With reports that Samsung will partner with Google to launch smart glasses, the Global Elite Top1000 report tracks the brand’s focus on high value-added products as it looks to boost profitability.
Samsung has grown into a global electronics brand since it started life 55 years ago in South Korea.
Samsung Electronics, founded in 1969, started out with a focus on making black-and-white TVs and soon expanded into semiconductors through the acquisition of Korea Semiconductor. Today the business has two divisions – DX (device experience) and DS (device solutions) and is led by Jong Hee Han, who has been vice chairman and CEO of Samsung since 2022. It sells around the world online and through more than 3,000 Samsung Experience Stores.
In its latest financial full-year, to December 31 2023, it reported operating profit of KRW 6.57tn ($4.7bn) on annual revenue of KRW 258.94tn ($184.2bn). At the time, Samsung said it would focus in its current financial year on growing sales of high value-added products in order to boost profitability, with a focus on generative AI features in new devices such as smartphones and PCs. The business also supplies its own semiconductors for AI applications.
The business has an active sustainability practice and a target of being carbon neutral by 2050 in scope 1 and 2 emissions. It recently worked with the Carbon Trust to publish an industry-first specification for measuring and accounting for the emissions produced by connected devices when used by customers.
Inhee Chung, vice president of the Corporate Sustainability Center at Samsung Electronics said at the time: “At Samsung, engaging and empowering consumers through our energy saving solutions is a key element of our climate strategy, and we look forward to applying the DUCD [decarbonising the use-phase of connected devices] methodology to demonstrate how our SmartThings platform and its AI Energy Mode enable consumers to monitor and reduce the energy use of their connected devices.”
Shoppers can easily find the products they are looking for on the Samsung website. ‘AI search’ brings up details of suggested products while navigational filters, including price range, colour, ‘best for’ features, storage and offers, help to narrow down a range that includes washing machines, fridges, TVs, computers and mobile devices. They can view a choice of images, read reviews and ratings, ask for advice through live chat, read in-depth product information and recycle their existing appliance for a discount on a new product.
From its home page, shoppers can click through to Samsung’s presence on five social media websites – Facebook, X, Instagram, YouTube and LinkedIn. They can also earn rewards points through purchases to spend on the website.
The RetailX Global Elite Top1000 report provides a comprehensive analysis of the global ecommerce and multichannel market, offering a 360-degree view of consumer behavior, company performance, and regional economies. Released at a time of global volatility, this report highlights how geopolitical shifts, such as the reelection of Donald Trump as U.S. president, shape the global economy and create both challenges and opportunities for retailers.
Retail leaders must continue to make strategic decisions despite uncertainty. This report identifies the top five Elite retailers, Amazon, Apple, H&M, Samsung, and Walmart whose success across the Customer, Product, Operations, and Capital Value Chains sets them apart.
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