Xiaomi was not among the first brands to hit the Indian TV market. Nonetheless, it has most definitely left its mark since. Today, mi smart tv category has gained a significant chunk of the market share.
The success of the brand can largely be attributed to the carefully planned and executed pricing strategy in the high-end TV space. However, a closer look will reveal that there is a lot more to it than meets the eye.
A 2019 report by the International Data Corporation (IDC) indicates that Xiaomi was leading the smart TV category at the end of Q4 2019. This number equates roughly 33.33% or 1/3rd of the entire market share.
Over time, the brand has overtaken market leaders like Samsung (14%), and LG (12%). What’s more surprising is that other companies like Vivo, OnePlus, Motorola, Nokia and others have tried to follow in its footsteps, but have not had the same amount of success.
So what makes Xiaomi a leader in the smart TV category? We’ve noted a few reasons that may provide an explanation.
Smart Content Partnership
Over the years, Xiaomi has inked smart partnerships with content providers from a wide spectrum of TV channels and streaming apps.
This has resulted in buyers getting hooked on to their TVs for a longer duration of time. Today’s buyers don’t just like their smart TVs to be cost-effective; they also want as much entertainment as they can get for the price.
Xiaomi PatchWall UI
Xiaomi first released its Patchwall in the year 2017.
The UI offered a great user-interface, and more importantly partnered with a number of content partners to provide a slew of entertainment options for buyers.
At the start of 2020, Xiaomi launched its latest UI Patchwall 3.0. The UI comes with a completely new interface, 2 new themes (dark and white), and a whole host of other features.
Mi TVs have also partnered with 16+ content providers to offer a buffet of entertainment options.
Older-gen models like the 32-inch led TV also get the 3.0 Patchwall UI update and support, making it easy for users to climb the upgrade ladder.
Another important reason for the success of Xiaomi smart TVs is the change in the Indian consumer mindset. Sure, price is an important attribute, especially in the price-conscious TV space, but what Xiaomi’s success tells us is that buyers no longer focus on brands.
Buyers are gradually moving towards what features they get and the price they pay for those features. Kudos to the company for carefully following this market trend, and frankly, other manufacturers should take a page out of their book.
With newer launches, price cuts, and regularly updated features, buyers are constantly bombarded with the latest and best offers. Whether it is festive seasons or just random releases, these events have become more and more commonplace.
Individuals look forward to the latest offerings and often discuss the latest smart TV tech. All this leads to significant hype and publicity, just like in the smartphone marketplace.