Over the past few months, it has become evident that Apple Inc. (NASDAQ:AAPL) has intentions on becoming a major player in many countries throughout the world. While Cupertino has always tried to pick up business in other regions, its urgency appears to be on the rise.
Despite the fact that Apple wants to become top dog in China, it is not overlooking other emerging markets that could help increase its bottom line. For example, the company has been putting a lot of time and effort into figuring out the market in India.
According to an article by The Economic Times, Apple Inc. (NASDAQ:AAPL) iPhone monthly sales have increased by 400 percent over the last few months.
Of course, this did not come easy. Apple had a lot of work standing in its way. In addition to figuring out the market, including what consumer’s are willing to pay, the company had to focus on shifting the perception from the iPhone being a high end smartphone to one that everybody can use and afford.
Credit Suisse’s research analyst Sunil Tirumalai added some interesting thoughts to this story:
“From our channel checks we believe that iPhone sales are nearing 400,000 units per month in India – that is nearly 3% share of handset sales for a single top-end product in a market that has long been dominated by low-end feature phones.”
Is this signifying a shift in power in India? Is it showing that not all people in this country are interested solely in feature phones? If this information is accurate, it looks like people are at least open to considering the Apple Inc. (NASDAQ:AAPL) iPhone.
One of the main reasons for this increase in sale is the company’s EMI scheme that allowed buyers to make partial payments over a period of up to 12 months. In other words, they gave consumers a way to get an iPhone without having to spend all the money upfront.
Tirumalai added the following:
“The 4-9% implicit discount coupled with the option of easy EMIs spread over 6-12 months became popular. Within a few months, our discussions with handset retailers indicated that iPhone sales went up 3-4x, forcing companies to respond.”
It appeared that this move was all Apple Inc. (NASDAQ:AAPL) needed in order to boost sales in India. Where do things go from here?