Ever since Apple opened its first official store in India in April, the tech giant has been reaping the rewards of its strategic move. The opening of the inaugural Apple Store at Mumbai’s Bandra-Kurla Complex (BKC) on April 18 was met with tremendous enthusiasm from eager customers. Just two days later, on April 20, Apple unveiled another flagship store in New Delhi’s Saket. These physical retail spaces have not only enhanced the accessibility of Apple products for Indian consumers but have also become hotspots for generating record-breaking revenues.
The unique customer experience offered at Apple Stores in India, including interactive Today at Apple sessions, access to the Genius Bar for expert assistance, and the chance to explore and purchase the complete range of Apple products available in the country, has struck a chord with Indian consumers. As the first month’s sales report indicates, customers are flocking to these stores, making them a significant revenue driver in the electronics retail segment.
According to a comprehensive report by the Economic Times (ET), Apple’s first two official stores in India have collectively achieved monthly sales that range between an impressive Rs 44-50 crores. This remarkable revenue figure surpasses the highest recorded earnings for any electronics store during a non-Diwali period, solidifying Apple’s dominance in the Indian market.
On the opening day of the Apple BKC store, sales figures crossed the Rs 10 crore mark, surpassing the monthly revenue of several major local electronic stores by Rs 2-3 crore. This exceptional performance underscores the popularity of Apple products and the appeal of the physical retail experience offered by Apple Stores in India.
Interestingly, the smaller Apple Saket store, occupying just over half the space of the BKC store at around 10,000 square feet, managed to achieve similar revenue levels. Despite its size, the Saket store proved to be a revenue-generating powerhouse, attracting a considerable footfall of over 6,000 visitors on its opening day.
The success of Apple Stores in India extends beyond their impressive sales figures. The Apple BKC store has quickly risen to the ranks of the top 10 Apple-owned stores globally in terms of sales, highlighting its significance in Apple’s global retail landscape.
Industry insiders familiar with the matter have lauded the performance of Apple’s stores in India, stating that they have set new benchmarks for both absolute revenue and per-square-foot revenue. The higher average selling price (ASP) of Apple products in India contributes significantly to the impressive revenue figures. Additionally, the ongoing high footfall in both stores has ensured a bustling atmosphere, attracting customers on any given day.
The presence of official Apple Stores in India is expected to have a substantial impact on the pricing dynamics of iPhones in the country. The average selling price (ASP) for iPhones is projected to exceed $1,000 (approximately Rs 82,500), surpassing the current ASP range of $935-990 (roughly Rs 77,100 – Rs 81,700) observed in the offline market. This increase in ASP is primarily due to Apple Stores providing fewer discounts and offers compared to other channels.
As the success of Apple Stores in India continues to unfold, it not only solidifies the brand’s popularity but also reshapes the retail landscape. These stores provide customers with unparalleled access to the latest Apple innovations, fostering a deeper connection between the brand and its loyal customer base. With their unique customer experience, comprehensive product range, and impressive sales performance, Apple Stores are poised to become an integral part of the Indian retail ecosystem, setting new standards for revenue generation and consumer engagement.
