Xiaomi's stock is on the rise in India.
This year's Amazon Great Indian Festival and Flipkart Big Billion Days are behind us, and it looks like Xiaomi has emerged victorious from both sales. A statement issued by the company earlier this week reveals that it sold 500,000 smartphones from October 1 to October 3, setting a new record in the country.
Xiaomi's phones are rarely discounted, and the modest savings introduced by the company paid dividends, with the entry-level Redmi 3S becoming the best-selling product on Flipkart and the budget Redmi Note 3 topping the charts on Amazon. The phone, along with the Mi Band 2 fitness band and the 10000mAh power bank were the most sought-after products on Amazon.
Xiaomi's India head Manu Jain talked about the achievement, stating that the company surpassed its sales tally from last October during the three-day period:
We are extremely proud to be sharing this milestone with our fans, partners and employees. More than six months of rigorous planning and hard work has helped us set a new benchmark in the industry. Last year we sold more than half a million phones in 30 days during the month of October, and this year we were able to achieve a similar number within three days. Based on what we know, no other brand has ever achieved this in India.
We are extremely thankful to all our Mi Fans for their amazing support, and will continue to work hard to constantly outdo ourselves as we have done on many occasions this year. One thing I would like to share with our Mi Fans is that this is just the beginning of a beautiful Mi India journey and there will be many more reasons to celebrate.
The success of the Redmi Note 3 boosted Xiaomi to third spot in the country with a market share of 8.1%. Samsung is leading the fray with a 28.5% market share, but Micromax with its 11.9% share is within Xiaomi's sights.
The Chinese company is finally targeting offline buyers by selling the Redmi 3S+ at 7,000 retail stores across the country, which will give its sales an added boost. Online-only is a strategy that worked for Xiaomi during its meteoric rise, but the brand is now recognizing the need to set up stores to target buyers in tier 2 and tier 3 cities that are unwilling to purchase goods online.