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Xiaomi is emerging as the 'Apple of China'

Xiaomi is quickly developing a reputation as a solid firm which is poised to compete with all of the competitors in mobile computing. The research firm Canalys says Xiaomi sold more smartphones during the first quarter of the year in China than Apple sold reported Business Insider on May 17, 2014. Xiaomi is eating into the market shares of giants like Samsung, Apple, and Lenovo.

Xiaomi CEO Lei Jun speaks during a product launch in Beijing, China.
Xiaomi CEO Lei Jun speaks during a product launch in Beijing, China.
ChinaFotoPress/Getty Images

Overnight Xiaomi has become known as the "Apple of China." Products from Xiaomi look a little like Apple products and have been generating the same type of infectious excitement among consumers. New devices from Xiaomi often sell out online within minutes. The firm's CEO, Lei Jun, has been referred to as a Steve Jobs-like figure.

Xiaomi has plans for very aggressive international expansion. The firm is planning to start selling devices in Russia, India, Brazil, and some other countries in near future. Apple and Samsung have been catering to wealthy consumers. Xiaomi now hopes to attract the millions of consumers who may have been waiting to spend less to make the jump to smartphones.

Xiaomi is making a name for itself by selling devices which are similar to the iPhone for almost a third of the price which Apple products cost reports PC World. Xiaomi claims it can keep it's prices low by keeping them just a little higher than their costs. Also, Xiaomi is not relying expensive traditional marketing and distribution practices.

The firm doesn't spend money on traditional advertisements and doesn't have a network of its own physical stores which it has to staff and maintain. Xiaomi is instead relying on the Internet to fuel sales. Xiaomi is positioned to dramatically shake up the mobile computing market.