Betting on India? Apple to Open First Apple Store in India
More than two decades after Apple launched the $Apple (AAPL.US)$ Store, Apple is set to open its first store in India, a major step forward for the company in the Indian market that still has a long way to go after that.
Apple recently announced that its first and second Apple Stores in India are set to open next week, and reports suggest that CEO Tim Cook may visit both stores to officiate at the opening ceremonies to show the importance of the Indian market.
Apple recently announced that its first and second Apple Stores in India are set to open next week, and reports suggest that CEO Tim Cook may visit both stores to officiate at the opening ceremonies to show the importance of the Indian market.
India is the world's second largest smartphone market and one of the fastest growing, but smartphone penetration in the country is still less than 50 percent, providing Apple with considerable growth potential.
During Apple's earnings call, Cook emphasized the importance of India. In a recent conference, Cook said Apple had set "a quarterly revenue record in India with very strong year-over-year growth," but did not disclose specific figures.
However, IDC analyst Navkendar Singh believes that Apple's efforts to increase consumer purchasing power through channel expansion, attractive trade-in programs, discounts, cash-back offers and better pricing for previous-generation models are finally paying off. But the gap between Apple and other models remains wide - the average selling price of a smartphone in India last year was $206 (excluding taxes), compared with $898 for the iPhone, according to Canalys.
In recent years, Apple has struggled to gain a foothold in the Indian market and compete with more affordable Chinese models. Only now is it gaining traction. according to Counterpoint Research, Apple's share of the Indian smartphone market was just 1 percent in 2019 and could exceed 5 percent this year.
During Apple's earnings call, Cook emphasized the importance of India. In a recent conference, Cook said Apple had set "a quarterly revenue record in India with very strong year-over-year growth," but did not disclose specific figures.
However, IDC analyst Navkendar Singh believes that Apple's efforts to increase consumer purchasing power through channel expansion, attractive trade-in programs, discounts, cash-back offers and better pricing for previous-generation models are finally paying off. But the gap between Apple and other models remains wide - the average selling price of a smartphone in India last year was $206 (excluding taxes), compared with $898 for the iPhone, according to Canalys.
In recent years, Apple has struggled to gain a foothold in the Indian market and compete with more affordable Chinese models. Only now is it gaining traction. according to Counterpoint Research, Apple's share of the Indian smartphone market was just 1 percent in 2019 and could exceed 5 percent this year.
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noglyph : Keep an eye on this, a key indicator appears to be India’s overall economic health. It seems that India’s economy is picking up steam in everything from job creation to physical brick-and-mortar establishment. As you may already know, India is one of many countries in the world that has taken a tremendous impact from the epidemic causing a whirlwind of economic constraints and changes over these past few years. It’s important to remember that the whole world is still recovering from these effects and India is no exception, rest assured that things are looking up in the long run. Projects are emerging and the market potential for $Apple (AAPL.US)$ continues to cement its position as a technology powerhouse. Stay informed, let’s hope for a prosperous future!