China’s marathon 24-hour online sales event , Singles Day certainly proved out to be a fascinating day for world’s third biggest smartphone manufacturer, Xiaomi. It recorded a staggering 720,000 smartphone sales and clocked RMB 1 billion (US$163 million) in the first 12 hours of the mega online sales event.
The Singles Day is similar to the biggest online shopping event “Cyber Monday” in the US. Alibaba has already trademarked the Singles Day term. However, it is still being used by other sites for their online sales event. Around 250,000 units of the $300 Mi4 device, 460,000 units of its the $150 Redmi device and 25,000 of its Mi TVs have already been sold, providing a huge leap and funding to the smartphone maker. Hugo Barra, Xiaomi’s VP of International, also added that the company reached ¥100 million (US$16 million) within five minutes of opening up.
The profit earned will surely be used to support the $1.5 billion funding it recently received, for global expansion purposes. Xiaomi has already proved its proficiency in flash sales department with its recent ultra fast sales in India via Flipkart and clearly, is a company on rise. Xiaomi also plans to reach more parts of Southeast Asia and to enter Central and Latin America in the coming months.
But it was not only Xiaomi which benefitted from the sale. Infact, Xiaomi’s sales are only a fraction of what Alibaba achieved. Alibaba’s sales sky rocketed to a whopping $2 Billion in just 2 hours of sales, a mark which it achieved in 12 hours last year.