June 26, 2015What do Smartphones and 1.25 Billion Indians Have in Common?
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They make up the largest market for smartphone manufacturers in the world. Today only 1 out of every 10 Indians owns a smartphone, but as India's Middle Class continues to grow they demand for smartphones will continue to grow. Smartphone Manufacturers are forecasting that they will ship 250 million smartphones to the subcontinent in 2020. Of course running hand in hand with that growth is the use of apps and an explosion in mobile marketing.
A mirrored app market seems very unlikely to occur however as the Indian consumer is much different from consumers found in Western Countries. Consumers prefer cheap and with that they hold an even more negative outlook on freemium and in app purchases than their Western counterparts. Will a micropayment system pay off or is a new model needed? Indian App mainstays such as OLX, Quikr, 9App and Mobikwik are beginning the foray into the vast market. Many more are sure to follow. It may not be too long until we are able to figure out and what will be the secret recipe to cracking the Indian market.
Take a look at this article from this weeks CNN Money: