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India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

New Delhi: <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">Shares</keyword> of <keyword id="19956271" type="General" weightage="20" keywordseo="ola-electric-mobility" source="keywords">Ola Electric Mobility</keyword> Ltd surged nearly 16 per cent on Friday morning after the <keyword id="21622893" type="General" weightage="20" keywordseo="Ola-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola Group" meta.hostid="261" meta.entityid="Ola Group">Ola Group</keyword> announced its foray into the <keyword id="20314533" type="General" weightage="20" keywordseo="electric-motorcycle" source="keywords">electric motorcycle</keyword> segment with the launch of three models and two more in the pipeline. The company also reported a jump in revenue from operations for the April-June quarter of 2024-25. The stock jumped 15.77 per cent to Rs 128.09 on the BSE. At the NSE, it soared 15.59 per cent to Rs 128.20. <keyword id="19897349" type="General" weightage="100" keywordseo="Ola-Electric" source="keywords">Ola Electric</keyword> Mobility on Wednesday reported a jump in revenue from operations in the April-June quarter of FY25 at Rs 1,644 crore against Rs 1,243 crore revenue recorded in the same quarter of the previous fiscal. The June quarter has been a "good quarter" in terms of growth and profitability, Chairman and CEO <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> said in a post-earnings call. Meanwhile, the group has rebranded its ride-hailing service as Ola Consumer, announced a partnership with Open Network of Digital Commerce (ONDC) and launched automated warehousing solutions to cater to quick commerce requirements. Besides, Ola said it will bring to the market the first indigenously designed and developed family of chips for AI, general computing and Edge by 2026 under its Krutrim venture. Speaking at Sankalp 2024 - Ola's annual launch event on Thursday, Ola Founder Bhavish Aggarwal said currently, two-thirds of India's two-wheeler market consists of motorcycles, and it was imperative for the company to enter the segment. "We have already been successful in accelerating the EV adoption in the scooter segment, and with our futuristic portfolio of products, we are now focused on supercharging the EV penetration through our motorcycles," he said. Aggarwal also said Ola's indigenously developed 'Bharat 4680' cell and battery pack will be integrated with its own vehicles starting in the first quarter of FY26. The company so showcased its all-new Gen-3 platform for two-wheelers. "Coupled with the integration of our cells in our vehicles starting early next year, we are determined to chart a new course for mass EV adoption across India," Aggarwal added.

