Xiaomi to open second authorised store in South Africa in Cape Town

Following on from the success of Xiaomi’s first authorised store opening at Sandton City, Johannesburg in November, the technology giant is announcing that its second store will officially open on 16 December 2022.
The opening of these two physical stores demonstrates Xiaomi’s recognition of South Africa as a very important market, as well as its continued commitment to bring Innovation for Everyone, as has always been the brand’s mission from the beginning of its journey.
Situated at Shop 82 at Canal Walk Shopping Centre, the new store has already opened for trading, but its official opening date is set for 16 December 2022. The official launch is to give everyone the opportunity to make their way to the store to celebrate this milestone of the brand as well as take advantage of the amazing opening specials.
These include 50% off select items, 10% off other select items, and a free Mi Band 5, valued at R699, with any smartphone purchased in-store. All of these specials are for one day only (on 16 December) and are valid while stocks last (T&Cs apply).
With Cape Town being the second most populous city in South Africa and one of the country’s economic hubs, Xiaomi picked the Mother City for these and many other reasons as the location for its second store. Making smart products more accessible, to make people’s lives easier and more convenient, is being realised thanks in part to the new physical stores in Cape Town and Johannesburg.

About Xiaomi Corporation

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange in 2018 (1810.HK ). Xiaomi is a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core.
Embracing our vision of “Make friends with users and be the coolest company in the users’ hearts”, Xiaomi continuously pursues innovations, high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.
Xiaomi is one of the world’s leading smartphone companies. According to Canalys, the company’s market share in terms of smartphone shipments ranked No. 3 globally in the third quarter of 2022. The company has also established the world’s leading consumer AIoT (AI+IoT) platform, with 558 million smart devices connected to its platform as of September 2022, excluding smartphones, tablets and laptops.
Xiaomi products are present in more than 100 countries and regions around the world. In August 2022, the company made the Fortune Global 500 list for the fourth time, ranking #266, up 72 places compared to 2021.
Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index

About Xiaomi South Africa

Xiaomi has been in the South African market since 2017. Over and above their existing partnerships with Vodacom and retailers such as Takealot, TFG, Incredible Connection and PEP, Xiaomi is actively expanding their networks through both mobile operators and online distributors to increase availability of their devices at multiple touchpoints. Their ultimate goal is to establish brick-and- mortar Mi Stores across the country.
Xiaomi is committed to bringing the very best smart technology into South Africa, and is set to expand their repertoire of smartphones, AIoT and 5G technology over the coming months. Xiaomi’s mandate is to supply South Africans from all walks of life with the smart, innovative technology they need to live a better life.

QUESTIONS 1: 40 MARKS

New product development is vitally important to shape an organisation’s growth and financial success. Utilize your knowledge of the New Product Development Process and discuss the five-step approach that Xiaomi would have followed in the development of a new product. Provide examples of these products to justify your answer.

QUESTIONS 2: 25 MARKS

Briefly discuss the categories of new products, and provide examples of how Xiaomi has effectively implemented development in these categories.

QUESTIONS 3: 25 MARKS

Briefly describe reasons why new product development is important for a company and why it must be implemented in the electronic industry.

Answers to Above Questions on Xiaomi  Case Study

Answer 1: New product development is highly essential for any type of company in order to keep up with the changing taste and preferences of its end customers. Xiaomi is a leading technology company that pays significant attention in developing new products in its product portfolio. The five important steps involved in the process of developing a new product includes Idea generation, screening of Idea, concept testing, feasibility analysis, and product development and commercialisation. An analysis of all these 5 steps in the case of Xiaomi’s new product development along with example is performed as follows: