Apple Inc. is probably just a day away from unveiling the latest version of its iPhone. Apple loyalists who typically buy a new iPhone every year may not do so this year. Every year, the company has offered improved technology and better software and hardware, making it worth spending several hundred dollars for a new iPhone, but now the improvement may be too small to justify the high price.

Apple iPhone 7 Event
Image Credit: Apple Inc.

Missing the “wow” factor

Releasing major hardware overhauls every other year has been a tradition for Apple that brought in $155 billion of revenue in the last fiscal year. However, the company is expected to make only minor hardware improvements this year, while next year, which is the iPhone’s 10th anniversary year, it could make larger changes.

Apple has seen sluggish phone sales and is fighting against two forces to reverse that, says The Wall Street Journal. The company is struggling to introduce a “wow” factor in its devices that will tempt millions of people to buy a new device. Many customers are discouraged from buying new iPhones because of the way wireless carriers bill them.

Wireless carriers used to offer customers plans under which they could buy smartphones for a discount on signing a two-year contract, but in recent years, they have stopped offering those plans. Now carriers offer plans that cost less each month, but customers are required to pay full price for their devices, notes The WSJ. Earlier, it was possible for customers to pay $200 every two years for a new iPhone, but now, they are required to pay the full $650 price tag.

Apple event: what to expect?

Apple’s next event is scheduled for September 7. At last year’s event, the company unveiled the iPhone 6s series, tvOS and changes in the Apple Watch, along with other assorted updates. For the 2016 event, all eyes are on the announcement of the long-rumored iPhone 7 and the up-sized 7 Plus.

Both models could come with a larger improved camera, and the larger one is expected to boast a dual-camera system. Also it is believed there will a pressure sensitive home button based on the technology used in the 3D touchscreen. Most likely, the company will also provide the first look at the Apple Watch 2, the next generation of its wearable device.

On September 2, Apple shares closed up 0.94% at $107.73. Year to date, the stock is up almost 1%, while in the last year, it is down more than 1%.