The script that led to Xiaomi’s success story in India.
This top business news from JustInReviews is based on the success story of Xiaomi in India. Would you like to know about it? Well, if so, then continue to read further.
Experts are of the opinion that for multinationals to prevail in India, the key is figuring out how to do the business the Indian way, instead of implementing the worldwide business models and practices on the local market.
It’s a strategy that Chinese smartphone manufacturer Xiaomi has executed to its benefit.
As per current standings, Xiaomi happens to be the third biggest cell phone brand inside the top 30 Indian cities. Having a market share of 8.1 %, it is just behind market pioneer Samsung (28.5%) and Micromax (11.9%).
For Xiaomi, universally and in India, considered to be amongst the best business ideas, rotates around a solid conviction that top of the line innovation ought not cost a fortune and be accessible to all.
Having a top quality product line-up, there are a couple of different things that turn Xiaomi’s value-for-money strategy more appealing than rest of the brands. Let’s check them out:
– In the first place, it comes with its own O.S. in MI – which apparently has a greater number of features than others.
– The organization has facilitated cost effectiveness in each of their functions, sparing noteworthy expenses.
– With its emergence in innovation, technology easily falls into place for Xiaomi, claims Jain, Chief of Xiaomi India.
He attributes Xiaomi’s most recent accomplishment to its one of a kind way to deal with promotions and advertising, production and distribution.
– Jain states that unlike different organizations which spend critical parts of their profits or incomes on marketing, Xiaomi doesn’t spend advertisement dollars on marketing.
– It passes on the cost benefit to end users by offering top of the line yet reasonable cost phones.
– For Xiaomi, guess what? the brand promoters happen to be the fans themselves; which is the reason it doesn’t have a Bollywood star or a sportsperson as a brand ambassador! The content that the customers created via the various social networking platform helped the brand draw in more than 300,000 engagements !!!
These happen to be some of the salient top business ideas, that have earned them a place amongst the top brands in India.
As indicated by Karthik J, senior market expert, client devices, IDC India, Xiaomi’s consistent focus in the mid-value range of smartphones that are rich in feature and latest hardware has helped the brand make a solid position in the psyche of customers who like to go for value-for-money choices.
Xiaomi likewise produces its gadgets locally. It helps spare costs as a result of a well disposed tax structure that the organization appreciates opposite to imports.
Thus, from the facts stated above, it is pretty evident that owing to these creative and effective business ideas implemented by Xiaomi, it has turned out to be the third largest smartphone brand in India.
JustInReviews will return with its business and technology reviews, in the future as well.
FOR MORE ABOUT BUSINESS NEWS