Ola Electric shares surge nearly 16 percent

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/stopped-going-to-starbucks-what-i-learned-benefits-downsides-2024-6">Starbucks</a> customers often face long lines to get their drinks at the chain's cafés.</li><li>One Starbucks employee in North Carolina said the problem goes back to understaffing.</li></ul>At a <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-menu-drink-order-why-coffee-2024-5">Starbucks cafe</a> in North Carolina, the biggest problem isn't getting complicated customer orders right. It's that there aren't enough employees to serve them.Aside from two hours in the morning, the store usually just has three people on duty, an employee who works at the location told Business Insider. He asked not to be named in this article, citing fear of retaliation from Starbucks, but BI has verified his identity and work for Starbucks.That's not nearly enough, given the volume of orders coming in throughout the day, the employee said. The store is located near major roads and shopping centers, he added, meaning that the Starbucks store's dining room is busy throughout the day.Even more challenging to manage: the orders that customers place online and through the chain's app."Mobile orders are a huge problem because you could have 20 people place a mobile order at the same time, and then they all come through at once," the employee said.The North Carolina Starbucks worker is far from the only one who's noticed the challenges Starbucks faces in filling customers' orders.Like many national restaurant chains, Starbucks has spent years building its online system and added complimentary logistics for pick-up and delivery orders. But <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-reinvented-cafes-managment-plan-lines-waits-sales-2024-7">Starbucks customers have reported long wait times</a> — up to 25 minutes — just to get a single drink."The whole app ordering process is so seamless and easy until you get to the post-purchase and you see how long it's going to take to fill your order," Sky Canaves, principal analyst for retail and e-commerce at Emarketer, said on a recent Emarketer podcast about Starbucks. "If it's going to take more than five minutes, it's frustrating."Even Laxman Narasimhan, who stepped down as Starbucks' CEO this month, has said there's a problem. App users, many of whom are members of the chain's rewards program, often "put items into their cart and sometimes chose not to complete their order, citing long wait times or product unavailability," he said on an earnings call in April.In response, Starbucks has started rolling out a streamlined production process called the Siren Craft System, which reduces the time it takes to make its beverages.Analysts also expect changes to Starbucks and its restaurants under incoming CEO <a target="_blank" class="" href="https://www.businessinsider.com/chipotle-ceo-niccol-will-bring-turnaround-record-to-starbucks-2024-8">Brian Niccol</a>, who beefed up Chipotle's online business through innovations such as Chipotlanes, or pick-up windows dedicated to mobile orders at stores.But Starbucks' production changes are only part of the solution, the employee in North Carolina told BI.The employee said that management at his store has cut hours. Last year, he worked between 30 and 40 hours a week and made about $30,000 at Starbucks, he said. So far this year, most of his weeks involve working between 20 and 30 hours. The store's hours have not changed, the employee added.The cuts have been persistent over the last few years, the employee told BI. "When we came back from Covid, they started saying things like 'Sales are down, so we're going to have to cut back on store payroll,'" which was fine, but it just continued," he said.Starbucks' own numbers back this up. As of October last year, the company had about 219,000 workers in the US in company-operated stores, about a 12% drop from 2022.In May, Starbucks said that it considers a variety of factors in deciding how to staff its stores, including past sales at a particular store and planned promotions. Starbucks' statement was responding to a <a target="_blank" class="" href="https://www.bloomberg.com/news/features/2024-05-29/starbucks-wait-times-jump-after-changing-work-algorithm-staffers-say">Bloomberg story</a> published the same month about the chain's long wait times and staffing challenges."Adding more partners is not the only solution to reduce customer wait times or produce a better Starbucks experience," the company <a target="_blank" class="" href="https://stories.starbucks.com/press/2024/our-continued-commitment-to-partner-centric-scheduling-staffing/#response">said</a>, pointing to the Siren Craft System."Each store has unique staffing and partner needs, and our goal is to balance partner expectations with store needs, which means taking a store-by-store approach to creating schedules, rooted in both partner feedback and analytical tools," a Starbucks spokesperson told BI."To help determine the number of hours a store needs each week, Starbucks has a highly sophisticated staffing model, and we incorporate a robust data set to forecast store-specific staffing needs throughout each day," the spokesperson said.But at the North Carolina store, there are still fewer workers on duty on most shifts, the employee said. Employees at the store often find themselves jumping between taking orders at the register and then preparing the beverages themselves. That's led to customers waiting longer just to place their orders — and, often, waiting as long as 30 minutes to get them as well."It only takes one or two customers that are coming in to really start throwing things into chaos when you don't have every spot being managed at the same time," the employee said.Do you work at Starbucks or another major restaurant chain and have a story idea to share? Reach out to this reporter at abitter@businessinsider.com

Starbucks is suffering from a mountain of mobile orders and chronic understaffing, a store employee says

