What is behind Apple’s success?
We’ve all heard about and even seen the crowds at Apple’s product announcements and releases, where customers line up to buy the latest iPhone. Globally, it is in fact the iPhone that drives sales revenue for Apple. The phenomenon of the company’s lasting success is grounded in customer loyalty. Apple managed to create an air of exclusivity and luxury around their products , and customers keep coming back for more. New users are also enticed by the promise of joining an elite club of iPhone, iPad and Mac owners. This trend is visible when looking at the growing market share of iOS smartphone sales. Therefore, the premium pricing is not a deterrent, but in reality, serves as bait and hook. Apple’s annual financial results are a mirror of their growing success, with global revenue reaching over 274.5 billion U.S. dollars in 2020.