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NEW DELHI\/LUCKNOW: Xiaomi Corp<\/a> is overhauling its India strategy after misjudging consumer tastes in mobile phones, a costly lapse that has allowed Samsung<\/a> Electronics to pip the Chinese company to the top spot in the world's second biggest market for the devices<\/a>.
While Xiaomi<\/a> remained focused on selling mobile phones under 10,000 rupees ($120), Indian consumers were willing to pay up for better looking models with richer features. South Korea's Samsung launched products to meet those aspirations and offered innovative financing schemes that made them affordable to most.
Those moves have helped Samsung wrest leadership of India's competitive mobile phones market from Xiaomi, with data from Hong Kong-based Counterpoint Research<\/a> showing it had a 20% market share for the last quarter of 2022 compared to the Chinese company's 18%.
\"The Indian market is witnessing a 'premiumisation' trend. (But) Xiaomi has been caught underprepared for the shift with a budget phones-heavy portfolio,\" said Tarun Pathak, a research director at Counterpoint.
The loosening of Xiaomi's vice-like grip on the 626 million Indian smartphone users - the second biggest after China - shows how companies that fail to cater to changing consumer preferences in a fast-growing economy with rising disposable incomes are being punished.
Most famously in India, Tata Motors' 100,000 rupees ($1,200) Nano, billed as the world's cheapest car, was shunned by consumers who associated the low price tag with inferior quality.
Indians' push for more expensive mobile phones to consume videos and other content will also benefit social media app providers such as Meta, and iPhone maker Apple Inc, which so far has a tiny market share in the country due to its sole focus on high-end phones, priced from $605 to as high as $2,304, according to its website.
According to Counterpoint, the market share of the sub-$120 phones in India fell to 26% in 2022 from 41% two years ago. And premium phones - priced above 30,000 ($360) - saw their share double to 11% in the same period.
Xiaomi and Samsung both count India as a key growth market, with smartphones their top selling electronic device. The Chinese company recorded total revenue of $4.8 billion in 2021-22 in India, while Samsung registered $10.3 billion in sales, of which $6.7 billion came from smartphones.
Xiaomi, though, is already facing heat in India due to the departures of at least five senior executives, and increased government scrutiny amid frosty relations with neighbouring China. The company has $674 million of its funds frozen by the country's financial crime agency for alleged illegal remittances to foreign entities, which Xiaomi denies.
A Reuters check on product listings on Xiaomi's website showed the mismatch between consumer needs and the products the company has been offering. Xiaomi showed six smartphones priced above $360, compared with Samsung's 16. Under $120, Samsung had seven models, while Xiaomi listed 39 - most of which were shown to be out-of-stock.
And premium phones accounted for only 0%-1% of Xiaomi's total India phone shipments in the last two years, when Samsung's higher-end phones more than doubled their share to 13%, Counterpoint data showed.
But Xiaomi, which has acknowledged it introduced \"too many\" models in the past, is revamping its product line-up to focus on premium smartphones<\/a>.
It launched in January the Redmi Note 12 whose top-end variant is priced above 30,000 rupees, and more recently the Xiaomi 13 Pro at 79,999 rupees ($970) - its highest priced phone in India. The strategic shift seems to have paid immediate dividends, with the Redmi Note 12 clocking sales of $61 million within two weeks of its launch.
\"We have laid out a streamlined and cleaner portfolio with a focused approach to building expertise in the premium segment, and the launch of our latest flagship, Xiaomi 13 Pro, is a step in that direction,\" said its India President Muralikrishnan B.
\"We understand that we have a long way to go in this journey, and therefore are bringing in much stronger products.\"
LOANS FOR PHONES
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A Samsung scheme, run with its financing partners that says it offers \"convenient and assured\" loans, played a significant part in its recent success in India, helping generate $1 billion in device sales last year.
A poster of Samsung's offering that Reuters spotted on a dusty street used by fruit sellers in Uttar Pradesh state said that even those with no loan history, low credit scores or without salary slips could get a phone.
Sanjeev Kumar Verma, owner of a nearby multi-brand phone shop, has benefitted from the company's loan scheme. Speaking to Reuters in his shop, where hundreds of phones are stacked on shelves, Verma said he used to sell five Samsung phones each month, but has quadrupled that to 20 now, 18 of which are via the loan scheme.
Verma, and another smartphone vendor in Mumbai, said that unlike rivals, Samsung required no local address proof, making it easier for migrant workers or those working outside their home state to acquire phones on loans. Samsung did not comment on the remarks by the vendors.
The growth in premium segment phones was much higher in small towns than in big cities, Samsung's India mobile unit head Raju Pullan told Reuters in February, adding almost half the consumers who opted for its financing scheme were first-time loan seekers.
Samsung says its financing app installed on smartphones can lock the device and block outgoing calls for missing loan payments.
Xiaomi has also tapped partnerships to offer loans, calling them a key growth driver for sales of phones priced above 15,000 rupees ($183) and adding it will explore more such offerings.
Muralikrishnan said the company will also open more stores beyond its current network of 20,000 retail partners, and boost local procurement of mobile phone parts, likely reducing costs.
Some industry analysts said the new strategy could help the Chinese company return to solid growth in India.
