Xiaomi Corp is overhauling its India strategy after misjudging consumer tastes in mobile phones, a costly lapse that has allowed Samsung Electronics to pip the Chinese company to the top spot in the world's second biggest market for the devices.
, 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.
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 fundsby the country's financial crime agency for alleged illegal remittances to foreign entities, which Xiaomi denies.
But Xiaomi, which has acknowledged it introduced "too many" models in the past, is revamping its product line-up to focus on premium smartphones. "We understand that we have a long way to go in this journey, and therefore are bringing in much stronger products."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.
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. Xiaomi has also tapped partnerships to offer loans, calling them a key growth driver for sales of phones priced above 15,000 rupees and adding it will explore more such offerings.
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