Equal monthly installments and cash back schemes have worked wonders for Apple in India as iPhone's monthly sales have risen by 300% to 400% over the last few months. The Cupertino-based company has managed to dramatically push up its sales by figuring out trends of consumer demand and changing the iPhone's perception from being a high-end product to an affordable one.
Compared to average monthly sales of 70,000-80,000 smartphones before the EMI schemes were offered to consumers in India iPhone sales have zoomed up to stratospheric levels, analysts at Credit Suisse said. "From our channel checks we believe that iPhone sales are nearing 400,000 units per month in India - that is nearly 3% share of handset sales for a single top-end product in a market that has long been dominated by low-end feature phones," Credit Suisse's research analyst Sunil Tirumalai said in a note to clients that was accessed by ET.
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