\"Xiaomi has historically enjoyed a strong brand equity, has a robust online and offline channel presence, and can spring a comeback with a potentially strong premium and value-for-money product mix,\" said Prabhu Ram, head of industry intelligence at CyberMedia Research.
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小米的缓慢转变印度高端智能手机帮助三星偷走它的皇冠
6.26亿年小米的fens放松印度智能手机用户——第二大在中国展示了公司未能迎合消费者喜好的改变与可支配收入增长正在快速增长的经济惩罚。
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新德里/勒克瑙:小米公司改革印度战略误判后在手机消费者的口味,一个昂贵的失误,允许吗三星电子脉冲榜首的中国公司全球第二大市场设备。
而小米仍然集中在销售手机10000卢比(120美元),印度消费者愿意花更好看模型与丰富的特性。韩国的三星推出的产品满足这些愿望和提供创新的融资方案,让他们负担得起的大多数。
这些举措帮助三星手中夺取领导权的印度从小米竞争激烈的手机市场,与来自香港的数据对比研究显示有20%的市场份额在2022年最后一个季度相比,中国企业的18%。
“印度市场是见证一个“premiumisation”的趋势。(但)小米被抓到准备不充分的预算phones-heavy组合的转变,”塔伦帕沙克说研究主管对位。
6.26亿年小米的fens放松印度智能手机用户——第二大在中国展示了公司未能迎合消费者喜好的改变与可支配收入增长正在快速增长的经济惩罚。
最著名的印度塔塔汽车的100000卢比(1200美元)纳米,号称世界上最便宜的汽车,被消费者回避相关的低价格与质量低劣。
印度人推动消费更贵的手机视频和其他内容也将受益社交媒体应用程序提供商如元,和iPhone制造商苹果(aapl . o:行情),目前有一个小的市场份额在中国由于其唯一专注于高端手机,价格从605美元到2304美元,据它的网站。
根据对位,低于120美元的手机的市场份额在印度两年前从2022年的26%下降到41%。和高端手机——定价超过30000(360美元)——看到他们分享同期11%的两倍。
小米和三星数印度作为一个重要的增长市场,与智能手机最畅销的电子设备。这家中国公司记录的48亿美元的总收入在2021 - 22在印度,而三星注册103亿美元的销售额,其中67亿美元来自智能手机。
不过,小米已经面临热在印度由于至少五个高管的离职,和增加政府审查在中国与邻国的关系。公司有6.74亿美元的资金冻结的金融犯罪机构涉嫌非法汇款外国实体,这小米对此予以否认。
路透检查产品清单在小米的网站上显示消费者需求之间的不匹配,公司提供的产品。小米显示六个智能手机价格超过360美元,相比之下,三星的16。120美元以下,三星有七个模型,而小米上市39——其中大多数是脱销。
和高端手机仅占总数-1%的小米0%印度手机出货量在过去的两年里,当三星的高端手机的份额翻了一番多13%,对比数据显示。
但小米已经承认它介绍了过去“太多”模型,是专注于改进其产品线高端智能手机。
推出红米笔记1月12的高端变异定价超过30000卢比,而最近小米13 Pro 79999卢比(合970美元)——在印度最高价格的手机。战略转变似乎立即支付股息,红米注意12时钟销售6100万美元的两周内推出。
“我们已经制定了一个精简和更清洁的组合与集中的方法来构建高档车市场中的专业知识,发布我们最新的旗舰,小米13个专业,是在这个方向上迈出的一步,”表示,印度总统Muralikrishnan B。
“我们知道我们在这次旅行很长一段路要走,因此带来了更强的产品。”
贷款的手机
三星计划,运行其融资伙伴说它提供“方便、放心”贷款,在印度最近的成功起着重要作用,帮助生成去年销售额10亿美元的设备。
三星提供的海报,路透发现一个尘土飞扬的大街上使用的水果商贩在北方邦说即使那些没有贷款历史,信用评分较低或没有工资条可以一个电话。
(Sanjeev Kumar Verma附近的多品牌手机店的老板,受益于公司的贷款计划。在他的商店在路透社的采访,成百上千的电话是堆放在货架上,Verma说他能卖5三星手机每个月,但现在已经翻了两番,20,18通过贷款计划。
Verma和另一个智能手机厂商在孟买,说,与竞争对手不同的是,三星不需要本地地址证明,方便农民工或者工作在他们的家乡收购手机贷款。三星没有供应商的言论置评。
溢价部分手机要高得多的增长比在大城市在小城镇,三星的印度移动单位负责人Raju Pullan 2月对路透表示,增加了几乎一半的消费者选择了其融资计划首次贷款的人。
三星称其融资应用在智能手机上安装锁定装置,可以阻止外向呼吁失踪的贷款。
小米也借鉴了伙伴关系,提供贷款,叫他们销售的主要增长动力的手机价格超过15000卢比(183美元),还将探索更多这样的产品。
Muralikrishnan表示,该公司还将开设更多的门店超出其当前的20000零售合作伙伴网络,并提高本地采购的手机零件,可能降低成本。
一些行业分析师表示,新策略可以帮助中国公司在印度回到稳健增长。
“小米历来喜欢一个强大的品牌资产,有一个健壮的线上和线下渠道的存在,和春天复苏与一个潜在的强大的溢价和资金效益的产品组合”表示您正在Ram,当地行业情报主管。
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