Winning customers back will be a huge task for Samsung. The South Korean multinational conglomerate has suffered major setbacks this year. After multiple units of Samsung's Note 7 burst into flames, the company's reputation has taken much of a beating.
Viral videos of Samsung's flagship phone that burst into flames have had a direct impact on the company's profits. Since then, Samsung's stock has plunged down by a significant number. In a statistical report by CNN, the South Korean company's stock is down around 8 percent in October and is projected to go down even more as the year ends.
Although Samsung did apologize for the mishap, the decision to ditch the faulty Note 7 has reportedly cost the company $9.5 billion in lost sales and a $5.1 billion dent in profit between October towards the end of 2017. The only bright spot for the whole mess is the majority of owners that still chose to go with other galaxy brands when they opted to return the troubled device. So where does Samsung go from here?
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According to CNET, Samsung must be better than Apple's iPhone brand but with a lower price tag. Wayne Lam, an analyst with IHS Markit Technology believes that Samsung has a chance to retain what they lost in 2016, by creating a better, cheaper and a more reliable Galaxy S8.
Rumors have suggested that Samsung plans to release two versions of the Galaxy S8. A 5.5 inch phone and 5 inch model. Both versions of the S8 will have 4k edge display that is supported by a pressure sensitive touchscreen. The company has also added a new virtual assistant module called Bixby.
So far everything is not yet official, but the company hopes to rise from the ashes of the Note 7's smoldering end. How? By creating a cheaper and better alternative to Apple's flagship smartphone.
