Consumption upgrade as IOT tapped
China’s users require smart and customized home appliances such as TV, air conditioner and washing machine as they upgrade their consumption amid the popularity of the Internet of Things, market leaders including Samsung, Hisense and Alibaba said yesterday.
The new trend will help Chinese home appliance makers improve profitability and capture market shares by offering unique technologies and services, industry insiders said.
In the first six months of the year, China’s home appliance industry saw revenue jump 16 percent year on year while profit came in at 50.5 billion yuan (US$7.6 billion), up 9.6 percent although it was slower than the revenue growth, according to the China Household Electrical Appliance Association.
Qingdao-based Hisense established a partnership with Alibaba’s Tmall to offer consumers high-end and customized products, such as Hisense’s 80-inch laser-technology TV and air purifier with artificial intelligence features.