There have been inventions throughout history that have changed the way people live their lives. Some in a better way and some not. The impact of these inventions varies case by case. But one invention that has had a humongous impact on people living all around the globe is mobile phones.
Gone are the days when people would write letters and put them in mailboxes, for which others would wait for days to receive and read. The invention of mobile phones has revolutionized the world. People can talk to other people sitting in any corner of the world.
Today, mobile phones have evolved so much that the calling feature is the last thing a person considers while buying a phone. RAM, processor, operating system – in the early 2000s, these were not the features that were considered by a person while buying a phone. But a lot has changed over the years. This is an industry where innovations keep happening at a rapid pace. A ‘new’ feature released now becomes ‘old’ in a short time. What people want today is a good-looking phone with all the latest features. All the telephone companies are also fighting to provide just that.
This is where MI phones stand out. The Xiaomi company, in a short period, has started giving a tough competition to the big players in the mobile industry. With their world-class research and development department, they have managed to stay ahead of the curve and are currently a top choice for smartphone buyers.
Xiaomi has its operating system on which their products run on. The operating system is named MIUI, which was launched in August of 2010. Providing smartphones of top-notch quality at very reasonable prices is one of the major reasons behind MI’s meteoric rise.
Contents In This Article
- 1 Business Model:
- 2 Product Range:
- 3 Mi Store Franchise Requirements:
- 4 Return on Investment (ROI) / Profit:
- 5 More About The Company:
- 6 FAQs Regarding Mi Store Franchise:
- 7 Final Words:
Today, Xiaomi is giving all its competitors a run for their money. The company is doing it by making high spec phones and selling them at very low prices. The margins are razor-thin and the company is doing it without compromising on the quality or performance of their phones. This is why the competitors are having a hard time competing with Xiaomi.
In the beginning, Xiaomi did not own any retail stores. To save expenses, they used to run all their business through their online store. But the company later realized that they need to have a physical presence as well or they will be left behind. So now, the company has started venturing into the brick and mortar space and started opening up retail stores to combat competition.
The company mainly relies on social media and word of mouth instead of traditional advertising to publicize its products. By regularly holding flash sales and keeping a check on its stock, the company makes sure that the demand for its products always exceeds the supply. Instead of focusing on sales revenue, Xiaomi, by selling their products at almost at bill-of-material prices, has managed to build a loyal customer base in the market.
Another thing where Xiaomi stands out is that the company pays attention to consumers’ feedback. They pay close attention to the suggestions by the customers and sometimes, based on those suggestions and feedbacks, they develop updates and then roll them out. Thus, they also involve their customers in the development process.
So, by appealing to their fan base with low price, high spec phones and by also listening to what they have to say, Xiaomi has managed to rise to the top.
Xiaomi produces a variety of products like phones, phone accessories, laptops, etc. They have tried to cater to as many sections of the society as possible with their wide range of products. The products run on their in-house operating system called MIUI. Their smartphone range includes series like MI phones, MI Note, Redmi phones, Pocophone, etc.
Mi Store Franchise Requirements:
As is the case with any franchise, certain requirements need to be fulfilled to get the Xiaomi dealership. To become an owner of a Mi store franchise in India, a person needs to have a space or area of around 200 to 250 square feet where there is space to store the MI products. The individual can either buy the space or rent it.
One condition is that there should be no MI store in the 10 km radius from the place where the person wants to open the store. Otherwise, the person would not get the franchise. The store should be in an area where there is a lot of footfall. Having a low population in the store’s area would work against the individual.
After fulfilling these requirements, the next step is to fill out Mi store franchise application form here. Information like name of the applicant, address, phone number, details of the store, etc. will be asked in the form. After that, the application form will be reviewed by the MI personnel. They will check to see whether the location of the outlet or store is convenient to open an MI store. On the basis of that, the applicant will or will not be contacted by them to proceed further.
Return on Investment (ROI) / Profit:
Mi is a well-known brand with a huge demand all over India. Also, the brand is always coming up with new products laced with the latest features and technology. Therefore, it should come as no surprise that investing in a franchise store in a company like MI would fetch high returns.
Depending on the location of the store and the population size in the surrounding area, a person can expect returns ranging from 75,000 rupees to 1 lakh rupees in a month. That is not all. There are also many other benefits one gets from investing in an MI franchise. The MI staff is extremely helpful to the individual who wants to open a franchise.
Great technical support, good and helpful communication, simple terms and conditions, other franchise support, etc. are just some of the services provided by the company to the franchisee to help him in succeeding the franchisee business.
More About The Company:
Xiaomi is an electronics company that was founded in Beijing, China, in 2010. It was co-founded by Lei Jun, Hong Feng, Lin Bin, Wong Kong-Kat, Dr. Zhou Guangping, Li Wanqiang and Liu De. The company makes and sells products like mobile phones, laptops, televisions, etc. Xiaomi is the parent company of MI phones.
In Chinese, Xiaomi literally translates to ‘millet’. But according to the company’s CEO, Lei Jun, the company’s name has much more meaning to it. According to him, the first part, ‘Xiao,’ is related to a Buddhist concept, which means that a single grain of rice of a Buddhist is as great as a mountain. The second part, ‘Mi’ stands for Mobile Internet or Mission Impossible.
In less than 10 years since its formation, Xiaomi has been able to become one of the Fortune 500 companies. It ranks 468th on the Fortune Global 500 list. It is also currently the world’s fourth-largest smartphone brand. On the list of most valuable technology start-ups, Xiaomi ranks 4th with 1.1 billion US dollars in funding from investors. Xiaomi is expanding at a rapid rate. It already has around 15,000 employees in Malaysia, Singapore, China and India.
With the rapid growth rate and the ability to adapt to the changing environment in the technology industry, Xiaomi has managed to become a household name in the technology sector in less than 10 years, a milestone that some companies might take decades to achieve.
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FAQs Regarding Mi Store Franchise:
1. How to apply for the Mi store franchise?
To get Xiaomi dealership, a person is required to go to the official website of Xiaomi and fill the Mi store franchise application form to apply for the ownership of the franchise. The Mi personnel then review that form and if they are convinced, the individual should be given the dealership. They get in touch with them.
2. What are the requirements for Mi mobile dealership?
A person needs to have an outlet or space of around 200 to 250 square feet in a prominent area. The owner of the outlet has to make sure that there is no MI retail store within 10 km of the concerned outlet.
3. What is the ROI or Profit of Mi Store Franchise in India?
Great returns are given when applying for a Mi store franchise. Keeping the non-monetary benefits provided by the company aside, an individual can earn the profit between 70,000 rupees to 1 lakh rupees in a month, depending on the location of the store and the population in that area.
Today, Xiaomi is the brand to look out for in the technology sector. They are constantly innovating and coming up with new products. They are also not limited to just mobile phones. Laptops, televisions, speakers, etc. are also included in the list of products made and sold by Xiaomi.
In less than 10 years, Xiaomi has grown into an industry giant and is also listed in the Fortune Global 500 list. These are all good indicators for a person wanting to invest in the company as Xiaomi is continuously growing with no sight of slowing down any time soon.