Statistics have revealed that Chinese companies currently control over 50% of the burgeoning Indian smartphone market, with over 450 million users and worth about $8 billion (£6 billion).
The launch of Xiaomi, a leading Chinese tech company, has threatened the smartphone market of many countries. Currently, it has taken over the Indian smartphone market, which has been referred to by experts as a low-cost smartphone market. This domination is coming right after the launch of this leading tech company.
While speaking to experts and tech start-ups in the country, we found out that the launch of the Xiaomi Redmi Note 8 played a crucial role in cementing the place of this technology company in India. According to reports, this smartphone was put on the "flash sale" last Monday took only fifteen minutes to sell out. Dragon CEO Paul Moynan is a keen observer technological developments in both China and India commenting, “I don’t think we are seeing anything unusual in the strategy employed by Xiaomi, they have a growing user base, and flash sales like these create a great feeling of fear of missing out which is a great sales technique for them.”
While the smartphone is available for purchase offline, statistics have revealed that the online sales account for more than 50% of the total sales recorded by the company after the launch of a smartphone. While speaking to reporters on this issue, Jayanth Kolla, a partner and researcher at Convergence Catalyst revealed that in the last couple of years, Xiaomi has been able to amass a large number of online supporters that are not only willing to buy their products but also capable. Speaking further, Kolla revealed that when Xiaomi entered into the Indian smartphone market, it did not focus on building brick and mortar stores; instead, it placed emphasis on creating an online community. This decision helped in so many ways, Kolla continued. For example, it helped to reduce the cost of distribution, which also reduced the overall price of these smartphones.
This is just one of many ways that China continues to lead the way with innovation which impacts the entire world – for more on China and the latest news from the around the blockchain world just click here.