The annual Chinese 11.11 Shopping Festival is not only a good time for consumers to buy discount products, it is also a time for manufacturers to hand in their transcripts. Major manufacturers will announce their own battle reports one after another. This afternoon, the official Weibo account of Xiaomi officially announced that as of 18:21:07 on November 5th, Xiaomi’s 11.11 (Double 11) omni-channel payment exceeds 10 billion yuan ($1.56 billion). The Chinese 11.11 sale is actually on November 11th, however, many manufacturers commence sales from the beginning of the month.
According to Jingdong sales rankings, Xiaomi smartphones currently rank first on its purchase list. Furthermore, its TVs, notebooks, and other products occupy top spots. Many of its products have gotten the single category champion award. This shows the popularity of Xiaomi products in China.
Just as its offline sales performance, Xiaomi’s online market is also doing very well. According to Redmi’s general manager, Lu Weibing, the company will pay more attention to the offline market in the future. He said that Xiaomi’s new internal goal is to open 30,000 stores within 2-3 years to form a comprehensive coverage of China’s county and township markets. At the same time, the future of the company’s home stores will continue to grow bigger. Lu Weibing said that in the future, Xiaomi Home will assume the responsibility of Xiaomi car sales and services. According to its previous schedule, its first car will enter mass production in 2024.
Gizchina News of the week
Xiaomi aims to become the No. 1 smartphone brand
Yesterday, Lu Weibing, a partner of Xiaomi Group, the president of China and the international department, and the general manager of the Redmi brand, gave an interview. In the interview, he said that Xiaomi CEO Lei Jun had put a concrete goal in front of the team to become the number one smartphone brand in China in 3 years. At the moment, according to the latest report for the third quarter o 2021, VIVO leads the Chinese market. It is followed by OPPO and Honor. Xiaomi has landed in the fourth position.
Lu Weibing said that China’s mobile phone market accounts for 70% of the offline market. So they can’t reach the top position without a strong offline layout. Therefore, Xiaomi’s new retail is based on 10,000 stores and will target 30,000 stores in the next three years. In other words, they are mainly focusing on the expansion of the sinking market. Also, the company will not specifically target surpassing their rivals. But since Xiaomi’s goal is to be the first, they are going to outrun all competitors, including Apple.
