Electronics Company Branches Out To Offer Shoppers ‘Everything’ Store

Electronics Company Branches Out To Offer Shoppers ‘Everything’ Store
Consumer Goods

Chinese tech retailer Xiaomi is offering customers affordable lifestyle products and accessories like apparel, kitchenware and furniture in its 'Mi Stores' to drive engagement as well as build a brand ecosystem

Jennifer Passas
  • 5 november 2018

Chinese consumer electronics retailer Xiaomi is expanding its wares to offer customers a lot more than just tech and its accessories. Originally a smartphone maker, the company is now diversifying its in-store offer, featuring everything from drones to couches to toothbrushes, a brand-building tactic outlined in PSFK’s Future of Retail 2019 report.

Xiaomi experienced great success with smartphones at first, but started to lose market share in 2016. The company made the decision to change its strategy and opened what it calls its ‘Mi Stores,” calling its customers “Mi Fans,” which translates to rice noodles. So far the company has invested in 89 companies to greatly expand its product ecosystem, aiming to provide its young demographic with good quality yet affordable goods.

The company also is concentrating on offering a discovery experience for customers when they enter the store, aiming to provide new and exciting products for its shoppers to explore. Customers have had a significant role in the brand’s growth, including the ability to contribute to the design of Xiaomi’s products and participate in both city-level and nationwide events.

Similar to the way that Apple has branched out to offers customers much more than just tech goods and become an entire life ecosystem for its customers, the Chinese retailer hopes to extend its brand to encompass more of its consumers’ lives, as well as giving them more ways to engage with its products. Xiaomi is just one brand driving sales by enhancing engagement with consumers—for all the details, see PSFK’s report the Future of Retail 2019.

Chinese consumer electronics retailer Xiaomi is expanding its wares to offer customers a lot more than just tech and its accessories. Originally a smartphone maker, the company is now diversifying its in-store offer, featuring everything from drones to couches to toothbrushes, a brand-building tactic outlined in PSFK’s Future of Retail 2019 report.

+Asia
+china
+future of retail 2019
+merchandising & curation
+retail
+store experience & design
+Transactions & Payments
+Xiaomi

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