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What commodity is the easiest to grow grass happily to free fish at half price?
On the list of top ten "useless" products in 2021 released by Xianyu, air fryer, treadmill and e-reader won the top three.
This ranking is based on the quantity of goods for resale on the grounds of "not available" and "accumulated ash". The second place of the treadmill seems to reflect the fate of increasingly accumulated ash after buying fitness equipment at home.
Home fitness equipment may be a blessing for social terrorism, or a chicken rib for those who pursue a sense of atmosphere. When the epidemic situation repeats, will home-based fitness become a tuyere? What direction is the home fitness equipment rolling in at present?
Throughout the competition pattern of the whole fitness equipment industry, the global fitness equipment industry has a high degree of concentration, while the domestic industry has a fierce competition and a large market differentiation.
The domestic high-end market is mainly occupied by international brands, including Aikang, nordex, Lijian, etc. these brands have strong R & D capabilities and perfect channels. The mid-range market is mainly composed of domestic well-known enterprises, such as Qiaoshan, Shuhua, Jinling sports, yingpais, etc. In the low-end market, the product requirements and industry threshold are low. Most of them are OEM processing for well-known enterprises, and the competition is fierce.
Focusing on household fitness equipment, the epidemic has made people pay more attention to the development of sports habits and healthy physique, and consumers' health awareness has gradually increased, activating the demand for household fitness equipment.
According to the data of toubao Research Institute, the main fitness group in China is the people aged 26-35, of which about 20% prefer to choose home fitness, driving the sales growth of home fitness equipment.
From the perspective of mode, home fitness mode is mainly divided into three types: software, hardware, and the combination of software and hardware.
The software mode is mainly aimed at how users train (such as keep, daily yoga, etc.) and how to eat healthily (Mint health, fitness recipes, etc.). The hardware mode mainly uses large equipment such as treadmill and rowing machine, or small and medium-sized equipment such as yoga mat and dumbbell. The combination of software and hardware, such as fitness ring adventure, controls game characters through body movements to enhance the sense of substitution and interest in fitness.
For the choice of mode, most companies focus on the development of hardware mode, while investing in the research and development of fitness software and software and hardware.
Among the participants of fitness hardware equipment, they can be divided into three categories: one is the enterprises that enter the market with hardware, represented by fire, Merrick and Qiaoshan; One is the enterprises that started with software and expanded to the field of fitness hardware, represented by keep; One is the Internet enterprises represented by Xiaomi, which cross-border develop intelligent fitness hardware.
How can domestic fitness hardware players cope with opportunities and challenges when the epidemic situation repeats? Peloton, the "top stream" of global social fitness companies, provides a good inspiration.
Peloton was founded in 2012. Its first product was spinning bike. Later, it tested the treadmill, yoga and other fields. It hired a number of online celebrity coaches to create a live course system and set up an offline experience store.
Through high-quality content and live interaction, peloton has greatly improved the participation of users and maintained the stickiness of users' products. The highly interactive fitness class, real-time sports data, high fidelity audio and other details have accumulated considerable recognition for the brand.
By the end of 2019, peloton not only sold 500000 fitness bikes, but also attracted many buyers to buy streaming media courses. With the investment of streaming media, peloton has become a "Naifei in the fitness industry", successfully subverting the entire fitness industry and lowering the threshold for mass fitness. It can be said that before the epidemic, peloton was already a typical successful case of integrating streaming media technology with fitness equipment.
After receiving the bonus of home-based fitness, peloton has experienced explosive growth since April 2020. By September, the company had reaped its first profitable quarter, with sales up 172% over the same period in 19 years, and its revenue reaching US $607million.
However, peloton's problems in logistics distribution and safety and quality are gradually exposed.
With the growth of business volume, the production, supply and transportation capacity of the company has not kept up, and many users cancel orders due to delivery delay. At the same time, a 3-year-old boy died from a suspected head impact on the treadmill, which also led to peloton's share price falling endlessly.
The situation after the change of the epidemic situation was misjudged, resulting in the wrong layout of peloton due to irrational expansion. With the normalization of the epidemic in Europe and the United States, peloton began to go downhill, with a large number of layoffs, senior executives leaving, CEO replacement, and even the news that it was about to sell itself in the near future.
When it was listed in 2019, the capital market valued peloton at more than $8billion, and its market value soared to $50billion at its peak. However, at the beginning of February this year, the total market value was less than $8billion, falling back to the level before the outbreak.
Up to now, peloton has not ushered in a real big defeat, nor can it represent the future of domestic home fitness track, but its rise and fall are worth studying by domestic home fitness players.
How can home fitness equipment exist in users' homes for a long time? What measures have enterprises chosen at present?
1. Miniaturization, strong protection and low noise
For home fitness equipment, products with small footprint and easy storage are more suitable for home scenes. Therefore, foldable and movable functions are very popular with consumers.
In addition, in the home scene, there are two other features worth paying attention to: first, the protective performance. For example, rowing machines, elliptical machines and other equipment that can more effectively avoid knee injury are more popular. Second, mute products are the biggest demand of users. It is not difficult to find that silence is particularly important for optimizing large-scale fitness equipment by observing the negative comments on various e-commerce platforms.
Reebok treadmill, Goldsmith treadmill and other products have made great efforts in folding and installation free. Taking goldsmith treadmill as an example, the equipment can be folded in half at 180 degrees, placed upright without occupying space, and is designed with rollers to facilitate movement, with good mute effect, which conforms to the basic requirements of consumers for household fitness equipment.
