GUANGZHOU, China, Sept. 27, 2021 /PRNewswire/ — “Metaverse” has recently become the focus of public opinion and the target of investors. Tencent, ByteDance, and Facebook have invested in Metaverse game concept companies. Behind the new opportunities are digital means such as consumer electronics that reconstruct people’s life scenarios. Nowadays, ever more consumer electronics are committed to becoming the foundation for the integration of what is virtual and reality.
The two-day CE Summit came to an end in Guangzhou on September 23. Guided by the People’s Government of Guangzhou Municipality, the CE Summit, sponsored by Asia Data Group and supported by the IFA Berlin and its Guangzhou subsidiary, focuses on the theme of “New Consumerism”.
Industry leaders, experts, scholars, and investors from the world consumer electronics industry discussed a slew of future possibilities in the consumer electronics field, providing guidance for the “next leg” of the industry’s evolution: With the innovative development of multiple fields such as the Internet of Things, digital economy, artificial intelligence, and VR/AR, consumer electronics will reengineer social reality in multiple dimensions.
Products: From “extension of humans” to “Metaverse”
Entrepreneurs in different industry segments discussed the progression of product innovation in this global consumer electronics industry event. Liang Yingwei, the Vice President of POLYV, envisioned how to make video interaction more realistic in addition to standardized hardware and environment. He had a brainstorm at a teleconference during the epidemic period.
“Full-view, high-definition, and low-latency audio/video interaction may be the key to building the bond between speakers and viewers,” said Liang Yingwei. Through video products, he hoped to create value for the industry, and for all consumers.
Yang Yuanhui, Marketing Director of Huawei Hybrid Video, pointed out that the National Radio and Television Administration last year mentioned video with high-tech formats and better audio-visual experience for new application scenarios. According to the forecast of a third-party consulting agency, and the demand for video with high-tech formats represented by space video soars in the post-COVID-19 era, and space video will see a compound growth rate of some 32% in the next 5 years.
Whether it be audio or video, consumer electronics have become an extension of the human sense organs. Cai Shuhuan, COO of Kandao Technology, said that the emerging concept of “Metaverse” further promotes the consumer electronics technology industry into the “second half”. It is a tool that integrates reality and virtuality and enables immersive interactions regardless of time and space.
“The number of mobile Internet users has almost stagnated. All players who have made profit in the mobile Internet era see that there is a very low input-output ratio. At this time, areas with higher output must be explored,” said Cai Shuhuan. The use of consumer electronics such as AR, MR, and VR has pushed back the boundaries of reality, reaching the level of “Metaverse”.
According to the 2020-2021 Metaverse Development Research Report released by the New Media Research Center of the School of Journalism and Communication of Tsinghua University, Metaverse is a new type of Internet application and social form that integrates virtuality and reality by bringing together various new technologies. It features digital creation, digital assets, digital transactions, digital currencies and digital consumption.
The ever-evolving consumer electronics provides the infrastructure for the digitally constructed realm integrating virtuality and reality. Sun Yanbiao, Secretary General of Shenzhen Camera Industry Association, gave an example of players on a golf course judging how far they are from the hole and the wind speed through a smart watch.
“At this time, the watch is not merely a control organ, but also a scenario. As what we see in The Matrix, all of this is created by big data,” said Sun Yanbiao, “What you see in the sci-fi movies today is bound to become reality in the 10 to 20 years to come.” Consumer electronics is playing the role of “dream fulfiller”.
Industry: From “needs of life” to “defining life”
Thanks to consumer electronics, people have easier access to necessities of life, and an improving quality of life. At the second parallel forum held on September 23, participants painted a picture of the post-COVID-19 stay-at-home life based on small household appliances.
In terms of market segment, small kitchen electrical appliances have the highest penetration rate. Small kitchen appliances with a beautiful appearance and a low threshold of trial and error are increasingly favored by young people who pursue quality life. Pinlo, which has many sought-after products such as food processer and sandwich machines, is an enterprise in Xiaomi ecosystem chain focusing on smart kitchen appliances.
According to Huang Mingjie, CEO of Pinlo, the kitchen becomes increasingly less important in homes and many users even place kitchen appliances in the dining room or living room. Changes in user demands bring about a change in product positioning. “Kitchen products have become household products, and there is a wholly different demand for appearance,” said Huang Mingjie from the perspective of users.
As an investor, Duan Yu, Vice President of CPE, discussed the demand and supply of consumer electronics and its relationship with users. He said that the industry should be aware of the lower limit of consumer demand. “When your technical upper limit can surpass the lower limit of consumers, it will bring a sensation, because consumers can accept the ‘imperfect’ product’.”
For the consumer electronics industry, Duan Yu pointed out that the upstream product designers must have an insight into consumer demands. The intermediate basically falls into the category of the technology supply chain, and the final products will meet the consumers’ needs. In this cycle, breaking through the upper limit of technology, namely “what can be achieved by technology”, will be the advantage for attracting investment.
Technological breakthrough and innovation redefine user needs and life. Liu Qingyu, co-founder of Townew, held that this is “the logic of using the power of science and technology to learn about life at the bottom of society.” There is no shortage of people who ride with the tide of the industry. Townew is determined to be the trailblazer. Townew has obtained more than 300 patents for a smart trash can.
“Defining life” explores a new blue ocean for the industry. Townew smart trash can is geared to the “lazy economy” and solves the chronic problems such as garbage stink and sanitation. According to the data, Townew’s online sales exceeded 13.1 million yuan during the June 18 event this year, a year-on-year increase of 172%, ranking top in the household and personal cleaning tool category.
According to the Report on China’s Consumer Electronics Industry in 2021 released by iiMedia Research at the conference, smart household appliances have become the mainstream on the market. In 2020, China saw the establishment of 63,358 smart home companies. At the same time, capital investors are optimistic about the prospects of smart household appliances. In 2020, there were 47 investment and financing programs in China’s smart home industry, with an investment of 7.68 billion yuan.
As consumption upgrades, small household appliances with targeted functions emerge fast. How these “darlings” on the market will fulfil people’s hopes for a better life deserves our expectations.