Payment Plans Boost iPhone Sales Dramatically in India
As MMi reported late last year, Apple is authorizing the use of payment plans to help prospective iPhone buyers secure
the Apple smartphone inside of India, one of the largest emerging markets for mobile in the world.
According to the latest industry data from IDC, the plan is working. iPhone sales have climbed three-fold in the last quarter. It's a reality made possible by the newfound ability of local customers to pay for their iPhone on an installment basis.
“We have seen overwhelming demand for Apple iPhone in India, not just for the latest iPhone 5, but also the lower cost previous versions,” IDC analyst Ryan Keith says. “It’s a huge market with great opportunity for Apple.”
IDC expects another 150 percent sales spike year-over-year in 2013.
"Apple is doing what it did in China three or four years ago. They studied the market, learned consumer needs and suddenly went aggressive," says Jayanth Kolla at telecom research firm Convergence Catalyst. "From having about 30 people here six months ago, Apple India is now about 150-people strong."
Although China admittedly remains a higher priority to Apple as an emerging market than India does, Tim Cook made it clear that India still matters during Apple's last earnings call, when Cook said "I love India... We have a business there; that business is growing."