Online Market Sales of Intelligent Door Lock Increased by 14.7% during Double 11 year-on-year
This year's Double Eleven promotion atmosphere was particularly bleak, with most consumer electronics categories experiencing a sharp decline. However, smart door locks with dual attributes of security and consumption have achieved a significant rise against the trend.
Different from the characteristics of the increase and decrease in the market volume of smart door locks in the first three quarters, the Double Eleven Promotion Cycle showed a double growth in volume and amount. This year, mainstream brands have invested more resources in mid-to-high-end products and services, demonstrating significant promotional efforts. The overall product structure and price structure of the market have subsequently shown a significant improvement.
During the promotion period of Double 11, the frequency of exposure and number of brands of smart door locks in the live broadcast rooms of top anchors have increased; the price reduction of the product is significant, with the price reduction of key models exceeding 25%; consumer gifts have diversified, including smart speakers, cameras, smart bracelets, lithium batteries, etc; in terms of after-sales service, "free installation" and "extended warranty period" have become attractions consumers.
Brand: Concentration has increased, with over 50% of the top 3 brands in the market
According to online monitoring data from RUNTO, during the 2023 Double Eleven promotion period, the top three smart door lock online market sales were Desman, Xiaomi, and Cadiz, with a total market share (CR3) of 60.1%, an increase of 18.2 percentage points compared to the third quarter. The top three in sales were Xiaomi, Desman, and Cadiz, with a total share (CR3) of 51.3%, an increase of 15.5 percentage points compared to the third quarter. During the promotion period, benefiting from the advantages of brands and promotional resources, top brands often gain market share, resulting in a significant increase in market concentration.
Deshmann's sales share exceeds 20%, with its cat eye large screen locks ranking the first in both price ranges of 2000-2499 RMB and 2500-2999 RMB. In addition, it has arranged promotions in multiple live broadcast booths on multiple platforms such as Tmall, Tiktok, and Kwai. The Q5M Pro single model of the cat's eye large screen lock has sold nearly 20000 sets in Tmall's live broadcast.
Xiaomi's sales share exceeds 20%, with its two star products, fully automatic intelligent door locks and E10, driving an overall sales growth of 2.3% year-on-year for the brand and its sales share ranking the first in the three price ranges of 500-999 RMB, 1000-1499 RMB, and 1500-1999 RMB.
The new K70 Pro MAX palm vein lock released by Cadiz before the "Double Eleven" has made significant contributions during the promotion period, helping Cadiz achieve the first market sales share in the price range of over 4000 RMB. In Tmall Live, nearly 10000 sets of facial recognition lock K20 MAX PLUS were sold.
Lockin mainly promotes differentiated products such as finger and palm vein locks, ranking fourth in sales share and sixth in sales volume. Huawei ranks fifth and fourth in terms of sales share and sales volume, respectively.
Product: Safer and more convenient with significant increase in permeability
During the Double 11 period, sales of products with better user experience and higher safety performance such as smart cat eyes, indoor large screens, facial recognition, and finger vein recognition increased significantly.
Smart cat eye locks have become the main product promoted by major manufacturers during this year's Double 11 promotion period. According to online monitoring data from RUNTO, the penetration rate of smart cat eyes during the Double 11 was 57.2%, an increase of 20.6 percentage points compared to the first three quarters. In this segmented field, Desman, Xiaomi, and Cadiz continue to occupy the top three positions.
The penetration rate of indoor large screens is 40.4%, an increase of 15 percentage points compared to the previous three quarters. In this segmented field, Desman, Xiaomi, and Jue Xiang rank in the top three.
In terms of unlocking, facial recognition and finger vein recognition perform outstandingly. The sales share of facial recognition locks was 27.8%, an increase of 13.2 percentage points compared to the first three quarters. The sales share of finger vein recognition locks was 6.8%, an increase of 2.4 percentage points compared to the previous three quarters. In both sub markets, Cadiz ranks the first.
From the fourth quarter, driven by the strong promotion of the Double 11, it is expected that the online sales of smart door locks will reach 1.34 million sets in that quarter, a year-on-year increase of 8%. The annual omnichannel sales will be 18.25 million sets, a year-on-year increase of 3.7%.
*Originally from RUNTO, if involved in copyright issues, please contact us for prompt deletion.