Xiaomi Launches Mi Exchange Phone Trade-In Program in India
The story of Xiaomi’s offline expansion in India is an interesting one. Only a few fiscal quarters ago, the company didn’t have much of a brick-and-mortar presence in India. However, things changed last year with the introduction of Xiaomi’s Mi Preferred Partners program and Mi Homes, which popped up with increasing frequency in major Indian cities. They’ve been a huge success: Xiaomi’s is on track to become the largest smartphone manufacturer in India. And now, the company wants to boost online sales even further with a new trade-in program called Mi Exchange.
Mi Exchange is a partnership between Xiaomi and Cashify that lets customers exchange their old phones for new Xiaomi devices. In an announcement on Wednesday, the smartphone maker said that customers can visit a Mi Home store to take advantage of Mi Exchange, and that only one device from Cashify’s portfolio can be traded in at a time. Resale value is determined by Cashify’s smartphone application (Xiaomi says it’s based “purely […] on the old phone condition”), and customers get it in the form of an e-receipt. It’s then deducted from the non-negotiable purchase price of a new Xiaomi smartphone.
Mi Exchange customers can also opt for Cashify’s pickup service. They have to pay full price for a new Xiaomi phone at time of purchase, but they don’t have to visit a Mi Home store to trade in their old phone. Once they schedule a call with Cashify, an employee will come by to collect the phone and pay what it’s worth.
In separate announcement, Xiaomi announced the groundbreaking of its third manufacturing facility in India. (The company will be manufacturing products at Hipad Technology’s facility in Noida.) It’s specifically designed to produce power banks, and the first will be the newly announced 10,000mAh Mi Power Bank 2i priced at INR 799, and a 20,000mAh Mi Power Bank 2i priced at INR 1499.