Demonetization has sure created deviation in the normal routine life of every Indian. Online shopping has improved tremendously due to cashless Indian market. Can you guess the one company which profited the most?
If you are thinking it’s Paytm, then you are not even close. The company is none other than Apple. Now you must be wondering how did Apple get the bigger piece amongst it’s fellow competitors. Apple sold more than 100,000 iPhones in India in three days after the announcement of demonetization, according to industry estimates cited by the Economic Times.
Demonetization of 500 and 1000 rupee notes made people panic and the one’s who panicked were who had a lot of it. Yes, you are right, I am talking about black money. Some people hurried into banks to try their luck, some tried converting it into gold and some bought iPhones. It turned out that the Iphone was a winner among all.
Indians love iPhone, no doubt about that. But everyone thinks twice before buying it due to it’s high cost. The demonetization turned out to be a good reason for everyone to grab their most desired phone. Though the other smartphone manufacturers are feeling the pain of demonetization on their revenues, iPhone has miraculously tackled the demonetization drive brilliantly.
The ICA (Indian Cellular Association), the body that is responsible for handset manufacturers have asked the government last week to allow use of now-defunct notes for purchase of handsets, saying that the cash crunch has costed them a major drop in their sales.
The California based company is happy with the response it is receiving from the Indian market and hopes to continue their success spree. iPhones sale has increased by almost 50 percent in the past three years. Tim Cook and Prime Minister Narendra Modi have put their heads together regarding the making of future iPhones in India due to the unprecedented potential here.