Xiaomi, the Chinese tech giant, has announced a new sub brand called the Mi Ecosystem to cover all the ecosystem products manufactured by the ecosystem partners of the company. The company will sell products made by its 55 ecosystem partner companies in which Xiaomi has made investments, who design and manufacture products beyond the company’s three core product categories: smart phones, smart TVs, and smart routers.
Xiaomi’s new Mi Ecosystem sub brand adheres to the philosophy of making products that stand out as work of art in daily lives. Out of the 55 ecosystem partner companies, 29 of them have been incubated by Xiaomi since their founding. Zhimi, the company behind Mi Air purifier, and Viomi, the company behind Mi Water Purifier are among the companies incubated by Xiaomi. 28 of the Mi Ecosystem partners have won international design awards, and 20 companies have already launched their products in the market. Most of them have also become industry benchmarks with a spectacular sales figure. Seven of the Mi Ecosystem partners already have annual sales of over $100 million and two of them have reached annual sales of over $1 billion.
Xiaomi, with the aim to promote an upgrade in Chinese manufacturing and to bring a new concept of made in China products, had started exploring the ecosystem business model two years ago. Xiaomi has been sharing its methodologies and existing resources, including supply chain, e-commerce, marketing and branding with all these Mi Ecosystem partner companies, and rather than simply being a venture company, Xiaomi has been imparting its approach to make quality products to these companies.
Xiaomi will start launching products under the Mi Ecosystem branding from April. The first product will be the Mi Induction Heating Pressure Rice Cooker, which will be launched during the Mi Fan Festival beginning from April 6. It will be priced at CNY 999 (roughly Rs.10, 200), and is supposedly 40 percent cheaper than its Japanese counterparts. The product will be sold in China via mi.com.
The Mi induction heating Pressure Rice Cooker is a Wi-Fi enabled internet connected device which can be controlled via the Mi Home app. The users can scan the rice pack using the Mi home app, and it will identify the type of rice, brand and origin. Depending on all these factors, the rice cooker will adjust its heating to best suit the rice type. The app will also provide recipes for dishes that can be made with the rice cooker, including cakes. Once you select a recipe, the cooker will adjust itself to cook that properly.
Xiaomi, which started as a software company five years ago, has diversified and become one of the major manufacturers of smart phones, tablets, as well as TVs. Now the company even sells air purifiers, suitcases, LED lights, set top boxes, routers and lamps under its brand. Most of these products are sold only in China. Xiaomi is in talks with different countries to expand its markets.