Which is the Fastest Growing Smartphone Brand in India?
Several Chinese brands currently dominate the Indian smartphone market. Other brands, present in the market for several years, such as Samsung and Apple, have managed to retain their popularity among customers here. However, Xiaomi has become one of the fastest-growing companies in the nation, thanks to its Redmi mobile series. These specialised series of handsets became the first choice for many entry-level and mid-budget buyers when they were launched in 2014.
What is the reason for Xiaomi’s continued success in India?
Here are some valid reasons for Xiaomi’s popularity and success in the Indian smartphone market.
- Targeting the perfect segment
Even though premium smartphones occupy a considerable market space in India, most of the segment is dominated by budget, medium-range handsets. Xiaomi was able to understand this crucial factor, which urged it to launch products, offering the perfect balance between specs and price.
Each Mi mobile sported attractive features but managed to restrict prices under Rs.15000. During 2014-15, no other brand offered such high value for money.
- Impressive build quality and specs
While a misconception persisted previously that most Chinese phones came with glaring defects or faults, Xiaomi managed to change this perception. In just a few years, it managed to convince most Indian consumers regarding the high quality of its products. The best Redmi phones comprised substantial RAM, storage and innovative camera specs.
Moreover, the build quality ensured durability, extending the lifespan of the handset in question. They were hardy enough to withstand small drops and impacts.
- Innovation with each new device
Every year, Xiaomi offered refreshed handsets sporting the latest technology and specs. These represented significant upgrades, which often encouraged users to change their existing smartphone with Redmi mobile phones. Similarly, reasonable pricing also allowed customers to change their devices every year without undergoing significant financial strain.
Finance companies also assisted in the growth of Xiaomi’s market share. For instance, the Bajaj Finserv EMI Network Card enables customers to opt for no-cost financing on mobile phone. Cardholders can utilise a pre-approved credit limit of up to Rs.4 lakh to shop for their favourite products.
Additionally, pre-approved offers extended by the financial institution ensure fast and hassle-free loan applications. These offers are also available on a range of financial products, including personal loans, business loans, and more. You can check your pre-approved offer by submitting a few details, such as your full name and contact information.
- Increasing number of physical outlets
Initially, Xiaomi lacked any physical presence in India. They sold their handsets through popular online platforms only. However, as time passed, and their popularity increased, Xiaomi started offering offline retail options to customers as well. Reports indicate that nearly 70% of Indian consumers are still offline-based. Thus, this transition from online sale to brick-and-mortar outlets has also played a part in boosting Redmi mobile sales.
- Diversification of products
With its growing sales and market share in India, the company also started to offer more diversity in terms of mobile specs and features. The best Redmi phones now cost a significant amount more than the entry-level devices do. For example, the Redmi K series handsets feature premium specifications, including the fastest CPU, best displays and much more.
Bajaj Finserv Market affiliates can afford these costlier variants with ease. The EMI facility should assist in paying off the dues without straining one’s finances. Furthermore, you can choose tenures ranging between 3 months and 24 months, as per your preference and financial condition.
Nonetheless, keep in mind that since Xiaomi’s entrance in the market, several other brands have also started offering similar phones under this price segment. For instance, Realme, Vivo, Oppo are just some of the other popular options to consider when looking to buy budget handsets featuring the latest specs.