Xiaomi seems to be one of the most talked about technology companies across all forms of media across the world right now. Here is why they are worth following.
In case you have not heard of them Xiaomi is one of China’s biggest electronics companies. The media hype around this brand has been fuelled by the recent news that they have overtaken many of the more well known brands to now hold the position of the third largest Smartphone manufacturer in the world behind Samsung and Apple.
Their smartphones accounted for 6% of all smartphones shipped globally in 2014 and are they are the number 1 manufacturer in China accounting for 15% of market share with a prediction they will sell 40 million devices this year in China. What makes this result impressive is the company is only 4 years old.
Their phones are not readily available and this short supply usually creates demand which means they have to spend very little money on marketing. They claim they sold 720,000 phones in first 12 hours of the Alibaba Singles Day sale this week generating more than $163 million (¥1 billion) in revenue highlighting the demand.
Their phones are very affordable when compared to other more expensive devices such as those sold by Apple and Samsung with comparable features. One of the main contributors to the low cost being their ability to generate demand with no marketing.
Finally they have only just set out on expanding their business outside of China with a focus on Asia and India. So if they get traction in these markets they could possibly become the number one selling Android device across the world in the near future.
I am sure we will be hearing a lot more of this brand over the next few years.