November 11, 2014 by ...
November 11 is Singles Day in China. The number ‘1 1′ looks like a pair of legs. Paradoxically the Chinese see
’11 11’ as not two pairs of legs or a couple, but as a few lonely people- go figure.
Be that as it may, November 11 is singles day. (For a full explanation of what this means go here. ) The short version, however, is that its a day for singles to commiserate. Think of it as the anti-valentines day.
Instead of making merry, Chinese buy stuff. People will hold back so that they can splurge on 11-11. Online stores like Taobao offer deep discounts and 30 million Chinese men forget that they will most likely never find a wife. Women over 30, the ‘leftovers’ also complain. Instead of hooking up with the excess guys, they buy stuff as well.
How does Xiaomi fit in?
Xiaomi had a kick-ass day off-loading 750,000 handsets. But that is just part of the story.
Just the facts:
– $16 million in sales in the first 5 minutes
-$90 million in first four hours
-$163 million in sales in the first 12 hours of the day
-720,000 Mi Phones
Various sources said that the low end Red Mi was the top seller, moving 460,000 units. When I had checked, it was the only handset sold at a discount. They also peddled 250k Mi4’s which will help their bottom line. The Red Mi is, by all accounts, a loss leader.
This will help Xiaomi who is seeking another $1.5 billion in funding. They said the funds are necessary for international expansion.