Xiaomi has grown a lot in recent years and has managed to become one of the best smartphone brands in the world. This year, the company went public, increasing overall 4.72 million in Initial Public Offering (Initial Public Offering) of the stock exchange. Now, the company is experiencing its greatest growth compared to previous years.
The factors of success
Hong Feng, co-founder of Xiaomi, made a statement during Fintech in Hong Kong, where he stated that the success of the company is due to three main factors, "Hardware, retail and internet".
Xiaomi is very successful in the field of hardware, as in recent years it has managed to create a number of famous devices, such as the Smart Mi Power Bank and We Band. The company stands out because it offers high quality products, at reasonable prices without neglecting their appearance.
According to Hong Feng, the cost of production is the same as other brands, but they manage to distribute the devices in the hands of the consumer through affordable means.
The co-founder also shared some graphs, which show an Asian family having about 100 Xiaomi devices connected to its homes, due to the wide range of products available. These devices allow the user to connect to the internet.
Xiaomi expansion in foreign lands
The company has bigger ambitions as it thinks of integrating it technological field in its business model, as stated by the co-founder.
Fintech (financial technology) or otherwise financial technology, will be the key to the impetus the brand needs in new territories. This technology is based on connection big data, artificial intelligence and security, allowing banking transactions or payments through SmartWatch ή smartphone, thanks to NFC technology.
Lending by Xiaomi to small and medium enterprises
Another area that Xiaomi wants to exploit is lending to small and medium enterprises, facilitating companies in obtaining credit and loans. In addition, it will also offer business advice to companies. Thus, the company is in direct contact with small and medium enterprises, as the understanding and access to data is greater than most financial institutions.
This is due to the extensive knowledge of supply, retail and delivery time systems, allowing to determine which company has the most success options.
In all likelihood, these plans will be implemented first in India, due to its large population and Xiaomi's good image in the country.
Source: xiaomitoday.com
