What made Mi smart TVs so popular among consumers?
The prevalence of smart TVs today would make one believe that Indian consumers have, at least for the past half a decade, been inclined to purchase smart TVs. However, the smart TV industry is still very young, and not a lot of consumers were privy to the concept of smart TVs until 2018. This ‘explosion’ of smart TV sales can be traced back to 2018 when Xiaomi decided to enter the nascent Indian smart TV market.
In a lot of ways, Xiaomi foraying into the Indian smart TV market is similar to the brand’s entry into the Indian smartphone market back in 2014. Until then, it was Samsung, along with Indian brands such as Micromax and Karbonn that ruled the roost. Consumers were programmed to purchase Samsung smartphones, as there weren’t many other alternatives. This also resulted in Micromax going neck and neck with the South Korean giant in terms of market share.
However, that changed when Xiaomi started offering pocket-friendly devices that packed excellent features. All of a sudden, the Indian consumers, who were resigned to purchasing either a Samsung phone or a mobile phone from one of the local brands, now had options. Xiaomi’s budget offerings would often extend the same features and benefits as Samsung’s expensive handsets. Within two years, Xiaomi managed to become the go-to option for consumers that wanted value for money.
Xiaomi’s success in the smart TV industry
Within the first two years, the Chinese electronics juggernaut managed to sell more than five million smart TV units in the country! Today, Xiaomi is the undisputed leader in the smart TV industry, often capturing one-third of the market share. The Mi TV price is one of the major reasons behind the brand’s success in a relatively short period.
For instance, during Q1 2020, Xiaomi captured a market share of 27 percent, while the other two behemoths — LG and Samsung accounted for a combined market share of 24 percent! Xiaomi, at least in the eyes of the average Indian consumer, is miles ahead of the competition, and the brand hasn’t shown any signs of slowing down.
Wide range of options
Another factor that makes consumers gravitate towards Mi smart TVs is the sheer number of options available in the market. Mi offers TVs in various sizes; the Mi 32-inch smart TV is arguably the most popular model, followed by the Mi TV 43-inch model. These smart TVs come with decent screen size, whilst the Mi TV price is on the lower end of the price scale.
The brand, in addition to its earlier 4A, 4A Pro and 4X models, announced the Horizon Edition TV series last year. This was followed by the launch of the Redmi TV line. More recently, the brand started producing QLED TVs, which are premium TV models, and offer superior visuals compared to LED TVs.
Brand name and trust
We often observe that brands carry their loyal customer base across industries, and Xiaomi banked on the trust and goodwill it garnered with its exploits in the smartphone industry. Xiaomi became the ‘common man’s brand’ by offering pocket-friendly smartphones that packed impressive features, and believed that would be enough to attract consumers in the smart TV market. Their assumption was proven right, and Mi TVs quickly became the go-to models for consumers.
Xiaomi’s commitment to Indian consumers
Another reason why consumers opt for Mi products is because of the brand’s commitment to Indian consumers. Xiaomi has set up multiple local manufacturing plants, with the brand pledging long-term commitment to creating local jobs, whilst bolstering the prospects of consumers being able to purchase Indian-made products. The Make in India initiative has resulted in brands like Xiaomi placing greater emphasis on manufacturing their products locally, which has created thousands of jobs, while directly producing skilled labour.
Xiaomi struck the right tone with the Indian consumers years ago when it started offering pocket-friendly products that were durable, and were of good quality. Mi smart TVs run on the Android operating system, while housing powerful processors, decent RAM size and adequate internal storage. With a smooth, seamless user interface, Mi smart TVs enable users to find customized content, while making the TV user-friendly. All of these factors have worked in favour of Xiaomi, with consumers preferring Mi smart TVs to those offered by other brands. Thinking of purchasing a new Mi smart TV? If you want to purchase a 55-inch model, it might put significant strain on your finances. However, by using the Bajaj Finserv EMI Network Card, you can purchase any product you like without having to dip into your savings. Pay for the new Mi TV at no-cost EMIs, and repay the amount later in convenient monthly instalments. The EMI Network Card comes with a pre-approved loan of up to Rs. 4 lakh, and can be used in 1 lakh+ partner stores, located in 1,900+ cities across the country