Connect with us

TECH

Apple Store in Mumbai shows the growing importance of India for the company

Published

on

Apple is gearing up to open a couple of physical retail stores in India this week in another sign of the South Asian country’s growing importance to the tech giant. CEO Tim Cook He is expected to preside over the opening of Apple’s first retail store in the financial capital of Mumbai on Tuesday. The second institution in the Indian capital of New Delhi opens on April 20. Cook has previously spoken about Apple’s vision for India.saying he is a “big believer” in the opportunities the country presents.

The opening of Apple’s first brick-and-mortar store in India is part of the company’s wider retail presence in a country where its market share is relatively small compared to the country’s size. About 620 million of India’s roughly 1.4 billion people own smartphones, according to Counterpoint’s director of research Tarun Pathak, making the country one of the largest handset markets in the world, as well as one of the biggest growth opportunities.

“Apple has the ability to sell tens of millions of smartphones annually from 6 million units currently,” Pathak told CNET. “By comparison, Apple sells more than 50 million units annually in markets like China and the US.”

Hello Bombay

This week, Apple announced the location of its Mumbai store ahead of its official opening. Flagship store known as BCS Apple, is a 22,000 square foot premise in an upscale mall in the Bandra Kurla complex. The design of the store is inspired by the iconic city of Mumbai. kaali drank (black and white) taxi and, according to the company, is one of Apple’s greenest places. It is spread over two levels, as well as a tree-lined first level that features Apple branded products.

Roof overhang of an Apple Store in Mumbai

Apple highlights the Mumbai store’s focus on sustainability.

Apple

“At Apple, our customers are at the center of everything we do, and our teams are excited to celebrate this wonderful moment with them as we open our first retail store in India,” said Deirdre O’Brien, Apple’s senior vice president of retail. . .

Prior to this, buyers in India could only purchase Apple products from “Apple Premium Resellers” or third-party retailers who had to purchase a license from Apple to sell the devices. Customers also shop at Apple’s official online store, which opened in September 2020.

Apple store interior in Mumbai

Apple says its retail employees are ready to help customers learn about Apple products, different payment methods, and how to upgrade to iOS.

Apple

“Indian consumers buy their iPhones from various retailers and eTail stores and will likely continue to do so, but the Apple Store in India’s two largest cities will also give shoppers the opportunity to experience the Apple brand and not just the product.” Kiranjit Kaur, deputy director of research at IDC, told CNET via email.

“Buying a premium phone requires more touch and feel, and consumers are choosing to buy expensive phones from places they can trust,” said Neil Shah, vice president of research and Counterpoint. “Until now, Apple has had different franchises that may or may not offer the same high-sensitivity services, purchases, and post-purchase experience.”

Made in India

Twin retail stores are opening their doors as Apple increasingly seeks a manufacturing base not only in China but also in countries such as India. Last year, Foxconn, one of Apple’s top iPhone suppliers, was forced to temporarily suspend operations at its main iPhone City facility in Zhengzhou, China following a citywide lockdown due to the COVID-19 outbreak.

Ming-Chi Kuo, longtime Apple analyst posted on twitter that more than 10% of the world’s iPhone production capacity was affected by the situation on the Zhengzhou campus. According to Reuters, Foxconn makes about 70% of Apple’s iPhones.

At the same time, India is handing out incentives for the development of local production. April report bloombergApple has tripled iPhone production in India to $7 billion in 2022, accounting for 7% of total iPhone production. This is a jump from 1% in 2021. This growth is the result of partnerships with Taiwanese suppliers Foxconn and Pegatron.

“For consumers outside of India, the benefits of a diversified supply chain are relatively opaque until there is a supply chain shock — whether it be a political, pandemic or disruptive weather event,” said Avi Gringart, an analyst at Techsponential. “Even then they won’t notice there’s a problem – and that’s the point. Instead of having to deal with shipping delays, limited stock, higher prices or all of that, they will be able to shop as usual and buy the iPhone they need. want.”

Apple remains heavily dependent on China for most of its iPhone production, but Pegatron is reportedly planning to increase production in India as it plans to open a second plant in the region. In the meantime, Foxconn is reportedly planning to invest about $700 million in a plant in the southern state to make parts for phones and possibly the iPhone. Analysts say Apple may start production of next-generation iPhone in India.

“I wouldn’t be surprised if Apple [manufacture the iPhone 15 in India]. Apple began manufacturing iPhone 14 models (except for the Pro series) in India shortly after launch and exported these models to markets such as the US, Europe and the Middle East,” said Kaur. “Currently, India accounts for a very small share of iPhone production (<5%), but we expect it to grow not only through local consumption but also through exports.”

Apple already manufactures the iPhone 14 in India, which is assembled at Foxconn’s factory on the outskirts of the southern city of Chennai. The tech giant has been making iPhones in India since 2017, but these tend to be older models.

Apple invitation to open store in Mumbai

An invitation from Apple to open a retail store in Mumbai.

Apple

Despite all India’s promises, it was not without difficulties. This South Asian country is not known for its ease of doing business, with a well-documented penchant for bureaucracy and sudden rule changes. Apple may also have to charge high import duties on components, in addition to other materials it needs.

However, the lure of India proves to be strong. Apple stores in India have been rumored to open as early as 2021 before being rescheduled for this year. Apple opened its first Asia store in Tokyo in 2003..

“620 million smartphone users in India are buying their third or fourth smartphones,” Shah said. “As a result, given the growing reliance on smartphones for everything, people are opting for better, more expensive phones.”

