Ever since the company’s inception and introduction in the Indian market, Xiaomi has been in news because of its vibrant range of products and attractive price range. The products have not only fulfilled the expectations of the price cautious market segment. Xiaomi has also delivered unmatched quality and performance. Such a track record in Indian market has upped the ante for the brand! The company is now planning to hike prices of their products with a revised price list.
Some selected products such as the Redmi Note 5 Pro and the Mi TV 4 55-inch 4K TV have already seen a price hike. Xiaomi has now announced hike in price of other items from its portfolio. No matter how much a brand or product is loved in the market, but the price hike is never welcomed by the end customer. However, the company has a justifiable argument for the price hike. The bone of contention here is the recent dip in value of Indian Rupee against the US dollar $.
Xiaomi has been exporting major components to the Indian market. International trade function works in direct conjunction with the international forex reserves. When there is an increased differential between one currency from another, the company has to incur additional input cost. This additional cost eventually reflects in the price of the final product.
According to Manu Kumar Jain, Head of Xiaomi India, the hike in price of products is unavoidable because of huge fluctuation in value of Indian Rupee. Upon reviewing the forex market, we see that Indian Rupee has actually dipped by 15% in value against $ US. The dip has been occurring since beginning of 2018. The hike in $ price justifies the stance of the brand to increase the prices of products in order to justify its cost function. It is unsure if the hike in price would impact the sales or popularity of brand!
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