[Courtesy of Xiaomi]
SEOUL -- Mi Band 4, a new smart band released by Chinese electronics maker Xiaomi, gained unexpected popularity among picky South Korean consumers after pre-orders began this week.
A smart band refers to a type of smartwatch which is optimized for fitness tracking. It is lighter and slimmer than typical smartwatches and can record the performance of exercises such as running and swimming by detecting movements and heartbeats.
Xiaomi said in a statement on Friday that the second batch of Mi Band 4 smart bands were all sold out in less than a day when it started receiving pre-orders on Coupang, a South Korean online shopping service operator.
South Korea's smartwatch market, estimated to be about $177 million, has been led by Apple and Samsung Electronics. Samsung is set to release "Galaxy Watch Active 2", armed with strong fitness tracking features, later this year. The global smartwatch market is growing rapidly to reach $31 billion by 2025, according to global market research firm Allied Market Research.
Xiaomi took strategic steps to capture tech-savvy consumers by avoiding a head-on battle with competitors with an affordable price tag of 31,900 won ($26.36), about one-fifteenth of Apple's cheapest version of "Apple Watch Series 4" priced at 489,000 won.
Mi Band 4, which has a 0.95-inch color AMOLED display, comes with a motion detector and a heart rate monitor. The smart band provides fitness tracking features like "Apple Watch" and "Galaxy Watch Active" and allows users to check text messages.
Xiaomi targets young consumers with affordable and well-designed products, including air purifiers and robot vacuum cleaners.
reporter
Park Sae-jin
swatchsjp@ajunews.com
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