Apple will establish an online sales network in India, the world’s second-largest smartphone market, and open its first direct store next year. While smartphone growth has slowed in China and other countries, India, which has a population of 1.4 billion, will be the pillar of future growth.
According to CNET, Apple held a shareholders’ meeting at its headquarters in Cupertino, California on Wednesday.
“We will open our first store in India next year,” Apple CEO Tim Cook said. Adding that it took time to open the store without a local partner, trying to get a license for operations in India. India has recently eased restrictions on foreign capital entry in the retail sector. Which had been strict in order to attract foreign investment.
Cook added that Apple’s online store will also open in the Indian market sometime this year. Until now, Apple had relied on outside Internet shopping malls without direct stores or its own online stores. And had a market share of less than 1 percent. Referring to the potential for growth in the Indian market, he also expressed confidence in himself as a “huge believer.”
India as one of the biggest market in the world, the best alternative after China’s down
India’s smartphone market is recording noticeable growth even as sales growth is slowing due to market saturation in each country. According to Counterpoint Research, India’s smartphone market grew 7 percent on-year last year, rising to second place after China. By company, Xiaomi, China, ranked first with a 28 percent share, while Samsung Electronics, 21 percent, ranked second.
Apple said on the same day that it invested more than $16 billion in research and development last year. There were 14 mergers and acquisitions and seven opening retail stores.
No questions asked about the new coronavirus infection. Apple had previously confirmed that its quarterly sales would fall short of its original forecast. As there is disruption in production in China in the aftermath of Corona 19.
Some shareholders expressed concern over the Chinese government’s cooperation in censorship and demanded reports on the deletion of applications in China. But Apple rejected it.
