Do users really pay for the magic mirror wars pursued by capital?
The 2020 epidemic has changed the fitness habits of some users. Home fitness has become a sports scene that more users choose, and with it, the investment and capital of major manufacturers are sought after.
According to the refined GymSquare monitoring, as of July this year, a total of 23 financings have occurred in the fields of home fitness, offline gyms, and sports consumption. As the most closely related to the industry and the capital entering the relatively dense track, there were 8 financings for home fitness in the first half of 2021, accounting for close to 30%.
In the United States, the family spinning brand Peloton has achieved a market value of 300 billion with just one spinning bike, which has become a long-awaited business case on the domestic fitness track. Last September, Canadian sports brand Lulu LEM ON due to a $ 500 million acquisition of fitness brand mirror Mirror, in the United States has been selling more than 100,000 units, domestic players began to track jump jump To test, intended to use a mirror to detonate Family fitness needs.
In China on the other side of the ocean, capital is also moving by the wind. In September 2020 and April this year, the domestic fitness mirror brand FITURE received US$65 million in Series A financing and US$300 million in Series B financing, respectively. The investment lineup includes Tencent , Sequoia China, Legend Capital, and Jinshajiang Venture Capital. , black ants capital, BAI ( beta Tasman Asia investment Fund) and other institutions.
Home fitness blows up the magic mirror war
Traditional gyms are not well managed, and the constant running incidents have caused users to turn to new gyms such as Super Gorilla and Leke. Emergence of the epidemic, the line on the live lessons at home fitness training a user’s habits, attendant, home fitness scene has become sought after by the capital markets and the track.
The fitness method that combines AI and hardware has a large number of fans in the European and American markets. In addition to the Peloton, a smart home fitness mirror, Mirror has long been popular in Europe and the United States. When it is closed, it is an ordinary full-length mirror. When opened, the mirror is an interactive mirror display equipped with an embedded camera and speaker, which reflects the user’s status and fitness data in real time, and can also complete live courses with fitness instructors online. With this mirror, users can exercise at home anytime.
Mirror Brynn Putnam, founder and vice president of fitness Kailee Combs was a dancer, they spent years standing in front of the mirror, staring at his body, trying to achieve complete beauty tips and lines. Kailee Combs once said: “In addition to installing high-tech Internet mirrors at home, it is cool, mirrors can also be used as a teaching tool to help people learn the correct way to exercise. You don’t have to check your smartphone app or computer screen to check your Training plan, just look in the mirror.”
For a time, the fitness mirror became a track sought after by major domestic and foreign manufacturers and capital.
Yijian magic mirror launched by treadmill manufacturer Yijian, Gudong launched FITMORE fitness mirror, smart fitness brand myShape launched its first smart fitness mirror last September, and cooperated with equipment company Qiaoshan to launch fitness mirror products; group class gym Justin&Julie Fitness launched its fitness mirror brand in November last year. The name is the same as the home fitness company acquired by lululemon, also called Mirror. The product price is only one-third of the latter; Leke also released fitness in May this year. Mirror LITTA MIRROR, priced at 2499 yuan.
As the first new fitness mirror brand FITURE in China to raise funds, its first magic mirror is also expensive at 7,800 yuan. On Tmall, the monthly sales of more than 200 pieces of this fitness mirror from FITURE are not ideal. Along with this, there is also a controversy about whether the fitness mirror is an IQ tax.
For this reason, DoNews (ID: ilovedonews) visited the FITURE experience store in Beijing International Trade Center. In the afternoon of weekdays, there are not many customers in the store, and the experience consultant is taking the customers to experience the fitness mirror exercise.
Standing in front of the mirror, you need to scan the code to enter the FITURE experience mini program. You can see various training courses including Hit training, Yoga, Pilates, Kickboxing, Barre, strength, and stretching. Each recorded course has a demonstration of the coach’s actions and the AI will capture and correct the user’s actions. Users can clearly see the difference between their actions and the coach’s actions, which is suitable for users with a certain training foundation. At the same time, it is also the choice of the “social fear” people who don’t like to go out and want to exercise but don’t want to go to the gym.
According to the fitness experience consultant in the store, for users with fitness habits, fitness mirrors are a good supplement for fitness people outside the gym. Suitable for use when it is too early or too late to go to the gym. At the same time, compared to Mirror, the course design in FITURE is also more suitable for domestic people.
User willingness to pay still needs to be cultivated
Xiaoyu is a user who is accustomed to using equipment to exercise in the gym. The gym is only a 5-minute walk away from home, but recently, the gym owner suddenly ran away. Although Leke and Super Gorilla’s classes are also good, the location is a bit far from home, and the distance and time can’t meet her fitness needs.
She started to buy related courses on Keep, and also compared the courses of Fitness Mirror. Through observation and experience, it is found that for renters, in terms of sports space at home and cost-effectiveness, going to the gym has a better experience than using fitness mirrors. If she chooses, she prefers to use Keep’s courses.
Keep sign about health body red Pamela network, as well as live online classes, courses voted screen capabilities continue to optimize the user experience. In terms of hardware, smart bikes and spinning bikes were introduced. Designed MIIT and HIIT fat burning classes for treadmills. The courses are equipped with voice guidance, just like a coach encouraging, supporting, accompany and guiding users to run. Smart spinning bikes provide FTP riding ability evaluation, measure the user’s athletic ability boundary, and intelligently match the intensity of the course according to the personal test results to realize customized courses.
