Xiaomi in 150m yuan ‘giveaway’ after a U-turn in smartphone sales
2017 sales target reached two months ahead of schedule, with shipments of 70 million handsets worth 100 billion yuan achieved by the end of October
Chinese smartphone maker Xiaomi is giving away 150 million yuan (US$22.7 million) worth of rewards to customers in a shopping festival starting Tuesday after the company managed to turn around its smartphone sales, which are expected to top 90 million units for the year.
Between December 19 and 26, Xiaomi is distributing 1 million coupons worth 100 yuan each and the same number of 50 yuan coupons to consumers who can use them to purchase most products listed on Xiaomi’s official platform, without any restrictions.
Xiaomi will also provide gift coupons to redeem products like phone cables for those who could not secure cash coupons. Consumers placing orders during the week-long shopping festival can save up to 2,200 yuan, according to the company’s website.
Xiaomi wanted to find an “unpredictable” way to express gratitude to its supporters after the company reported a good performance this year, founder and CEO Lei Jun said on his official Sina Weibo account.
Xiaomi, which briefly held the title of world’s most valuable start-up in 2014, has become known for its flashy online marketing campaigns, but it stumbled last year due to fierce competition at home.
The company saw a U-turn in sales in the second quarter of this year when it shipped a record 23 million smartphones during the three-month period, a 70 per cent surge from the previous quarter.