When the local sourcing norms in India were relaxed, Apple and Xiaomi were more than elated to open their own retail stores in the country. Now that Apple can open its stores in India, Tim Cook has confirmed that the development is on track, despite the global slump in iPhone sales.
At the Apple Q3 2016 earnings call, the company posted quarterly revenue of $42.4 billion and quarterly net income of $7.8 billion. Compared to a year ago, the net revenues and profits have declined across the globe, except in India. Here, the company has seen a 51% rise in iPhones sales, whereas China has been a disappointment.
“India is now one of our fastest growing markets. In the first three quarters of this fiscal year, iPhone sales in India were up 51 percent year-on-year. We’re looking forward to opening retail stores in India down the road and we see huge potential for that vibrant country,” Tim Cook, CEO – Apple, said in a statement.
Is Apple finally taking India seriously?
When all other countries have shows a decline in iPhone sales, India is the only country to see an increase in iPhone sales. You might call India a late bloomer, or a premium-phone lover but this country has become a very important place for Apple.
At the moment Apple products are sold through authorised resellers in India, which are not entirely owned by Apple. When Apple sets up its own retail store in India, it will have the full authority to sell its product directly to consumers. This, Apple sees, will further improve the sales and user’s shopping experience.
There was a time when the latest iPhones were launched almost 6 months after the global launch, and India was pretty much the third-world country for Apple. Fast-forward 3-4 years, and India has become almost as important as China. The manufacturing business is booming and there is so much potential in India companies usually overlook.
You will soon be seeing Apple’s own stores sprouting up around you in major cities. This will also eventually lead Apple to starting its manufacturing business in India. We hope all this leads to cheaper iPhones that are priced at par with their global counterparts.