A China based tech company Xiaomi is fast becoming a pain to Apple. In 2014, Xiaomi sold 61 million smartphones, which has grown more than thrice its 2013 sales total. A few weeks ago, Xiaomi a five-year old company was able to raised $1.1 billion in new funding at a valuation of $45 billion.
Xiaomi smartphone price is significantly lower than iPhone, and it looks like iPhone. With that price it's a big deal for countries like China, India and other developing nation where average income is lower than those in the U.S. and Europe.
Xiaomi has also employed a strategy on selling their products online instead of having a physical store that that takes a big chunk of profit margins. They also use a "pre-order" system, producting the smartphones after an order is made and paid by the buyer. Since smartphone materials are continuously going down, they are reaping profits since the cost to manufacture the smartphone becomes cheaper than when the phone first went on sale.
iPhone 6 4.7-inch display, 64GB unlock version at TMobile is priced at $749 while the Xiaomi Mi 4 64GB is priced at $469.99 excluding tax.
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