<ul><li><keyword id="19896911" type="General" weightage="20" keywordseo="Reliance-Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Jio" meta.hostid="261" meta.entityid="Reliance Jio">Reliance Jio</keyword> has become the world's largest mobile operator in terms of data traffic.</li><li>The total traffic on the <keyword id="2003276" type="General" weightage="20" keywordseo="jio" source="Orion">Jio</keyword> network has reached 40.9 Exabytes, marking a 35.2 per cent year-on-year increase.</li><li>This surge is attributed to the growing adoption of <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> and Home services.</li></ul>Reliance Jio, the telecom giant of India, has become the world's largest mobile operator in terms of data traffic, surpassing <keyword id="20669190" type="General" weightage="20" keywordseo="China-Mobile" source="keywords" meta.keywordsubtype="org" meta.entityname="China Mobile" meta.hostid="261" meta.entityid="China Mobile">China Mobile</keyword>. The announcement came on Monday as Jio revealed its quarterly results, showcasing staggering numbers and milestones achieved in various segments. As of March 2024, Jio boasts a subscriber base of 481.8 million, out of which 108 million subscribers are on Jio's True5G Standalone network. The number reflects Jio's stronghold in the Indian telecom market. According to a press release, the total traffic on the Jio network has reached 40.9 Exabytes, marking a 35.2 per cent year-on-year increase. This surge is attributed to the growing adoption of 5G and Home services. Notably, 28 per cent of the traffic comes from 5G subscribers, indicating a swift transition towards next-generation connectivity. Additionally, Jio's Fixed Wireless Access (FWA) services have contributed significantly to the data traffic. Since the onset of the COVID-19 pandemic, there has been a dramatic 2.4x increase in annual data traffic, with per capita monthly data usage skyrocketing to 28.7 GB from just 13.3 GB three years ago. This surge underscores the growing reliance on digital connectivity in India. Commenting on the results, <keyword id="3820" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="Orion">Mukesh Ambani</keyword>, Chairman and Managing Director of Reliance Industries Limited, expressed his satisfaction with the company's performance and its contribution to the Indian economy. He highlighted the significant achievements, including becoming the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits. Ambani said, "Initiatives across RIL's businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits." Ambani also emphasized Jio's role in driving the digital transformation in India, from upgrading 2G users to smartphones to leading the effort in producing AI-driven solutions. He noted, "With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation's digital infrastructure." He reiterated Jio's commitment to strengthening the nation's digital infrastructure and its continued efforts to provide innovative solutions to consumers. The company's retail arm, Reliance Retail, also showed robust growth, with a 36 per cent increase in footfalls and strong digital commerce platforms offering a broad brand catalogue. "Reliance Retail continued to provide customers endless choices through its robust omni-channel presence. We continue to offer product differentiation and superior offline experience through stores remodelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space", said Ambani. In addition to its telecom and retail segments, Reliance Industries Limited has shown resilience in its Oil to Chemicals (O2C) segment, despite challenging market conditions. The KG-D6 block has achieved significant production milestones, accounting for 30 per cent of India's domestic gas production. Ambani emphasised, "Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year." He added, "Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30 per cent of India's domestic gas production." In terms of financial performance, Reliance Jio has achieved several remarkable milestones. The consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) at Rs 178,677 crore, while the consolidated Profit Before Tax (PBT) has surpassed Rs 100,000 crore. The company's market capitalization has crossed Rs 20,00,000 crore, further solidifying its position as one of India's most valuable companies. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8a-may-be-more-expensive-than-its-predecessor-as-per-a-new-leak/articleshow/109499394.cms" target="_blank">Google Pixel 8a may be more expensive than its predecessor, as per a new leak</a><a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-fpo-allotment-how-to-check-allotment-gmp-and-more/articleshow/109504341.cms" target="_blank">Vodafone Idea FPO allotment – How to check allotment, GMP and more</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a>

Reliance Jio emerges as World's largest mobile operator in data traffic, surpassing China mobile

