Covid Impact: Smartphone offline channel stares at 50,000 job losses; experts cut growth estimates

New Delhi: Market trackers have cut their annual growth estimates of the smartphone offline channel, as the raging pandemic has forced bricks-and-mortar stores including organised retail outlets to either shut shop or curtail operations. Offline retailers said they are staring at about 50,000 job losses as a result.

The development may also force top brands to delay their offline expansion plans, according to experts.

Counterpoint Research said offline retail, which saw stellar growth in the past couple of quarters, will account for 55% of the smartphone market in 2021, compared with the initial estimate of 60%, and warned that it could fall even lower, depending on the duration of the second wave.