Xiaomi has consistently adjusted its business model since the company first opened shop in 2014. From an online-only sales model, offline stores were incorporated. The smart home products division is yet another model that generates considerable revenue for the company. Since the company went public last year, the adjustment has become vigorous as the company strives to generate profit for investors. In May this year, the company announced some organizational restructuring and personnel appointments. The appointments include Lei Jun, the chairman and CEO of the group, assuming further responsibilities as president of Xiaomi Group with the full responsibility for business development and team management in China.
About a month after that announcement, Lei Jun and Xiaomi China team held a closed-door cadre mobilization meeting. At the meeting, Lei Jun proposed a slogan for the team which is “Xiaomi Iron Army, three years of victory!” A video of Lei Jun giving a speech in Chinese during the meeting was shared. In the video, the CEO did set a goal of three years for the company to capture the Chinese market. He hinted that the brand’s goal is to attack on the Xiaomi and Redmi brands and in the AIoT products. The company is also looking at emerging opportunities in 5G to win over most of the Chinese market.
In January this year, Xiaomi had announced its dual engine strategy with a focus on mobile phones and AIoT. AIoT is a reference term for the incorporation of artificial intelligence into the Internet of Things in order to create a smart ecosystem of connected devices. We have seen the firm implement this system of combining its XiaoAI smart assistant with its smart home (IoT) devices lately.
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Last week, Xiaomi announced the restructuring of the China region and the establishment of an offline business committee for China. Zhang Jianhui, vice president of China was appointed as the chairman of the offline business committee and will report directly to Lei Jun, the president of China. All these are efforts aimed at capturing the local market. However, Xiaomi has several hurdles to cross in order to topple Huawei which has the largest market share in China.
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