At the Summer Davos event held in Tianjin, China on Monday, Xiaomi Chief Executive Officer Lei Jun said that the company is more than just a smartphone vendor. The CEO's statement has led many tech analysts to believe that Xiaomi might be realigning its roadmap for the future instead of just focusing on a single market.

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Xiaomi took the smartphone industry by storm by releasing premium grade products at significantly affordable rates. However, the smartphone industry has been experiencing a decline in terms of demands lately. Moreover, the increasing number of competitors in the local market are considered just one of the many reasons why Xiaomi is looking for other sources of revenue.

During the event, Lei said, "We are aiming to offer consumers a wide range of products at affordable prices. We need about 40 kinds of electronic products to attract consumers to our online shopping platform and offline retail stores."

The latest change in strategy is considered a major shift for Xiaomi since the company that earns a bulk of its revenue from its smartphone business. One of Xiaomi's major strategy shifts is its focus towards offline marketing.

Online flash sales have helped Xiaomi's rise to fame. Between 2012 and 2014, the company was known for flash sales that sold out almost in an instant.

Lei said that Xiaomi would be establishing around 1,000 experience stores. The plan is to roll out these stores within the span of the next three or four years.

Currently, Xiaomi is working with around 50 other companies, more than half of those are still virtually unknown in the market.

Regarding its plans to go public, Lei said that it might take another 15 years for the company to achieve that goal.

Tagschina, China Tech, tech company, Xiaomi, Xiaomi plan, Xiaomi Smartphone, Xiaomi roadmap