Xiaomi plans ambitious plans to roll out retail outlets overseas
Smartphone maker pins its hopes on so-called “new retail” to arrest a slide in its home market as well as winning more buyers overseas.
Chinese smartphone maker Xiaomi is likely to expand its sales model of online to offline integration abroad, as its chief executive pins his hopes on so-called “new retail” to arrest a slide in its home market as well as winning more buyers overseas.
Lei Jun, founder and chief executive of the Beijing-based Xiaomi, said on Monday the company will adopt its sales strategy in China while making expansion overseas, a practice that would require self-built retail outlets on foreign land in addition to the company’s existing online presence overseas.
“We will bring our (sales) practice in China to overseas markets,” Lei said on the sideline of the ongoing meeting of the National People’s Congress in Beijing without disclosing any detailed plans.
The integration of online and offline sales, coined as new retail in China, is one of the key areas Lei, an NPC deputy, emphasises in his proposals to the NPC.
He said the new retail model provides “better customer experience” while at the same time “boosts sales efficiency”.
Offline stores are good for Xiaomi to attract overseas buyers in India and Southeast Asia as for a significant proportion of them smartphones are still big-ticket item. They want to check out real products first before making purchases and offline stores can also provide after-sales services
Earlier this year, Lei announced plans to open 1,000 bricks-and-mortar stores in China over the next three years, part of the company’s effort to reach its target of 10 billion yuan in revenue in 2017.