The total number of <keyword id="14486030" type="General" weightage="20" keywordseo="Tokenised-payment" source="Orion">tokenised payment</keyword> transactions is likely to exceed 1 trillion globally by 2026, from 680 billion in 2022, a new report showed on Monday. This represents growth of 58 per cent over the next four years. The report attributed this growth to the rise of �one-click' solutions, such as Click-to-Pay, using card-on-file <keyword id="7203297" type="General" weightage="20" keywordseo="Tokenisation" source="Orion">tokenisation</keyword> to store a customer's payment credentials; enabling them to auto-fill their checkout details and complete transactions via a single click. Tokenisation protects customers' payment credentials when stored; replacing sensitive data with token values that hold no intrinsic value. This prevents malicious actors from gaining access to payment data in the event of a data breach. The report said that the online and mobile e-commerce tokenised volume will grow by 74 per cent by 2026. This growth is driven by the increasing customer expectation of a frictionless checkout experience, which one-click solutions via tokenisation offer. "Tokenisation growth is being driven by increasing adoption of one-click solutions by merchants within eCommerce to reduce friction, and by card networks, who are encouraging mass adoption of tokenisation at the network level to improve payment approval rates," the findings showed. Growth will also be driven by benefits, including time savings for the end user by eliminating the need for customers to re-enter payment credentials when shopping online, the report mentioned. The research also identified IoT payments as offering the largest growth among the tokenisation market over the next 5 years, with tokenised IoT transactions expected to reach 19 billion by 2027, growing 400 per cent from just 3.8 billion in 2022. "Tokenisation is critical in facilitating IoT payments; enabling transactions to be made via new use cases and form factors, unlocking new revenue opportunities for payment providers," it added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-cuts-fortune-oils-for-the-second-time-by-20/articleshow/92952328.cms">Adani Wilmar cuts Fortune oil’s for the second time, by ₹20</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/jindal-stainless-approved-to-supply-stainless-steel-for-272-km-long-usbrl-tunnel-project/articleshow/92952099.cms">Jindal Stainless approved to supply stainless steel for 272 km-long USBRL tunnel project</a>