TECH

Musk regrets tweeting after 3am in spontaneous BBC free interview

Published

on

Twitter CEO Elon Musk sat down on Tuesday impromptu BBC interview at the social network’s San Francisco headquarters, talking about some of his regrets and talking about how he envisions the company’s future about six months after its purchase.

Musk admitted that he can sometimes be impulsive when it comes to posting on the platform. He came under fire for several controversial tweets, including one in which he shared a conspiracy theory surrounding a hammer attack on Paul Pelosi, the husband of former House Speaker Nancy Pelosi.

“Have I shot myself in the foot several times with tweets? Yes,” Musk told BBC correspondent James Clayton.

“I think I shouldn’t tweet after 3am,” he continued.

The self-described “free speech absolutist” bought Twitter in October – despite trying to pull out of a $44 billion deal – and quickly set about reorganizing the company. He destroyed his employees and publicly attacked his employees. He welcomed blocked users, including former President Donald Trump, who was kicked off the platform for inciting the January 6, 2021 Capitol attack, as well as right-wing figures and other accounts blocked for misinformation. He criticized the media and spread disinformation himself.

When asked about how the first six months went, Musk replied: “It wasn’t boring.”

He said that running the company was “a real roller coaster”, but the total number of users increased and the site performed well despite some hiccups and glitches. He stated that the company will have a positive cash flow by the next quarter.

Musk said the most difficult moment he faced in the past six months was closing the server center at the end of last year as he felt it was redundant – a move he called “disastrous” and that needed to be quickly reversed.

“Twitter’s pain level was extremely high,” he said. “It wasn’t some kind of party. It was really quite a stressful situation.”

The CEO told the BBC that the current headcount is around 1,500, compared to the roughly 8,000 who worked for the company before he took over.

Musk reportedly agreed to an extensive interview just hours before it began.

The CEO of Tesla and SpaceX has defended his company over a recent controversy over requiring Twitter users to pay to verify. Prior to his rise to power, the social media platform applied badges to the accounts of famous people and companies to scare off impostors.

Musk promised to remove all obsolete blue checks by April 20 after missing an earlier deadline he set for April 1 to take effect.

Musk has already stripped The New York Times of his badge after a user notified him that the newspaper was not going to pay for it.

“I must admit, removing the confirmed badge from The New York Times brings some satisfaction,” he told the BBC. “That was great.”

He stated that the goal of his verification strategy is not to necessarily create another source of income, but to “significantly increase the cost of disinformation and bots in general.”

“I predict that any social media company that doesn’t insist on paid verification will simply be overwhelmed with advanced AI bots,” he added.

Musk tried withdraw from the sales agreement with Twitter, stating that there was a “material breach of several provisions” and that the company did not disclose information about spambot accounts. But Musk told the BBC he eventually moved forward because he expected a judge to force him to complete the sale anyway after Twitter sued to enforce the agreement.

Although he initially told the BBC that he would not sell the company for the $44 billion he bought it for, he quickly changed his response: would be happy to hand it over to someone else.”

Continue Reading

TECH

Kevin McCarthy Debt Ceiling Marker – WSJ

Published

on

Washington is heading for another showdown over the federal debt ceiling, and Americans can be forgiven for swerving. But Speaker of the House Kevin McCarthy laid out the Republican proposal on Monday, and it could even succeed if the Republican Party remains united.

“Debt-limit talks are an opportunity to examine our nation’s finances,” Rep. McCarthy said in a speech at the New York Stock Exchange, and the picture doesn’t look good. The US government debt is over $25 trillion. Spending as a share of the economy is 23.7%, the Congressional Budget Office said in February, and will rise to 24.9% by 2033, a level reached only twice since 1946, in 2020 and 2021, when Congress poured money into the emergency with the pandemic.

Continue Reading

TECH

What you need to know about the new Apple Card savings account

Published

on

On Monday, Apple partnered with Goldman Sachs announced a new high-yielding savings account for Apple Card users. You might be wondering what it all means.

Simply put, you can now deposit your daily cash rewards—Apple’s name for the small amounts of cashback you get for using your Apple Card—into a savings account with an annual percentage yield (APY) of 4.15%.

This is a significantly higher rate than what you would get for keeping money in a regular savings account at a traditional bank. By comparison, Bank of America gives you a measly 0.01% per annum. However, be careful: Apple has stated that its APY is subject to change at any time.

More importantly, Apple will also let you add money to this high-yielding savings account directly from your existing bank account, meaning you can just put thousands of dollars (up to $250,000) in there and make some serious returns. (If you choose to deposit most of your change into an Apple High Yield Savings Account, I would like to hear from you; email me at pranav.dixit@buzzfeed.com.)

The move is Apple’s latest move in financial services. Last month, Apple added a “buy now, pay later” service to the Apple Card, which allows you to pay for purchases within six weeks without interest. This feature has put the tech giant in competition with the likes of Klarna and Affirm.

“Our goal is to create tools to help users lead a healthier financial life, and Apple Card savings in Wallet allows them to spend, send, and store Daily Cash directly and seamlessly—all from one place.” — Jennifer Bailey, Vice President Apple President. Apple Pay and Apple Wallet, the statement said.

This feature is currently only available in the US. It is important to note that Apple APY not the highest available. But if you already have Daily Cash from using your Apple Card, depositing it into a savings account, accessible directly from the Wallet app on your iPhone, is a no-brainer.

Continue Reading

Trending

Copyright © 2023 Culture Belle Media.