Dubbed as Apple's equivalent in China's saturated smartphone market, phone maker Xiaomi nabbed $188 million on Singles Day, Android Authority reports.
Celebrated every Nov. 11, Singles Day is a tradition that dates back to 1993 which initially involved bachelors from Nanjing University who would like to go out, meet, and party with others. The celebration soon included single women and became a huge holiday in China where single individuals go out in massive meet-and-greet events.
Singles Day is China's version of USA's Black Friday, where Chinese businesses spur sales by offering attractive deals and huge price cuts on their products. Xiaomi, already a popular smartphone brand that offers cheap smartphones and other mobile devices, initiated its Singles Day strategy from Nov. 1, offering daily promos and sweet deals and ultimately culminated its run on the big day itself, according to Digital Trends.
During the build-up, Xiaomi even provided a teaser on a new smartphone. The strategy proved to be successful, as the smartphone maker immediately raked in $16 million by 12:12 am on Nov. 11. Thirteen minutes later, sales reached $31 million. Two minutes before 1:30 am, Xiaomi already has $63 million in the bank. By the end of Singles Day, Xiaomi's sales reached a whopping $188 million.
According to a statement by the China-based smartphone manufacturer, the $125 Redmi Note 2 was their bestselling smartphone. Xiaomi's smartwatch, the Mi Band Pulse, was the company's most popular device, which did not come as a surprise, given its $16 price tag.
Xiaomi's success is based on its strategy of providing cheap smartphones with high-end features, and China is its biggest market. Recently, top competitor Huawei has overtaken Xiaomi as China's top smartphone vendor in the last quarter, CNBC reports.
Meanwhile, China-based online market company Alibaba also broke its own record on Singles Day. The e- ommerce giant clocked in $14.3 billion in sales via its online payment service. On last year's Singles Day, Alibaba registered $9.3 billion in sales. This year's figure represents a 60 percent jump from the previous year, indicating the company's continued growth in a crowded Chinese market.
