"The energy, creativity, and passion in Mumbai are incredible!" "We are so excited to open Apple BKC, our first store in India," said Tim Cook, Apple CEO.
What's the buzz all about?
The grand inauguration of Apple's maiden retail store in India at Mumbai's Bandra Kurla Complex witnessed endless queues of enthusiastic fans, thunderous applause, and countless selfies. Apple CEO Tim Cook has formally inaugurated the first-ever Apple Store in Mumbai's Bandra Kurla Complex, marking a significant milestone for the tech giant's expansion into the Indian market. He has identified India as a crucial market for the company's future growth. In fact, Cook expressed his optimism for the world's fifth-largest economy in February, stating that Apple is dedicating a substantial amount of resources to the market. He made a triumphant return to India for the grand opening of the store, marking his second visit to the country after a gap of almost seven years.
The highly anticipated launch was followed by another store opening in New Delhi just two days later, solidifying Apple's commitment to establishing a strong presence in the region. Apple's pursuit of growth in India and diversification from China has led to the establishment of these flagship stores, which are of significant importance.
Apple's foray into the Indian market is set to make waves as the tech giant gears up to launch its first two stores. With a full-stack approach, Apple will be taking charge of everything from manufacturing to retail, solidifying its position as a major player in the industry.
Significance of the Move
For years, the California-based firm has been working towards opening its main retail location, but the COVID-19 epidemic and other regulatory roadblocks have caused its ambitions to be delayed.
The Indian government is actively trying to attract high-tech industry to the nation, and this shift is related to that effort. However, Apple is also exploring alternative locations for product assembly beyond China. Beijing's stringent steps to contain the pandemic revealed the vulnerabilities of the world's second-largest economy's supply chain.
Apple's new store opening in India is anticipated to yield numerous advantages for the nation. The establishment of job opportunities, both directly and indirectly, will be facilitated. New store to boost local employment and business opportunities. This move is expected to have a positive impact on the community, providing much-needed employment opportunities and stimulating economic growth.
The inauguration of the store is anticipated to have a positive impact on India's iOS community, as it is projected to drive up demand for Apple merchandise. This, in turn, will spur the production and distribution of these products and may inspire other tech firms to emulate Apple's example and invest in the nation. The resulting effect will pave the way for additional prospects for economic expansion and advancement in India.
The establishment of an authorised Apple store in India is poised to tackle the problem of counterfeit Apple merchandise that has been circulating in the area. By establishing a dedicated store, Apple is poised to provide consumers with a dependable outlet for genuine Apple products while simultaneously enhancing its ability to regulate the quality of goods available in the region.
The opening of the store is also a significant cultural milestone. Apple is known for its unique approach to retail, and the company's new store in India is expected to create a new standard for the country's retail industry, inspiring other retailers to improve their in-store experiences and provide customers with a more personalised and engaging shopping experience.
The rough road ahead
Apple's iPhone assembly and contract partners are reaping the rewards of New Delhi's incentives; however, the cost of Apple merchandise, such as the iPhone, continues to be steep in India. Apple's decision not to pass on incentives to customers has come as a surprise to analysts. The base model of the iPhone 14 Pro warrants consideration.
The price of this product has been set at $999 in the United States, while in India it is being sold for almost $1,600. As anticipated, the iPhone 14 is among the numerous examples in the tech industry. Indian Market Witnesses Elevated Price Point for Second-Generation HomePod, Retailing at $401, Compared to U.S. Price of $299. It is a matterof time when we get to know if this challenge will be addressed by this move.
Official iPhone cases are priced similarly to those of several of the most sought-after Android smartphones available on the market. According to a recent report by market intelligence firm Counterpoint, Google's Android has secured a staggering 97% share of the domestic smartphone market, a result that hardly comes as a surprise.
Apple customers in India are facing a dearth of services despite spending a significant amount of money. Despite Apple's global popularity, Indian consumers are still facing limitations in accessing some of the tech giant's most coveted services, such as News+, Fitness+, and Apple Pay. The Indian market has taken note of the conspicuous absence of the Apple Card and its accompanying savings account offering. Apple Maps and Siri allegedly offer limited features to Indian customers, reports suggest.
The final word
The opening of Apple's first store in India is a significant development for both the company and the country's economy. The new store is expected to create jobs, boost economic growth, improve product quality, and raise the standard of retail in India. As India continues to grow and develop, it is likely that we will see more technology companies investing in the country, helping to drive further economic growth and development.
To conclude, Rome was not built in a day, and neither will Apple's broader India strategy, but we view this week as Apple diving into the deep end of the pool in India as this massive market slowly converts into the Apple ecosystem over the coming years, with iPhone market share gains at the forefront.