Tokenised payment transactions to cross a trillion globally by 2026, says report

<ul><li>With market saturation and competition, brands need to stand out and stay relevant to the target audience and connect to them more emotionally, encouraging loyalty, word-of-mouth, and a strong bond.</li><li>In this exclusive column, <keyword id="6662744" type="General" weightage="20" keywordseo="girish-chaturvedi" source="Orion">Girish Chaturvedi</keyword>, Chief Business Officer at <keyword id="11096287" type="General" weightage="20" keywordseo="netcore-cloud" source="Orion">Netcore Cloud</keyword> writes how <keyword id="2535292" type="General" weightage="20" keywordseo="omni-channel" source="Orion">omni-channel</keyword> personalization offers a competitive edge to brands, the key to building a successful omnichannel strategy and where is omnichannel expected to diversify with the growing popularity of <keyword id="12977778" type="General" weightage="20" keywordseo="gamification-mobile-commerce" source="Orion">gamification &amp; mobile commerce</keyword>.</li></ul> In today’s hyperconnected world, customers constantly seek a unique, personalized experience, irrespective of how they interact with a brand. The rapid penetration of mobile and connected devices has allowed marketers to access customer data and provide a seamless brand experience across various channels. With market saturation and competition, brands need to stand out and stay relevant to the target audience and connect to them more emotionally, encouraging loyalty, word-of-mouth, and a strong bond. According to a <keyword id="1132603" type="General" weightage="20" keywordseo="zendesk" source="Orion">ZenDesk</keyword> report, brands that prioritized customer experience pre-pandemic are already at an advantage. Companies with a mature customer experience strategy are over six times more likely to exceed customer retention targets than those that failed to prioritize the customer experience. How does omni-channel personalization offer a competitive edge to brands? An omnichannel strategy helps build customer experience, loyalty, and brand recall. Let's look at why: ● According to a recent study, omni-channel personalization has shown 90% higher customer retention rates than a single channel. Hence, this strategy is core to long-term business viability. ● Brands get the added advantage of profound insight into their customer's actions, allowing them to serve one-to-one contextually relevant products, content, or offers. ● A unified personalization strategy at scale provides brands with an opportunity to amplify their customer's shopping cart activity. In such cases, brands can engage customers on the purchase journey to increase the average order value through targeted offers and intelligent product recommendations. ● Personalization can lead to higher ROI on a brand's marketing spend. Brands can significantly boost their overall conversion rates with dynamic content based on customer behavior, clickstream data, context, product recommendation, and exclusive personalized offers. Enhancing the customer experience Capturing, engaging, and delivering a consistent experience across all channels is crucial for most brands. Brands must enhance their data-driven marketing efforts and personalize for customers at all touchpoints. For instance, a customer who browses an online store for a pair of jeans leaves without purchasing. So the brand now retargets the customer at various touch points like SMS, email, and social media, offering the product at a discounted rate, which intrigues them to buy. Knowing the customer and enhancing the buying experience will help brands retain customers and build loyalty. Building a successful omnichannel strategy Omni-channel personalization for brands in the current scenario has become an essential part to provide consistent and unparalleled service across all touchpoints. Therefore, brands need to prepare a successful omnichannel strategy to opt for a personalized experience. Define a clear strategy and build a feedback loop for learning: It is essential to have a clear vision of the critical moments in a customer's journey. In most cases, the journey can be broken into three stages: ● generating awareness pre-visit ● conversion during the visit ● customer engagement post-visit Insights derived from each stage can be leveraged to develop user journeys that meet defined objectives and bring value to the customer and profitability to the brand. Connect multiple digital touchpoints The most crucial step in building omni-channel strategies is to connect with the customers' digital footprint. For instance, an e-commerce brand would need to focus on all five customer touchpoints where potential convergence happens: mobile app, website, digital ads, social media, chatbot platform, and point of sale. To achieve the best of these touchpoints, brands must consider delivering a great personalized customer experience consistently. Think automation Automation opens new opportunities for brands to provide personalized experiences across all the touchpoints at scale. By deploying AI-powered automation, brands can leverage omni channel orchestration based on customers' channel preferences. Future of omnichannel personalization In the era of digital disruption, brands must adopt newer strategies to engage with customers. Some of them include: Gamification: Gamification along with personalization can make the entire shopping experience fun. Whether it is the e-commerce or the insurance sector, the platform becomes more attractive to end-users when it is gamified. Gamification coupled with omnichannel personalization can redefine user engagement for brands. <keyword id="757624" type="General" weightage="20" keywordseo="mobile-commerce" source="Orion">Mobile Commerce</keyword>: With greater adoption of mobile phones, mobile commerce will see massive traction in the coming years. Chatbots have been estimated to be vital to pushing transactions and conversions, and a major part of these transactions in India are expected to take place through the mobile-channel in days to come. Customers expect deeper connections with brands, and omni-channel provides a quick and efficient way to deliver superior shopping experiences. Hence, companies need to look at how this technology can automate their workflow, help them drive sales and build competitive advantages in their markets.

