Apple Inc. has opened its first company-owned store in India on Tuesday, highlighting the significance of the Indian market to the tech giant's future. Located in Mumbai, one of the country's most populous cities, Apple BKC is set to be followed by another store opening on Thursday.
The move is part of Apple's strategy to boost sales and manufacturing of iPhones in India, similar to its approach when it first entered China. In recent years, India's smartphone market has been dominated by Samsung and Chinese brands such as Xiaomi which offer low-to-mid-tier priced devices that cater well to a price-sensitive market.
Apple currently holds a small share of this growing market but aims at capitalizing on an ongoing "premiumification" trend driven by a rising middle class and young population willing to pay more for phones.
According to Manoj Shukla, a technology analyst based in New Delhi, "India is undergoing significant shifts with its rapidly growing middle class who are increasingly looking for premium products." He added that "this 'mobile-first' generation values quality over cost and presents an untapped opportunity for companies like Apple."
Despite being late entrants into the Indian smartphone arena compared with their rivals, Apple sees immense potential within this burgeoning demographic. Tim Cook, CEO of Apple Inc., said during an earnings call earlier this year: “We're very excited about our prospects there [in India], not only because we have some really great products but also because we've got some incredible partners.”
In addition to expanding retail presence through company-owned stores like Apple BKC and upcoming locations across major cities throughout 2022-23; they are focusing heavily on local production too. This comes as no surprise given government initiatives encouraging domestic manufacturing through tax incentives under plans such as Make-in-India campaigns introduced back 2014 onwards.
Amitabh Chaturvedi - Managing Director at Moxie Tech Solutions, a leading smartphone distributor in India, shared his insights on the matter: "Apple's move to open company-owned stores will not only help establish its brand presence but also ensure better after-sales services and customer experiences. Indian consumers are becoming more demanding when it comes to quality and service."
As Apple continues their expansion into the Indian market, it remains crucial for them not only to offer competitive pricing by localizing production but also enhance customer experience through dedicated retail spaces like Apple BKC. It will be interesting to see how this strategy unfolds and impacts their overall market share in India.
In other news, this week's episode of Idea Generation featured Paul Rodriguez Jr., who discussed his journey from being a young skateboarder in California to becoming the face of Nike Skate and launching his own brand Primitive Skateboarding. Additionally, he has ventured into investing; helping build and sell a craft beer-company among other endeavors.