- Tech giant Apple is all set to launch its first online store next month in India, reported Bloomberg and the Mumbai store is expected to debut in 2021.
Tech giant Apple is all set to launch its first online store next month in India, reported Bloomberg. With the Mumbai store still under construction and expected to debut in 2021, this would officially mark its first-party presence in the region. The iPhone maker currently sells its products through third-party sellers in India.
This move follows on from last year’s government decision to relax foreign investment rules in sectors such as coal mining, contract manufacturing, and single-brand retail.
As part of the relaxation, the Center said that e-commerce retail trading may be conducted prior to the opening of brick and mortar stores, subject to the requirement that businesses open brick and mortar stores within two years from the date of online retail launch.
India is one of the world’s largest smartphone markets, with many firms like Apple keeping their eyes locked on the opportunities available here.
The study noted the online shop for the festive season and Diwali will be up and running in time. Due to the coronavirus pandemic the company’s intention to launch its online store in India between January and March was disrupted.
In addition, the Silicon Valley tech major is also looking to set up a second brick-and – mortar store in the IT city of Bengaluru in India. The firm’s outlet at Mumbai’s Bandra-Kurla Complex (BKC) is set to be the first physical store in India.
CEO Tim Cook had previously announced the opening of an Indian store in 2021, telling investors at the annual shjareholder meeting in Apple Park that the company did not want “anybody else to run the brand for them.
Apple currently sells its devices in India through third-party retailers.
India relaxed its global procurement requirements in August last year, widening the scope of compulsory domestic procurement by 30 per cent and allowing foreign procurement by single-brand retailers — a step welcomed by companies such as H&M, Ikea and now, obviously, Apple.
The COVID-19 pandemic had triggered delays in smartphone sales in India, partially due to strained supply chains, with revenues in July at half the previous year’s.
Apple has a market share of 49 per cent in the premium smartphone segment (devices priced at $500—Rs 37,000—or above) according to IDC.
