Xiaomi is a privately recognized company that designs, develops, and markets smartphones, an Android-based OS, and other consumer electronics. Xiaomi also manufactures fitness trackers, TVs, air purifiers, and tablets. It has a coat for its Android phones and tablets – MIUI. The company predominantly markets its phones via flash sales in India.
The smartphone producer Xiaomi foresees the market to spring back in the July-September period but persists carefully confident with the Covid-led lockdowns partially uplifted. It, despite highlighting supply chain-related challenges, led to the delay of its flagship phone.
The company had recently onboarded two new manufacturing partners, DBG and BYD, to meet product demand in the market.
Manu Jain, the managing director, also reported that Xiaomi might not bring 5G to the intermediate and entry-level smartphone segments, insisting that the progress won’t serve the goal due to the unavailability of networks. “...in mid-range and entry-level segments, smartphone specs get old-fashioned at a more accelerated pace. Therefore, binding in advanced technologies such as 5G might not subserve the tenacity at the moment. Having said that, we are constantly evaluating feedback from our customers.”
Nevertheless, Jain added that Xiaomi is proposing to launch more products in “niche” segments for consumers who favour using smartphones from these segments for 12 months or more.
In the January-March quarter, the share of 5G smartphone sales touched 7% and is expected to hit 21% for the entire year, as per Counterpoint Research. IDC has also assessed that the share of 5G-enabled phones will touch 20-25% this year out of total smartphone sales.
Xiaomi is also scrutinizing more partnerships with “trustworthy platforms” to expand its fintech business in India. It thrust Mi Credit two years back and operates with multiple partners, primarily NBFCs or Fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Home Credit, and CreditVidya.
We will not lose sleep over a quarter’s performance: Xiaomi India MD Manu Jain. “We want to make sure that all creditworthy customers get quick, reliable and affordable loan options. Therefore, we will be looking for more partnerships with trustworthy platforms to provide our consumers with more options that can offer them secured loans with low interest and hassle-free documentation,” Jain stated.