China is famous for its ancient sites, tea production, and some of the world’s most cherished inventions. Without the compass, paper, wheelbarrow, and astronomical observatories, who knows where (literally and figuratively) we’d be today? Chinese manufacturer and designer Xiaomi Corporation effectively took that innovative spirit and sought to provide a collection of modern-day gadgets to the public.
Their market presence and exploration of what’s possible in technology slowly led to their being dubbed the “Apple of China,” with brick-and-mortar stores dotted around the country. But Xiaomi hasn’t always boasted such a diverse product portfolio.
The Early Beginnings of Xiaomi
Although Xiaomi sells millions of units today, the company was only founded in 2010. Their success happened so rapidly that it’s now the youngest company on the Fortune Global 500. The man responsible? Lei Jun, who grew up in the underdeveloped countryside in poverty. He showed great interest in electronics and assembling and disassembling them, crafting the first electric lamp in the village using a homemade wooden box, batteries, a bulb, and some wires.
His innate talent and tenacity led him through higher education, and he eventually excelled as an entrepreneur. Just one year after Xiaomi came to be, the first Xiaomi smartphone was released. Three years later, the company’s smartphones dominated the market and boasted the largest market share in the country. The trajectory of Xiaomi was looking up, so the company opened a selection of physical stores to broaden its reach.
Diversifying Beyond Smartphones
With all this prosperity, Lei Jun wouldn’t take any chances for the company to stagnate. Their funding from institutional investors was unmatched, and they raised millions of dollars to support successive rounds of product development. Xiaomi continued to make transformative moves, hiring computer scientist Hugo Barra to help with product management and expanding the company beyond the borders of mainland China. The expansion impressively reached other markets in the Middle East, Southeast Asia, Latin America, and Africa.
Interestingly, while sales were being made and new technology launched, Xiaomi was actually battling declining revenue in 2016. Their run of smartphone supremacy was beginning to fluctuate, so Lei Jun went back to the drawing board and looked to expand into other segments. Hop onto the Xiaomi website today, and you’ll find their very own tablet, Bluetooth speaker, dehumidifier, kettle, robot vacuum, automated pet food feeder, and plenty of other everyday gadgets. And it’s clear that diversification was the smartest move for the company. They’ve only continued to establish their command over the Internet of Things (IoT) market, the realm of smart home devices, and, of course, the global smartphone market.
Xiaomi’s Vast Product Portfolio
Xiaomi’s product portfolio is so successful because, frankly, they’ve taken a few pages out of Apple’s business model. Their products work in a vast ecosystem, so users can enjoy an interconnected experience and become more inclined to choose Xiaomi products if they are already loyal. In contrast, the company also differentiates itself by establishing a model that values affordability and accessibility – with no compromises to the cutting-edge tech itself. That feature-to-price ratio becomes incredibly hard to beat. Paired with the company’s relentless efforts to innovate further and expand into new markets, they’re a force that’s difficult to stop.
Despite Xiaomi phones not being the flashiest or most marketed out there, people choose them because they use Android OS, offer top-notch specs, have an AMOLED display, and are powered by the Snapdragon 8 Gen 3 processor. Users can reliably capture memories, gamble on the most popular online casino apps, and browse the internet just like any other phone. At such reasonable prices and with equally premium hardware compared to other popular smartphones, they’re a competitive product that reels customers in. Xiaomi’s other products, such as the Mi Watch Revolve Active and the Mi Pad 5 Pro, combine aesthetics and performance with user interfaces that mimic the Apple experience.
Most smartphone companies don’t sell items like air purifiers, electric scooters, and security cameras, while Xiaomi packages an extensive range of products in their ecosystem. There’s no need to look to other companies when you need house cleaning gadgets, safety equipment, or other personal tech devices – you can find it all in Xiaomi’s product lineup.
What Does the Future Look Like for Xiaomi?
A lot of Xiaomi’s accomplishments can be attributed to their flourishing research and development systems. The project scope is always large, and they consistently look to outdo themselves as years go by. In 2021, they solidified themselves as second in the world for the most industrial design registrations (216) published under the Hague System – right behind tech giant Samsung Electronics. Their goals are lofty, stating that they plan to infiltrate the high-end smartphone market and beat Apple at their own game. With intentions to invest 15.7 billion USD in research and development and standardise their user experience and products against Apple, it won’t be surprising if Xiaomi becomes a real challenger for these bigwigs.
The company’s ambitious nature will take it far and effectively future-proof the business in the face of innovation and uncertainty. There’s a lot on their plate, with their large investments into electric vehicles and a debut humanoid robot prototype that is a work in progress. Everyone loves a riveting story, and Xiaomi seems to be the main character when it comes to futuristic endeavours. So, what’s next? Mind-controlled interfaces? Teleportation devices? If these realms become possible, you can bet your bottom dollar that Xiaomi will be right there to capitalise on them.
