How Xiaomi beat Apple: the Chinese company became the biggest smartphone manufacturer in the world, using a completely different strategy.
Don’t forget to subscribe to Pascal’s YouTube channel: https://www.youtube.com/c/PascalCoppens
00:00 Can Xiaomi ever beat Apple? Despite they can beat Xiaomi in shipments, it is unlikely for now that they will ever beat Apple in terms of revenue.
01:09 What is the story behind Xiaomi? Xiaomi started in 2010 to become the Apple of China, but running on Android and much cheaper. At first it was seen as a cheap copycat of Apple, but the products became better fast, despite keeping the price much lower than Apple. Today, their phones have very similar quality and feautures.
03:34 How is Xiaomi making money? Xiaomi is earning money from its internet services to connect the MI phones with hundreds of IoT lifestyle devices. They are even going into cars now.
06:17 What are the opportunities for Xiaomi? Their innovation is clearly a driver for new opportunities, but more so the connected world that 5G will enable with IoT devices from Xiaomi. New industries supported by Chinese government like chip design is a new opportunity.
07:47 What challenges is Xiaomi is facing? Their main challenges are globally where they could have similar ban as Huawei has experienced. ln terms of brand recognition and customer service, the company has some way to go still.
09:15 How is Xiaomi doing on providing ultimate convenience? The ultimate convenience that Xiaomi offers is built on superb quality like Apple, but at a much lower price. But also the choice of connected devices that can be controlled with the smartphone is extremely convenient.
10:36 Is Xiaomi a partner in life? For hardware partners, Xiaomi offers an important ecosystem for any partner to scale. This creates a bond between them. But mainly their involvement with customers or MI-fans is extraordinary when you see how much they listen to their customers to define future products.
12:07 How is Xiaomi changing society and the world? As Xiaomi is still a very young company, their reach on saving the planet is limited. But regardless, they still are doing great things in terms of Apps, plastic waste management and electrical vehicles and more.
13:36 What is the story behind Apple? Apple has been the most innovative company for years, and especially with the launch of iPhone – your life in your pocket- they set the bar very high in terms of customer experience. But even products like Airpods bring in more revenue than all of Adobe or Uber. So now imagine that they would build a car? Especially their flawless services show how strong the Apple ecosystem is, and why people buy ever more Apple devices.
16:05 What challenges is Apple is facing? They have hardware shortage issues and antitrust risks, but their main challenge is going into new services like streaming, where Netflix is dominant, or in the music industry where Spotify took their leading position with a new streaming model. Same with Apple tv, where content could not be detached from the platform. The biggest challenge is what is life after the iPhone? It seems they want to lead in terms of Augmented Reality.
18:47 How is Apple doing on providing ultimate convenience? Apple pretty much invented the user experience concept, especially in digital convenience with the customer at the center. They do this with such dedication, that they made manuals a thing of the past, and that even unboxing became a user experience.
20:10 Is Apple a partner in life? Well, the iPhone become our partner in our pocket, bringing value to every aspect of our life at the heart of the Apple ecosystem. But also in their retail stores, they create an experience and knowledge sharing experience that elevates your digital skills, making you a partner in their digital expertise.
21:10 How is Apple changing society and the world? For them, one their key contributions is their attention to ethics and privacy as a human value that needs to be protected. They are using their core strengths to make the world more sustainable.
22:37 How does Apple and Xiaomi compare? It is clear that Apple’s brand recognition will be very hard to beat for Apple. But if electronics become even more of a fashion items one day, them Xiaomi could have an unfair competitive advantage.
Want to learn more about keynote speaker Steven Van Belleghem? Check out his website www.stevenvanbelleghem.com and make sure to follow him on Instagram (@stevenvanbelleghem) and LinkedIn.