Apple Looking To Boost India Revenue Via Retail Stores

Cupertino-based tech giant Apple is reportedly looking to boost its revenue in India by increasing its focus on retail stores across the country.

The development comes nearly a month after it was widely reported that the tech giant is looking to launch more stores, following the success of the Delhi and Mumbai stores launched earlier this year.

The move to boost sales comes despite Apple having posted a record $6 Bn sales from India during the financial year ended March 31, 2023. 

Further, the iPhone maker has raised the sales target of the franchisee-owned exclusive retail stores in India by as much as 100% in some cases, an ET report citing sources said.

Apple is also offering discounts at its offline and online stores in India, highlighting the iPhone maker’s plans for double-digit revenue growth in India.

Further, Apple has also introduced a ‘student’ offer in its company-owned stores, which includes discounts and freebies on Mac computers and iPad tablets, though the total deal value is higher than at franchise stores, the Apple Premium Reseller stores.

On that note, Apple has also increased the sales target for the 200+ stores across the country as well. Per an industry executive cited by the publication, some of the premium resellers have met with the Apple team to suggest ways to increase sales.

The Apple team has advised the franchise stores to increase their carpet area to 2,000 square feet wherever possible, along with redoing the interior to improve customer experience.

Over the past few quarters, Apple has consolidated its position as the top mobile company in India’s premium mobile segment, and the numbers back it up. According to Counterpoint Research, Apple is on target to sell around 9 Mn iPhones in India in 2023, 50% higher than 6 Mn in 2022.

To be sure, Apple has also been bullish on manufacturing iPhones in India, as the company has strengthened its presence in the country via its Chinese contract manufacturers. This has seen India become a key cog in Apple’s global supply chain.

Recently, Foxconn said it would commence manufacturing iPhones at its upcoming facility in Karnataka’s Devanahalli by April 2024, after months of negotiations and spending nearly INR 13,000 Cr on the plant.

Per media reports from June, the total value of the iPhone exports from India for April and May stands at INR 20,000 Cr, more than double the same period of last year. Apple is said to be exporting these iPhones to countries, including the UK, Italy, France, the Middle East, Japan, Germany, and Russia.