced smartphones, while expensive smartphones have a storage capacity as large as 500 GB and above.
- Network Support: This feature has to do with data speed; how fast you can browse or download. Even though many phones started with 2G, in recent times, smartphones have been designed to support 3G, 4G, and even 5G. So, the better the network support, the higher the price. You can check the honor magic v price to see how much a 5G network-supporting phone costs.
- Camera: The picture quality is an important factor that really affects the price of a smartphone. In fact, this is one of the reasons why most users go for phones that can take pictures with the same quality as digital cameras. So the better the camera quality of a smartphone, the higher the price.
- Display: This can be defined as how your smartphone’s screen shows images and text to the user. There are different types of smartphone displays, namely LCD, AMOLED, Super AMOLED, TFT, OLED, etc. The ones used by good smartphones are often AMOLED, LCD, or Super AMOLED. The better the display quality of the phone, the higher the price.
- Competition: When a smartphone brand decides to increase the price of their phone, their competitors (who have phones with specifications similar to that phone) also get inspired to increase their product’s price.
Price is an important factor to be aware of when buying a smartphone. When you understand the factors that affect the price of your smartphone, it helps you to be able to ascertain whether the phone you intend to buy is worth its money or not. You don’t have to break the bank to get a good smartphone. All you have to do is purchase something that fits into your budget.