Round about this time of the year in the U.S. there is much talk of Thanksgiving. As to be expected, along with Thanksgiving is all the talk on what deals we are likely to see during the annual sales extravaganza that is Black Friday. This is the period in which companies hope to clear copious amounts of stock by offering discounted prices and a period which consumers hope to bag some seriously sought after products at some seriously good prices.
Well, in China, they have “Singles Day” and similar to Black Friday, Singles Day is thought of as one of the biggest (if not the biggest) sales days on the Calendar. As such, a great opportunity to add some big numbers to the company takings. Well, when it comes to Singles Day, Xiaomi seem to know what they are doing and reported some rather impressive sales last year. A feat that they now looked to have repeated this year. Of course, Xiaomi made sure this year, they were hitting the ground running as the company did announce discounts on certain products over the days leading up to the big day. Not to mention, they had some new additions like the Mi Band 1S which is said to have gone on sale today in China.
Singles Day occurred today (November 11th) in China and Xiaomi is now confirming that by the time they had finished up they had made $188 million (¥1.2 billion). Keeping in mind, that this is the total for a single day’s trading. In fact, the numbers get even more impressive, the smaller you break the sales times down. Throughout the day, Xiaomi was releasing sales figures at regular intervals and straight as the sales opened, the numbers began to increase rapidly. To give you an example, in less than 12 minutes (11 minutes 56 seconds) of the sale commencing, Xiaomi pulled in ¥100 million ($16 million). A little after 25 minutes of the sale starting, the figure doubled to ¥200 million ($31 million). Continuing the trend, in less than ninety minutes of the sale starting (1 hour and 28 minutes) that figured had doubled again to ¥400 million ($63 million). If such a sentiment can be made, the pace of sales did begin to slow down somewhat with another ¥100 million being added every couple of hours until the company did finally close on that massive ¥1.2 billion figure.