Xiaomi, a leading smartphone manufacturer, is strategically targeting the Rs. 10,000- Rs. 15,000 device segment to regain its lost market share, according to a senior official. Muralikrishnan B, the President of Xiaomi India, stated that the company has implemented a reset strategy and aims to become “India’s most beloved and trusted smartphones and IoT brand” by prioritizing efficiency, sustainability, and security. Xiaomi plans to streamline its product offerings and focus on democratizing 5G technology in the country.
Muralikrishnan highlighted the clear opportunity for Xiaomi to replicate the success it achieved with 4G in the Rs. 10,000-Rs. 15,000 price range, which constitutes the majority of the market. Contrary to this, the Rs. 10,000- Rs. 20,000 price segment experienced a significant decline of 34 percent in the March 2023 quarter, while smartphones priced above Rs. 45,000 saw a remarkable growth of 66 percent, as reported by Counterpoint Research.
The positive response received by Xiaomi’s devices in the Rs. 10,000-Rs. 15,000 range, including the Redmi Note 10T 5G, Redmi Note 11T 5G, and Redmi 11 Prime 5G, has instilled confidence in the company’s decision to target this segment. Muralikrishnan emphasized that Xiaomi will remain true to its reputation for delivering products with top-notch specifications, high quality, and fair pricing.
Xiaomi has witnessed a decline in shipments over the past four consecutive quarters, with a staggering 44 percent YoY decline in the March 2022 quarter. This decline caused Xiaomi to slip to the third position with a 16 percent market share, as per Counterpoint Research. In response, Xiaomi plans to expand its offline retail reach in order to bolster its business.
Muralikrishnan shared that the company’s focus extends beyond distribution expansion to building robust retail capabilities that can support sustainable long-term growth. Xiaomi intends to double the number of sales promoters at retail stores from the current 4,000 to over 8,000 by the end of the year.
In conclusion, Xiaomi’s reset strategy involves targeting the Rs. 10,000-Rs. 15,000 device segment to reclaim its market share. The company aims to democratize 5G technology, provide efficient and sustainable products, and strengthen its offline retail presence. It plans to achieve this by offering devices with high-quality specifications and fair pricing, while also expanding its sales force at retail stores.
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