2. Parity
Fitness equipment consumers tend to be more price sensitive and more willing to choose businesses with large discounts. According to Alibaba data, the users who purchased treadmills / large fitness equipment in 2018 had the highest unit price below 1000 yuan, accounting for 40%. On tmall platform, most of the top five treadmills and elliptical machines are less than 1000 yuan.
For example, keep treadmill K1 (non foldable) and K2 are priced relatively low, which conforms to the trend of parity; The MJ walkers are connected to MJ's ecological chain and have increased intelligence and security. The pricing is within 2K acceptable to consumers.
3. Socialization
Fitness, like education, is a somewhat inhuman thing. It is even more difficult to achieve self-discipline and fitness without the supervision and company of others at home. In fact, one of the major obstacles to home fitness is the lack of a gym like exercise atmosphere.
In response to this phenomenon, many fitness brands have made efforts in the direction of socialization to help users adhere to fitness. Take speed environment as an example. If you choose to form a team for fitness, users can view the training days, training duration and training results of other members, and can make an appointment to punch in offline. These functions are conducive to forming a good community atmosphere and reflect the social attributes of fitness products.
4. Intellectualization
The intelligence of fitness equipment brings more possibilities to improve the interest and accuracy. By building an intelligent fitness platform, intelligent fitness equipment not only has the functions of fitness plan formulation, sports data collection, but also realizes game interaction and sports competition among users.
For example, the fitness equipment of tonal comes with accessories. Its main function is that the electromagnetic engine produces resistance similar to the common pull-down weight collection. It can also customize fitness goals and view physical exercise data. The AI coach will urge the completion of the training plan, and the actions that the user can not complete will be detected. The next exercise will not be started until it is completed. If it can not be completed, it can be adjusted to an acceptable level. It is called black technology, but the price is more dissuasive.
At present, there are many kinds of intelligent fitness equipment on the market, including intelligent treadmill, intelligent fitness mirror, intelligent dumbbell, intelligent rope skipping, intelligent spinning bike, etc. With the increasing intelligentization of home fitness equipment, home fitness can also achieve high efficiency.
5. Combination of software and hardware
Peloton mentioned above successfully opened the market through hardware products + high-quality content, and this path of combining software and hardware is considered feasible.
In this regard, domestic players also have a good performance. Take the wild beast as an example. While providing intelligent fitness hardware, it keeps the live broadcast of the course all year round, timely updates the course content, and pays attention to the experience optimization from the audio-visual point of view.
In terms of auditory experience, wild animals create music theme courses, create original sports music with musicians, and realize the customization of course music. In terms of visual experience, a series of live riding courses were launched to restore real riding in the course.
Not only do fitness equipment enterprises actively develop high-quality content such as live courses, but online fitness platforms such as keep, which started with software, have also started hardware. This also shows that providing more professional and interesting services to consumers through the hardware + content model is a major trend in the family fitness industry.
Under the influence of the COVID-19 and technological upgrading, home-based fitness is considered as a vent. However, more and more enterprises are also facing certain challenges while pouring into this blue ocean.
From the perspective of fitness environment, developed countries have higher fitness willingness and higher penetration rate of fitness population. According to the statistics of the three body cloud movement, the penetration rate of fitness population in mainland China in 2020 was 5.02%, while the penetration rate of fitness population in the United States and Europe in the same period was 15.2% and 8.1% respectively.
From the perspective of fitness time, many overtime workers lack sufficient time to exercise. Fitness equipment purchased on a whim is often idle because of busy work.
From the perspective of living environment, developed countries have a small population and a large living area, and there is sufficient space to place treadmills and other hardware facilities. However, some Chinese are limited by their living environment and have a low willingness to buy large-scale fitness equipment.
An interesting data is that according to the first financial report, in the proportion of online fitness equipment sales in 2020, the second to fourth tier cities are generally higher than the first tier, which may also be related to the household area.
However, these challenges do not seem to dampen the enthusiasm of capital. As the incremental market of domestic intelligent fitness track is optimistic and has broad development prospects, Internet giants have entered the intelligent fitness market one after another.
In the domestic intelligent fitness market, the most attractive product is the intelligent fitness mirror of fire. After purchasing mirrors and members, users can take fitness classes at home. The system embedded in the mirror provides social interaction, AI technology provides correction and feedback, and the real-life coach in the mirror can also play a role of interaction and supervision.
While this concept was favored by investors, some fitness experts questioned that the equipment did not provide personalized evaluation, and the intelligent acuity and accuracy of correcting exercise posture were not enough.
Just like the polarized evaluation of fire, whether some intelligent fitness products are real outlets or fake demands has also attracted market attention. In terms of the existing intelligent fitness products on the market, there is still a lot of room for technical improvement.
Family fitness products have ushered in development opportunities under the trend of living at home. However, to do a good job in this anti human business, it is necessary to attract users to keep fit and meet the needs of thousands of people. At least for now, compared with the popularity of capital, consumers are still a little calm.
reference material:
1. commercial fitness equipment is the pioneer, and household fitness equipment helps growth, Dongguan securities
2. "home" Fitness: 2021 consumer insight report on home fitness equipment, EPX consulting
3. What inspiration can peloton's tragic experience bring to the fashion industry?, WWD International Fashion News