Apple’s Old iPhones

Apple finally gives customers a reason to upgrade their old phones.

Kieran Ryan
July 18, 2024

Good morning, Nerders. It’s Friday, July 19th. In today’s newsletter, we cover:

Apple finally gives customers a reason to upgrade their old iPhones
Private-label products are eating the grocery industry
America’s love affair with fried chicken sandwiches

TODAY’S STORY

iPhone demand fell 10% globally in the first quarter of 2024.

But it’s not a quality issue. New iPhone models regularly receive excellent ratings and reviews.

Apple’s most significant problem with the iPhone is giving customers a reason to upgrade. According to a Bank of America survey of over one million iPhone users, 73% use an iPhone 13 model (released in Sept. 2021) or older.

Apple’s push into AI is not just about the technology but also part of a broader strategy to give customers a reason to upgrade their old iPhones, since the AI technology will only be available on newer versions.

iPhone sales are absolutely critical to Apple, accounting for 52% of its total sales in fiscal year 2023, and Gen AI could help them exceed growth targets by driving existing customers to upgrade each year.

DATA BYTES

Aldi and Trader Joe’s rely most heavily on private-label products, with their own brands accounting for more than 2/3rd of their overall sales volume
Private-label products accounted for 20.7% of grocery unit sales in 2023
Not shown on the chart, private label brands only accounted for 3% of Amazon’s sales volume. Amazon is reducing its private label offering to less than 20 brands.

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#SHORTS

Fried Chicken Sandwiches

@boringbusinesskieran
Fried Chicken Sandwiches 📈 #business #food #friedchicken

Watch on: TikTok, YouTube, Instagram

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To read the web version of previous stories, click here

If you have any comments or feedback, just respond to this email.

Thanks for reading,
Kieran & Justin Ryan