Apple increases focus on India, plans to set up 500 retail stores over the next year.
Apple has identified India as a priority market and plans to set up 500 stores to sell iPhones and iPads as a way to grab a bigger market share and push into smaller towns and cities.
Apple has been in India since 2011 but has not managed to become a mainstream brand here like many other overseas markets, including China. The company will face competition from its Korean rival, Samsung which has managed to grab a huge market share and dominates the Indian smartphone market. Apart from Samsung, Apple will also compete with home grown smartphone markers including Micromax, Karbonn and Lava.
"All this will change now. The company is finalizing plans to become a serious player in India, which is being seen as a strategic and one of the most promising markets globally," a source associated with Apple told TOI.
“These new stores will be smaller in size and could range from 300-600 sq ft against over 2,000 sq ft size of existing stores in bigger cities,” stated the source.
Apple, the world's most valuable electronics maker, topped $700 billion in market cap in the US recently. It is not surprising to see Apple intensifying its focus on India, which is also the fastest growing smartphone market in Asia. According to reports, the electronics giant sold nearly a million iPhones in the country in the year ending September 2014 and plans to triple the number to 3 million this year. Apple's iPhone 6 and 6 Plus have also seen a huge response in the country. "And, it will only strengthen from here as the expansion starts and picks pace," another source said. Also Read: Apple Watch to be released in India in Feb 2015: Report
Source: TOI
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Silky Malhotra
Silky Malhotra loves learning about new technology, gadgets, and more. When she isn’t writing, she is usually found reading, watching Netflix, gardening, travelling, or trying out new cuisines. View Full Profile
