In the first half of 2018, due to the downward pressure of the macro-economy, especially the continuous upgrading of real estate control policies, the kitchen appliance market, known as the "last high-profit area in the home appliance industry", experienced its first decline. On the other hand, the overall growth rate of the emerging kitchen appliances category represented by embedded kitchen appliances has slowed down as the base rises. However, under the trend of consumption upgrades, its growth rate is still higher than that of the traditional kitchen appliances category, and even rises. The banner of profit growth.
In addition, from the perspective of the product development cycle, after decades of rapid growth, the kitchen appliance market is in a stage of popularization and upgrading. People's demand for improvement of kitchen life is increasing day by day. Embedded emerging kitchen appliances are due to their appearance. The advantages of beauty, intelligence, convenience, and space saving are widely welcomed by consumers. The market growth potential is strong, and it is expected to become the popular trend of future home furnishings.
The good market prospect has attracted a large number of "predators", and many home appliance giants have entered the game. Among them, the market performance of China's leading brand of kitchen appliances, Boss Appliances, is extremely eye-catching, and it quickly occupied the commanding heights of market competition with keen market insight, cutting-edge product technology, and customer-oriented service spirit.
Multiple embedded categories lead the industry
After the living room, the kitchen began to return to the center of the family. At the same time, the post-80s and 90s have become the main consumers in the market. They have a higher pursuit of life and have reshaped the aesthetic concept of this era. In the eyes of the younger generation, traditional kitchen appliances are synonymous with cumbersome, old-fashioned, and rigid, and run counter to their consumer demands. On the contrary, the trendy, smart and simple embedded emerging kitchen appliances can attract their attention and enthusiasm. It is a key part of the achievement of modern home aesthetics, and it is more in line with the real housing cost.
According to AVC omni-channel monitoring data, in the first half of 2018, the retail scale of emerging kitchen appliances (including category dishwashers, built-in microwave ovens, built-in steamers, and built-in ovens) reached 5.5 billion yuan. A year-on-year increase of 20.1%. Among them, Boss Electric’s embedded disinfection cabinet, embedded steamer and embedded microwave oven have market shares of 24.49%, 34.57%, and 45.70% respectively, firmly occupying the first position in the industry and attracting attention. In fact, most of the embedded kitchen appliances such as steam ovens, dishwashers, and water purifiers of Boss Electric have achieved good results of over 50% revenue growth.
With the mission of inheriting Chinese culinary culture, we have a deep insight into "steaming" as the most common cooking method. At the beginning of this year, Boss Appliances officially established the embedded steamer as the second main category. In half a year, the market share of this category has been comparable. Obviously, it has been highly recognized by consumers and the industry. Among them, Boss Electric's three-core steamer S226 won the title of "Industry Worth Buying Model" and "Panshi Award for Ingenious Products' Technology Leadership Award" for its excellent manufacturing technology; Boss Electric's steamer S228 innovative product launched this year The design idea is to match traditional cooking utensils and ceramic saucepans for the first time, and was named "2018 China's steamer industry technological innovation product".
At present, the proportion of embedded kitchen appliances of Boss Electric has increased to 10%. According to public information, in the next three years, Boss Electric’s sales revenue target for embedded kitchen appliances is 20%, and it will take ten years to reach 50%.
Channels, R&D focus on core needs
In fact, as early as 2016, Boss Electric was keenly aware that embedded kitchen appliances must have a place in the future of kitchen appliances, and foresight put forward the slogan of "defend smoke stoves and win embedded appliances". And step by step, the embedded kitchen appliance products will be upgraded to a strategic position that is equal to the smoke stove. Especially for the embedded steamer, Boss Electric firmly believes that this emerging category will become an "explosive" category in the kitchen appliance market in the future.
To this end, Boss Electric spares no effort to provide support in product development and channel layout, and coordinate the development of embedded kitchen appliances in many ways.
In the Internet era dominated by the younger generation, online channels are undoubtedly the easiest to reach the main force of consumption. Therefore, the channel layout of Boss Electric’s embedded kitchen appliances is mainly online. This year, as one of the first members of the embedded micro-steaming industry alliance, Boss Electric actively promotes the development of embedded products in cooperation with Tmall, and releases the new embedded steamer S273X exclusively for Tmall.
In terms of offline, Boss Appliance adopts the strategy of “consolidating the channel competitiveness of first- and second-tier cities and speeding up channel sinking in third- and fourth-tier citiesâ€. In addition, it actively develops home improvement and building materials channels, deploys overseas channels, and fully seizes long- and short-term channel opportunities. At the same time, with "kitchen source" as the carrier, Boss Electric attaches great importance to promoting the transformation of specialty stores to consumer experience stores, creating application scenarios for kitchen appliances, deepening interaction with users, opening up the closed loop of online and offline, and realizing the integration of both ends .
In addition to channels, product research and development, as the core competitiveness of Boss Electric, has also been further strengthened. It is reported that in the next three years, the proportion of Boss’ R&D investment in electrical appliances will increase from 3% to 5%, and will increase the development of embedded kitchen appliances such as built-in ovens, steamers, microwave ovens, dishwashers, and water purifiers.
It is worth mentioning that in the first half of 2018, single embedded kitchen appliances, such as embedded microwave ovens, embedded electric ovens, etc., did not have outstanding market scale. On the other hand, according to Zhongyikang's calculations, the embedded all-in-one computer still maintains rapid growth, with a market size of 780 million yuan, a year-on-year increase of 103.9%, which well shows that the embedded all-in-one computer with composite functions can better meet the needs of consumers. . In this regard, many kitchen appliance brands have begun to "test the water" embedded all-in-ones.
However, in the view of Boss Electric, the more "lively" the market, the more companies must maintain a rational and cautious attitude. "Embedded all-in-one is not simply putting together products with multiple functions. Only by integrating multiple functions can we finally achieve the effect of one machine with multiple functions and one machine with multiple functions, and truly solve the pain points of kitchen cooking. This is what Boss Electric’s R&D team has always considered the key points.†Of course, this does not mean that Boss Electric will lose the “initiative†in the trend of embedded all-in-ones. Its newly developed “steaming and roasting†all-in-one has already appeared at this year’s AWE exhibition. The stunning appearance on the show highlights that as a leading brand, Boss Electric has first-class product technology and mature manufacturing experience.
"As a kitchen appliance brand that has served Chinese kitchens for nearly 40 years, we will not blindly follow the trend, but we will not miss every favorable factor that creates a new Chinese kitchen." said the relevant person in charge of Boss Appliance.
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