Xiaomi has claimed a record $3.11 billion in sales during this year’s Single Day event. The Chinese powerhouse sold more than 22.4 billion yuan worth of products across leading platforms like JD.com, Tmall, and Douyin. The Singles Day Shopping Festival was from October 23 to November 11.
The Singles Day Shopping Festival has seen a surge in sales over the years and this year was no different for Xiaomi. As a spin to the positive Singles Day showing, Xiaomi’s shares were up by 2% in Hong Kong early on Monday, October 13. Retail platforms have reported improvements in sales volume, order numbers, and participating merchants from last year. Alibaba reported an increase across the major growth metrics while JD.com reported a very strong performance by Apple. There are also little-known entrants in the market who recorded highly impressive results.
Xiaomi is riding on the crest of a highly innovative and fast-expanding product portfolio. The Xiaomi 14 smartphone was rated as the top-selling model in both Alibaba and Tmall from November 4 to 11. Xiaomi’s varied portfolio of tech products also meant it claimed top performance across several categories in multiple retail platforms. Xiaomi says it plans to revise upwards its smartphone shipment forecast in 2023 by 7% and 6% by 2024. This corresponds to a projected 160 million units in 2024.
The Singles Day Shopping festival has grown rapidly from a one-day event to a huge sales spree for several weeks. The impressive Xiaomi performance in this year’s Singles Day sales could also signpost similar performances by other Chinese brands.
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