Xiaomi Corporation is a multinational electronics company founded by Lei Jun in April 2010 and is based in China with its headquarters in Beijing. Xiaomi was considered to be the largest smartphone company in 2014 in the world, and globally, it records to be one of the top five smartphone vendors. It builds and invests in smartphones, mobile apps, laptops, consumer electronics, smart-home devices, home appliances, mobile accessories, wearables, and several other items. After Apple, Samsung, and Huawei, it is also the fourth company to have self-manufactured mobile System-on-Chip (SoC) effectiveness.
Xiaomi is regarded as the fourth most valuable technology startup in the world. It consists of various series such as Mi Series, Mi Mix Series, Mi Max Series, Mi NoteBook Series, Mi Note Series, Pocophone, Redmi Series, and Blackshark. It has about 291.6 million active users for its MIUI updates. Besides, the company also offers laptops, mobile apps, home appliances and. It has its dominance in over 30 countries and is extending to turn into a global brand. Xiaomi Mobiles have achieved massive recognition and lead the rank of best-selling phones in India at the cheapest rates.Mi Success Story - History
Xiaomi was founded by ex-Kingsoft CEO Lei Jun in 2010, and it was established as a software company and invented MIUI ROM based on Google's Android. The central motive behind generating MIUI was to provide an easy-to-use UI and provide more services than Android. As per reports in March 2020, the MAU ( Monthly Active Users) of MIUI increased to 330.7 million worldwide.
It came in the hardware section by introducing the Mi One phone in 2011. The aim of the Xiaomi team had been on generating hardware devices of good quality and sell them at relatively lower costs than those available in the market. At the same time, they expected to make a profit through their services. Now, the company had reached a whole new level.
At the end of 2013, Xiaomi had reached more than 30 million MIUI users globally. MIUI can be downloaded and installed on over 200 devices in both English and Chinese as of 2014. The MIUI ROM, as compared to Apple's iOS, is quite user-friendly while offering practical services like cloud backup, a convenient music player, and their app store. Xiaomi's team updated the ROM every Friday with bug fixes, optimization, and newer functionalities by taking fan feedback through several platforms by the users.Xiaomi Success Story – Growth
In 2019-20, the sales of Xiaomi in India increased to 7% over the year-ago to Rs 38,196 crore, supervisory paperwork accessed by AltInfo demonstrated. Even after undergoing a loss of Rs 148 crore a year earlier, it had still reported a revenue of Rs 401 crore in FY20.
Though it did not mention why the growth of sales had decreased, the executives of the company stated that it tried to reinforce its dominance in smartphones and Smart TVs sections which have better profit.
According to the sources of Counterpoint Research, Xiaomi had lost a one-percentage-point market share at 26% in 2020 from the year earlier. Xiaomi India said in the filing, "All efforts shall continue to be made to increase the revenue and retained earnings in the upcoming years."Mi Success Story In India
One of the main reasons that Xiaomi attained success is its specifications. It offers exceptional functionalities such as the best processor, good camera quality, expandable memory, marvelous display, and much more.
It had gained the trust of the users in the market by generating a superior user interface. MIUI is a very exclusive feature because Xiaomi is the only association that offers revised user interface updates. Also, it has started showing ads on its phones recently, but actually, it has begun showing ads on MIUI. It will make more profit, and eventually, they will lessen the price of newer smartphones by doing this.
Also, Xiaomi smartphones fall in the mid-range, making them affordable for people to buy, i.e., ranges from 5000 to 30000 rupees. R & D costs are the primary reason behind the lower rates of smartphones. It endorses the latest technology and design and is not spending too much money compared to the other smartphones. The prime strategy of the company is to provide more specifications and take less revenue. Therefore, it is selling many smartphones since the price of smartphones is comparatively lower than other companies. It is gaining more profit from its other accessories than from a smartphone.
With flash sales, it creates trust in the users, which means that the phones will be available with limited stock at a particular time. Even we can buy all the Xiaomi products from the Mi Official Website. Initially, it aimed to sell its smartphones with the help of Amazon India and Flipkart. Then, it is understood that there are chances of declination in the cost if Xiaomi generates its e-commerce website.
Xiaomi started introducing their phones with Made in India slogan even though they are not 100% made in India, they are just put together in India. It started spending money on digital ads of the company in the beginning, and it continues to spend less money on traditional ads. However, the company has an extensive user base. But, Xioami also offers better after-selling services.Final Words
These are the fundamental reasons why Xiaomi is highly successful in India, and it is blooming in the market.