tech2 News StaffApr 04, 2016 08:48:53 IST
Xiaomi announced its 'Mi Ecosystem' last week with the launch of the Mi Induction Heating Pressure Rice Cooker which is priced at RMB 999 (approximately Rs 10,200). It is said to be 40 percent the price of comparable high-end Japanese induction heating pressure rice cookers.
The Chinese phone maker expects the Mi Ecosystem, with products such as power strips, air purifiers, Ninebot and so on, to bring in $1.5 billion in sales this year. According to Liu De, Xiaomi's vice president of industrial design and ecosystem quoted in the Wall Street Journal, this is double the revenue from last year.
According to Liu De, Xiaomi does not make the Mi Ecosystem products itself but its partners make them. He said that these Mi Ecosystem products offer better net margins than its phones due to the fierce competition in China.
"It’s like, our phones are so well-made, so cheap, the margins are so thin,” De said. “Buying a power bank from us is like giving us a tip, in a way.”
To build the Mi Ecosystem, Xiaomi has so far reportedly invested in 55 companies that design and manufacture products beyond its three core product categories which include smartphones, smart TVs and smart routers. Among these, 29 companies including Zhimi (which makes the Mi Air Purifier) and Viomi (which makes the Mi Water Purifier) have been incubated by Xiaomi.
Welcome to Tech2 Innovate, India’s most definitive youth festival celebrating innovation is being held at GMR Grounds, Aerocity Phase 2, on 14th and 15th February 2020. Come and experience an amalgamation of tech, gadgets, automobiles, music, technology, and pop culture along with the who’s who of the online world. Book your tickets now.