Apple’s introduction of payment plans inside the Indian smartphone market has driven iPhone sales to record heights in this critical emerging market for mobile.
According to the latest industry data from IDC, Apple iPhone sales have spiked three-fold in the last quarter due to the ability of Indian consumers to buy now and pay later.
“Apple understands that installments-based payment is an effective tool for bridging the gap between value and affordability,” says Himanshu Chakrawarti, CEO of India-based TheMobileStore. “We started the EMI scheme with Apple early this year and witnessed a three-fold increase in sales.”
IDC expects iPhone sales to climb 150 percent year-over-year in 2013, AllThingsD reports.
“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 said Monday. “It’s a huge market with great opportunity for Apple.”
For Apple, the aggressive market push in India represents what the tech giant has been up to in China now for several years.
“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.”