Xiaomi To Bet Big On Under Rs. 15,000 Device Segment To Regain Lost Market Share

Smartphone maker Xiaomi makes a big bet of Rs 10,000. A senior company official said on Friday that the 15,000-device segment will regain lost market share.

Muralikrishnan B, president of Xiaomi India, said the company is developing a new strategy and will focus on becoming "India's most popular and trusted smartphone" and an IoT brand "focused on efficiency and sustainability on a secure foundation". He said Xiaomi will operate with a narrower product portfolio and focus on democratizing 5G in the country.

"Most 5G devices sold today cost more than Rs 20,000. At Rs 15,000-20,000 the market penetration increases, but the mass and belly of the market will be around Rs 10,000. We have paved the way for Xiaomi to emulate the 5G miracle," Muralikrishnan said.

According to Counterpoint Research, it is Rs.10,000. The 20,000 price segment saw the biggest drop of 34% in March 2023, while phones above €45,000 saw the biggest gain of 66%.

Muralikrishnan says the company sells smartphones for Rs. Rs 15,000 to 30,000 and answer for business devices Rs 10,000. 15,000 brackets ensure you can focus on the segment. "Redmi Note 10T 5G, Redmi Note 11T 5G and Redmi 11 Prime 5G give us confidence that 5G is the right segment to target. We will stay true to Xiaomi's reputation for the best features, highest quality and honest prices," he said.

According to market analysts, Xiaomi has seen shipments decline for the past four consecutive quarters.

According to Counterpoint Research, Xiaomi's shipments fell 44% year-on-year in March 2022, dropping the company to third place with a 16% market share.

Muralikrishnan said the company will expand its offline retail capabilities to boost the business.

According to him, apart from expanding our distribution network, the focus will also be on developing strong retail capabilities that can help sustain this growth in the long term.

Muralikrishnan said the company plans to increase its retail stores from 4,000 to 8,000 by the end of this year.

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