Thursday, 18 December 2014

Roller Coaster Decline of Ruble, led Apple Store to suspend its Online Stores in Russia

For Apple, the financial panic hurting Russia won’t have a major impact on its overall earnings but it certainly hurts prospects in a fast-growing market. Apple sold 1.57 million iPhones in Russia in 2013, double what it sold there in 2012, according to market research company IDC, as more local telcos jumped on board to sell the phone

Apple had held back from raising its prices in Russia to offset the drop, up until November 26, when it raised the price of the iPhone 6 and iPhone 6 Plus by 25%. Yet even after raising the price of the iPhone 6 to 39,990 rubles, the value of the sale to Apple in dollar terms had dropped from $847 to $585.

Anyone who tries to buy a product like the iPad 2 on the site is met with a white page saying “We’ll be back. We’re busy updating the Apple Store for you and will be back soon.”

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