60k units sold in 5 minutes, 24GB+1TB+Snapdragon 8Gen3, top model now just $566

Comparison of Smartphone Prices: Domestic vs. International Markets

Those who have compared smartphone prices between domestic and international markets are probably aware that many phones are sold at higher prices abroad. This applies not only to Chinese domestic brands but also to Apple and Samsung phones. This situation differs from many other industries, and the reason behind it is quite simple. The fierce competition in the domestic smartphone market is the key factor. Among the top seven global smartphone brands, apart from Apple and Samsung, the other five are all Chinese brands. It’s easy to see that competition is exceptionally intense.

Smartphone Sale Statistics

Fortunately, the intense competition is challenging only for smartphone manufacturers. From a consumer’s perspective, it’s actually a good thing. Many people often say that consumers in the domestic smartphone industry are quite fortunate. They can purchase better phones at lower prices. This intense competition manifests in various ways. Even some high-demand models that sell well initially might later reduce their prices to capture more market share. For instance, the Redmi K70 Pro under Xiaomi is a typical example of this strategy.

Redmi K70 Pro

When this phone was released, it gained significant popularity. Not only is it the lowest-priced Snapdragon 8Gen3 flagship, but its top model also boasts the highest industry configuration with 24GB+1TB specifications. Considering that the Snapdragon 8Gen3 is a top-notch flagship processor and 24GB RAM with 1TB storage are also top-tier specifications, offering such a flagship at a very reasonable price is undoubtedly attractive to consumers. Until now, it remains the lowest-priced Snapdragon 8Gen3 flagship, showcasing terrific value for money.

Redmi K70 Pro Specs

With high value for money and a considerable fanbase, this flagship smartphone sold remarkably well during its first launch, with 600,000 units sold in just 5 minutes. This phone achieved a substantial market share in a short period. In theory, since there were no similar flagships priced lower, there was no immediate need for price reduction. However, the reality was different. This flagship not only saw a price drop but also a significant one. For Xiaomi, capturing a larger market share is more important than immediate profitability, highlighting how intense the competition in the smartphone industry truly is.

Redmi K70 Pro Sales

Some may think that such a low-priced flagship must compromise on other specifications. However, this flagship smartphone manages to offer top-notch features at a low price point. Besides the flagship Snapdragon 8Gen3 processor, it features a second-generation high-end 2K flagship screen with slim borders, a customized Light Hunter 800 sensor as the main camera with OIS optical image stabilization, a 5000mAh high-density battery, and supports 120W fast charging.

Redmi K70 Pro Features

Currently, this flagship can be purchased for less than 3000 yuan. The starting price for the 12GB+256GB model has dropped to 2849 yuan. The highest configuration 24GB+1TB model was initially priced at 4399 yuan but is now available for around 3661 yuan. A smartphone with similar specifications abroad would hardly be priced below 5000 yuan. Therefore, having more intense industry competition is beneficial, as it ultimately benefits consumers.

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