During pan-Asia blitz, Xiaomi sells more than 2 million smartphones in 12 hours

Yesterday, to commemorate its five year in business, Chinese smartphone vendor Xiaomi held a 12-hour “fan festival” sales blitz across all of its markets. In that period, the company sold 2.12 million smartphones, raking in revenues of RMB 2.08 billion (about US$335 million).

The company also sold 770,000 smart appliances (it sells lightbulbs, air filters, and other smart home products), 208,000 Mi Band wristbands, and 247,000 units of its newly-introduced power strips.

This recent sales blitz nearly doubles its record from last November’s Singles Day event. On that day Xiaomi sold 1.2 million phones – though that promotion targeted customers primarily in mainland China. Keep in mind that the fan festival promotion was only 12 hours, while Single’s Day lasted a full-day.

Xiaomi’s flash-sale model of doling out goods serves several purposes. First, it helps gauge demand, which thereby helps the company minimize its number of unsold units. Second, it creates the illusion of scarcity, which builds up the brand hype.

Last year Xiaomi sold over 60 million smartphones. It hopes to pass 100 million units this year.

Editing by Steven Millward