The move will solidify Apple’s business in China.
Apple is reportedly bringing its iPhone trade-in program to China, the largest consumer market in the world. Sources with knowledge of Apple’s plans tells Bloomberg Business that Apple is working with Foxconn Technology Group on the program, adding that the world’s most valuable company is launching the trade-in program on March 31st. Apple and Foxconn declined to comment on the report.
The move will solidify Apple’s business in China as the demand for larger screen devices continue to rise. Apple’s bold decision to sell its devices in the country are paying off. During the final quarter last year, Apple amassed $18 billion in sales. According to IDC, iPhone sales peaked 42 percent last year to 46.3 million—roughly 24 percent of the total iPhone sales around the world.
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But Apple has a lot of catching up to do. The company still lags behind Xiaomi in China. In its partnership with Foxconn, Apple’s largest supplier, the Chinese electronics company will resell iPhones through its two e-commerce sites, FLNet and eFeihu, and Alibaba’s Taobao online marketplace. Sources added that Foxconn might bring the said iPhone trade-in program online, which is a boon to China’s growing online shoppers.