- Apple bets on India with the opening of its first store in the country.
- Its goal: to revive retail sales and expand its manufacturing core outside of China.
- The Indian market has undergone significant changes with the rise of the middle class, economic transformation and rising purchasing power, making it a lucrative market for local and global companies.
Apple CEO Tim Cook officially opened this Tuesday, April 18, the first Apple-owned store in India.
It is the most important bet of the iPhone manufacturer brand to achieve greening of its retail sales.
The Apple CEO, in gray pants, a blue shirt and tennis shoes, greeted the first customers and took selfies with them at the opening of the Apple Store in the financial center of Mumbai.
In parallel, dozens of employees dressed in green shirts chanted “BKC!”, in reference to the commercial district Bandra Kurla Complexwhich is the place where the point of sale is located.
Apple knows what it’s doing: focuses on a country with 1.4 billion people (outperformed China this month) with the idea of reviving its global revenues and expanding its manufacturing core to countries other than Xi Jinping’s.
Without the Apple Store, the brand’s sales in India hit a new high last month: 6 billion dollars in the previous 12 months.
With the new store, and another that will open this week in New Delhi, iPhone sales in India could grow nearly 18 percent a year over the next 10 years to $30 billion, up from $6 billion at the end of 2022.
This is indicated by data from Bloomberg Intelligence.
For this, the payment plans that the Cupertino brand will offer based on government incentives will be key.
Currently, Just 4 percent of India’s 690 million smartphone users use iPhones.
The Indian market is dominated by cheaper local brands, and manufacturers from China and South Korea.
ICYMI: Apple CEO Tim Cook opens the doors of India’s first Apple Store, in Mumbai’s BKC business district.
Years in the works, Apple was finally allowed to launch outlets in India after meeting regulators’ demands https://t.co/qkvyeLR51f pic.twitter.com/5jAezcVF0x
—Bloomberg Markets (@markets) April 18, 2023
India, a market without a roof for Apple
India has undergone significant changes in its consumer market in recent years.
With a flourishing middle class, a rapidly changing economy and increasing purchasing power, India has become a lucrative market for local and global businesses.
Western brands have also made their way into the Indian retail landscape, creating intense competition and reshaping the consumer market in the country.
Companies have recognized this trend and have adapted their marketing strategies to meet the needs and new aspirations of the middle class.
The e-commerce giant Amazon, for example, has also entered the Indian market, offering a wide range of products and services to consumers.
In addition to global brands, local companies have also excelled in the consumer market. Companies like Reliance Retail, Tata Group and Flipkart have become key players in the retail landscape.
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