Beijing-based Xiaomi is taking on competitors like Apple and Fitbit for control of the wearable market.
Sourced through Scoop.it from: fortune.com
Beijing-based Xiaomi is taking on competitors like Apple and Fitbit for control of the wearable market. Compared to the best-selling wearables in the United States, Xiaomi’s Mi Band looks underwhelming: It can’t display notifications, connect to third-party apps, or even tell the time. But, in the end, the product might just end up being what disrupts the wearables market just as it’s heating up.
Xiaomi shipped more wearable devices in the last quarter than everyone except tech giants Fitbit and Apple, according to a new report from IDC. In the second quarter of 2015, Xiaomi shipped 3.1 million units of its Mi Band — over four times as many wearables as the fourth place company, Garmin, and good for 17.1% of the global market. Sure, Xiaomi is best known for its smartphones, but it’s truly a major player in the fitness tracker world. What makes the Mi Band’s rise so striking is that previously, it was sold only in a few select markets — most importantly, China. Wearables is a broad category and it’s a valid argument that you can’t compare a Fitbit Force or Apple Watch to a Mi Band. An Apple Watch is a full computer on your wrist. The Mi Band doesn’t even have a screen. But the Mi Band is radically cheaper than almost any other major wearable. It’s $15 and can do the same step tracking and sleep quantifying as Fitbit and Jawbone, all for a fraction of the price. Its simplicity helps it sport a 30-day battery life, which makes it less likely to end up in a drawer because users forgot to charge it. Its low price also makes it a realistic buy for the emerging middle class in many developing countries.