Omni-channel personalization is the future of marketing: The onset of a new era

The last 9-10 years have seen tremendous growth across four major consumer <keyword id="6380512" type="General" weightage="20" keywordseo="electronics" source="Orion">electronics</keyword> segments -- <keyword id="38260" type="General" weightage="20" keywordseo="mobile-phones" source="Orion">mobile phones</keyword>, consumer electronics, <keyword id="189485" type="General" weightage="20" keywordseo="it-hardware" source="Orion">IT hardware</keyword> and electronic components -- that account for over 70 per cent of India's domestic manufacturing profile. The pace is such that tech giants are now lining up investments worth billions of dollars in the country. The country is rapidly becoming an electronics manufacturing hub, with the sector expected to rise to $300 billion by 2025-26. From <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> to Foxconn and US-based Micron Technologies to domestic major Tata Group, the companies are aiming to leverage domestic capabilities to achieve supply chain diversification and scale up production by manufacturing in the country. Taiwanese contract manufacturer Foxconn has received approval to invest at least $1 billion more in a plant in India that will manufacture Apple products. The fresh investment is on top of the $1.6 billion it earlier set aside for the 300-acre site close to the Bengaluru airport. Meanwhile, the Tata Group is planning to build one of India's largest iPhone assembly plants in Tamil Nadu's Hosur. According to media reports, the facility is expected to feature around 20 assembly lines and employ 50,000 workers within two years. The site is expected to be operational within 12 to 18 months. With Taiwanese electronics manufacturer Wistron selling its India operations to the Tata Group for $125 million, Tata Electronics is going to become the first Indian company to manufacture new Apple iPhones in the country, which is a major fillip to the government's 'Make in India' initiative. According to reports, Apple plans to expand its investment in the country to approximately $40 billion over the next four to five years. Apple has already crossed the $7 billion production milestone during the previous fiscal year. Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China. The tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that, according to the Wall Street Journal. According to government and industry data, India saw mobile phones exports worth $5.5 billion (over Rs 45,000 crore) in the April-August period in the ongoing fiscal year (FY24). As per estimates by the Department of Commerce and the India Cellular and Electronics Association (ICEA), accessed by IANS, the April-August period saw mobile phone exports worth $5.5 billion, against $3 billion (about Rs 25,000 crore) in the same period in FY22-23. India is set to cross Rs 1,20,000 crore in mobile phone exports in the current fiscal year. The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts. India is expected to export about 22 per cent of its total assembled mobile phones in 2023, according to Counterpoint Research. However, "China's manufacturing and supply chain will still maintain its essential role in the longer run," says senior research analyst Ivan Lam. According to Prabhu Ram, Head-Industry Intelligence Group (IIG), CMR, India's domestic consumer electronics manufacturing sector has soared, propelled by a mix of strong tailwinds. "A conducive policy environment is attracting strong investments, while a burgeoning R&amp;D pool in areas like chip design and AI is fostering innovation. Domestic champions are leading the charge, prioritizing IP-driven value creation and localisation," Ram told IANS. India's electronics sector is set to harness $7 billion untapped revenue by 2035 via circular business model and policy pathways, say industry stakeholders. Current commitments and targets set the projected market size for these circular models at $13 billion in 2035. Yet, the total addressable market, achievable through the right public and private actions, can reach an astounding $20 billion, revealing an untapped potential of 35 per cent, according to the ICEA. Three core business models -- Repair, Resell, and Recycling -- are already thriving in India, predominantly driven by the informal sector. Around 90 per cent of collection and 70 per cent of recycling are handled by this competitive sector. However, only 22 per cent of the collected e-waste is managed by the formal sector, revealing room for improvement. Pankaj Mohindroo, Chairman, ICEA, highlighted the future potential of India's electronics sector as a global manufacturing hub. "I am confident that the electronics industry would facilitate sustainable circular economy practices to ensure a sustainable green future for the generations to come," Mohindroo said. Meanwhile, the ICEA is also setting up a task-force to ensure that the current electronics trade between India and the US goes up from an estimated $8 billion to $100 billion in a decade. "We are setting up a task-force to ensure that the current electronics trade between the two countries goes up from an estimated $8 billion to $100 billion in a decade. The role of lead firms of global value chains (GVCs) will be crucial but, at the same time, new jobs and opportunities for Indian businesses and startups will be created," Mohindroo informed. In September, US-based Micron Technology started the construction of a Rs 22,500 crore facility in Sanand, Gujarat, that will set a benchmark for India's semiconductor journey. "This plant sets a major milestone for Prime Minister Narendra Modi's vision of making India a semiconductor hub - the way the country has achieved in sectors like mobile, electronics, defense, railways, aviation and multiple other areas where progress is visible," Union IT MInister Ashwini Vaishnaw had told IANS. The engineering major Larsen &amp; Toubro (L&amp;T) has also announced to invest up to Rs 830 crore to build a fabless semiconductor chip design subsidiary which will ramp up the country's plan to become a semiconductor hub. In just 15-16 months' time, India has seen the construction of its first-ever semiconductor plant in Gujarat, received more manufacturing proposals along with several chip-designing startups now operational in the country. "This momentum is expected to continue in 2024, with India poised to become a major hub for consumer electronics manufacturing and a formidable export powerhouse," said Ram.

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