The business world is changing a lot as the worlds factory (China) catches up with the West to not only be the factory of the world but also the business leaders of the world. China has spent far too long making products at ridiculously low rates and now they want a piece of the retail market. I say want a piece but what we really mean is they want to take over and become like the big Western companies like Apple. When people think of China they think of cheap products that are not reliable and that may have been the case in times past but it is not the case any more.
Many Chinese companies are using Amazon and Ebay to sell their products at retail prices and are making huge profits from this. Before these market places existed they did not have an easy entry in to the retail space but this has now allowed them to sell high quality products to compete with Western companies who are charging much more for a product. In this case YI cameras are selling a 4K action camera online and are under cutting Western companies by almost 30% of their retail price. Not only are they cheaper but it is said by many to be as good a product.
Western companies have fallen behind and refuse to see the threat that the Chinese companies pose in the retail sector. They rely on their superior quality and customer service to combat the lower priced products of the Chinese and this does work somewhat but they are still losing a large part of the market due to the low prices of the new competition.
This should be a warning to the large Western companies as they need to up their game and give better value on their products.