Focus this year is to build a premium range across categories: Xiaomi India
Xiaomi is fast assuming a pole position in the Internet
of Things (IoT) devices market. It’s competitively priced smart TVs and fitness
trackers are top selling in their respective categories. Now, the company is
looking to introduce high-end models in major categories, according to a top
executive, as Xiaomi looks to
become a leading IoT, lifestyle and smart-home player in India.
“The focus this year is to build out a premium range cutting
across categories,” said Raghu Reddy, chief business officer at Xiaomi India. “There
will be launches in laptops, TVs, and wearables (categories).” He added that
all non-smartphones categories put together now account for about 15 percent of
Xiaomi's total revenue from India.
Like with its smartphones, Xiaomi scaled to the top by selling
smart devices at highly competitive prices. Mi Bands 3, 4 and 5 – priced Rs
2,500 - have enjoyed top market-share, making it harder for other fitness
wearables – like the OnePlus Band which launched last year – to drum up demand.
On the smart TVs side, its
32-inch, 43-inch and 50-inch offerings are priced average Rs 10,000 lower than
competition and have consequently sold well. Since entering the category in
February 2018, Xiaomi has shipped 60 lakh smart TV units, according to Reddy.
“Xiaomi/Mi has been the number 1 smart TV brand for 13 quarters
consequently. While the 32-inch is the bread-and-butter model, the focus area
going forward will be 4K,” said Reddy. Xiaomi introduced a 75-inch 4K QLED
Smart TV at Rs 1,19,999 in April 2021 – and it continues to be its most premium
offering to date.
The portfolio also includes 55-inch and 65-inch 4K TVs priced in the
range Rs 55,000 – Rs 60,000. Last week, Xiaomi announced a 77-inch OLED TV as
well as Mi TV 6 OLED series in China, which are likely to be introduced in
India this month.
Keeping with the premium strategy, Xiaomi is likely to double down
on at least two gadget categories: Laptops and smart
watches. The firm entered the laptops category last
year with Mi Horizon Notebooks priced at Rs 54,999 (i5 version) and Rs 59,999
(i7 version) -- refreshed models will be launched at Xiaomi's Smarter Living
event on 26 August.
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