Much like its smartphone segment, Mi or Xiaomi has tasted unprecedented levels of success in the television market in India. Xiaomi started selling its Mi TV sets in India in 2018 and has maintained a firm hold over the market. Within 15 months from its launch, Xiaomi had already sold over two million smart TV sets in the country.
As of the second quarter of 2020, it claimed a market share of 22%, leaving behind competitors by a huge margin. In fact, the brand has enjoyed the highest market share in the Indian smart TV segment for several consecutive quarters. It quickly overtook heavyweight rivals such as Samsung and LG in smart TV shipments across the country. So how has the Chinese company been able to achieve this incredible feat? Let’s find out.
Context
- Pricing
- Product Design
- Marketing
- Special focus on the Indian market
- Takeaway
Pricing
One of the top reasons for Mi giving tough competition to other TV brands is competitive pricing for quality products. People preferred to buy Mi TV because of this prime reason. Who doesn’t like getting the best for a lesser amount? When the concept of smart TVs was new in India, top brands such as Samsung and LG were offering smart TVs as premium models with high-end pricing. And Mi entered the market with their smart TVs loaded with features, but at prices far lower than their competitors.
The category lead of the smart TV segment at Xiaomi, Eshwar Nilakantan says that when Xiaomi launched the 32-inch TV in India in March 2018, their competitors were pricing the same at over 25,000 INR. Instead of launching at 19,999 INR, Xiaomi made a leap and launched the smart TV at a market-shattering price of 13,999 INR. After a period of 2 years, other brands have shifted to this price point. This turned out to be a good move in a price-sensitive market like India’s. Moreover, easy financing options have also made it convenient for consumers to purchase these 32-inch smart TVs from the brand.
That said, the brand doesn’t only offer budget smart TVs. They also launched premium offerings such as 50- inch LED TVs, QLED TVs, and 4K TVs. Now, you can buy your favorite smart TV at a very reasonable price.
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Product Design
Mi TV sets are powered by their signature PatchWall OS, and it is designed specifically for Indian consumers. The company claims that PatchWall is the most comprehensive content platform on Indian televisions as it comes with extensive integration of more than 23 content partners including Netflix, Amazon Prime Video, Disney+ Hotstar, and more. Besides, it offers content with over 16 languages and more than 30 innovative features for the viewer. Additionally, it has also teamed up with Eros Now and other local content providers to engage more users.
The brand focuses on all aspects of design and quality to drive customer retention. The Mi TV boasts of Dolby Atmos + DTS audio, which gives a theatre-like sound quality. It also has a better and brighter display than other smart TVs in the same price segment.
One of the big successes of the brand was the Mi TV Horizon Edition, which operates on Android TV v.9.0, providing access to over 5,000 apps with built-in Chromecast and Google Assistant. It sports unique features including a bezel-less design and Mi’s VPE (Vivid Picture Engine), which promises to deliver a better and seamless entertainment experience.
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Marketing
Xiaomi curated its smart TV marketing campaigns specifically for the Indian audience. One example is the campaign named ‘Say it See it’. It features a common Indian family set-up, wherein everyone is depicted to enjoy the TV in their own way. It signifies that the Mi TV is for everyone and comes with specifications for users from all age groups.
A stronghold in the smartphone segment is also enabling Xiaomi to sell its TVs. The intersection between Mi smartphone and Mi TV users is helping them do so. The brand claims that around 80% of Mi TV customers have used a Xiaomi smartphone.
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Special focus on the Indian market
Smartphone companies leverage their brand recognition in the country and use their technical expertise to manufacture smart TVs. Companies such as Xiaomi are especially focusing on the Asian market, where the penetration of smart TVs is less compared to the American and European markets. Xiaomi enjoyed a first-mover advantage in India.
The company also claims that 100% of its smart TVs are manufactured locally in India. And this not only means the assembly of these devices but complete manufacturing and sourcing of key components locally.
Xiaomi also grew its TV manufacturing infrastructure with a new factory in Telangana, with Radiant as a partner, apart from its existing smart TV manufacturing plant in Tirupati with its partner, Dixon Technology. A combination of these reasons has led to Mi creating a tough battleground for TV manufacturers in India. The brand has ambitious plans in the country with various launches planned to cater to Indian consumers.
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Takeaway
You can now purchase your favorite Mi TV by shopping at the Bajaj Finserv EMI Store or from anywhere that suited you the most. Whether you want to buy a budget-friendly model or a high-end Mi TV, you can do so at the EMI Store, and pay for the new TV in convenient monthly installments.