More Chinese people are starting to exercise online, but the willingness to pay for online fitness products still needs to be cultivated. As imitating foreign products, FITURE puts forward an idealized concept, but it is not optimistic in the domestic market.
According scouring GymSquare released “2020 China Fitness Industry Report” shows that China’s Keep users, fitness around the opera lovers, Pamela fans, the monthly online consumer is willing to spend the amount of exercise, generally in the 11-50 yuan Within the range, the proportion of people is 37.1%. Next, users who are willing to spend 51-100 yuan account for 20.92%.
In addition, they are willing to spend more than 150 yuan a month, accounting for 16.25%, ranking second and third in the number of people respectively. Finally, online fitness users with the lowest proportions are less than 10 yuan, and 101-150 yuan, respectively, 6.9% and 7.4%.
From the perspective of the price of a traditional gym, the annual membership fee (not including one-to-one private lessons), the annual fee also ranges from 3000-6000. If members have the need to ask for private tutoring, based on the number of sessions starting from 20, it will cost 10,000 to 20,000 per year. FITURE fitness mirrors are currently divided into 4200 flagship version and 7800 exclusive version. The difference is that the flagship version will send three-month membership, and the exclusive version will send one-year membership. At the same time, there will be some differences in the resolution of the mirror.
Some users comment on FITURE. The biggest disadvantage of the mirror is the high upfront cost. Its upfront cost is very high. After its membership fee expires, it will have to renew a membership fee of more than 1,000 yuan per year. If it is used by one person, the cost performance is low.
Supervised by the tutor group of Kezhou Qiujian College, East China Normal University, PhD in Sports and Human Body, Cheng Yuming has been engaged in the fitness industry for more than ten years. He told DoNews, “Online teaching has higher requirements for the ability of coaches to transfer knowledge and skills. One-to-one, it is more difficult for the members to receive the coach’s information in an appropriate way. In the process of teaching, the coaches need to have a certain degree of thinking in the class time and teaching plan, and they need to be guided to the members’ sports goals. More Inspiring members how to practice from ideas, so as to make online courses more valuable.”
In addition, the group exercise classes of other new gyms are more diversified, and the training atmosphere is strong. With the friendly payment model and the fitness habits of young users, it is more popular. Faced with the multi-faceted domestic market, FITURE fitness mirrors are in an awkward situation.
Some bodybuilders who have experienced mirrors said that although mirrors provide almost everything a bodybuilder needs, nothing can compare to a living coach and a living class.
In this regard, Cheng Yuming believes, “The main advantage of fitness mirrors is convenience. Compared with going to the gym to ask for one-on-one personal training, it is cost-effective. Combining with modern technology may be attractive to users.
However, from the perspective of coaches who have experience in personal training, some members may not be able to comprehend certain actions under the guidance of a coach. Compared with one-on-one personal training, in the process of using fitness mirrors, it is difficult for coaches and members to communicate with each other. At the same time, the self-discipline and basic fitness requirements for members are relatively higher. “
Market demand is embarrassing
Wu Hao is a fitness user with a habit of exercising. For him, only the weights in the gym or the climbing and fat-burning running on the treadmill can make him feel the pleasure of fitness. He doesn’t catch a cold for home fitness scenes like Keep or fitness mirrors.
“During the epidemic, I did buy some simple dumbbells, kettlebells and other equipment, but after all, it is not addictive to practice at home. After the gym is open, I still return to the gym to exercise iron.” Wu Hao told DoNews.
Cheng Yuming believes: “People who can train do not need a mirror to guide themselves. To a certain extent, Chinese people have more fitness novices, and the market potential of fitness mirrors is relatively large. Many young and old people have the ability to consume. For people, their fitness culture and fitness reserves are faulty, and fitness mirrors have a certain market value in this transitional stage.”
Cheng Yuming thinks it is not realistic to say that FITURE replaces fitness coaches. “Commercial gimmicks coupled with a certain market, development is not a big problem, but whether there will be some competition for cabbage prices in the future is not easy to say.”
In the process of the experience consultant’s explanation, we learned that most of the users who purchase FITURE are used in home fitness scenarios. After buying it back, the children at home and their parents use it together , and spend a price. The cost-effectiveness of the whole family is relatively better. high.
Zhang Yuansheng once said in an interview: “Before we targeted the core consumer group as white-collar workers in high-yield families in first- and second-tier cities, but in the first week of the product launch, we found that many users in Tibet, Qinghai and other places also bought. The analysis shows that compared with first- and second-tier cities, residents in third- and fourth-tier cities have more disposable income, more leisure time, and better housing conditions. At the same time, there is a lack of high-quality fitness facilities in the local area, so there is a relatively large demand in these places. .”
About want to buy fitness mirror, author of “quantitative fitness” of Chen Bailing concluded, for the relatively high income, not bad money, the pursuit of a certain quality of life of people, family area greater than 80 square feet, and there is more than 5 level meters Space can be used to place mirrors for exercise. If you want to buy a home fitness product, but you still don’t know whether to buy a treadmill, bicycle or rowing machine, then you can consider FITURE this product. If the above conditions are not met, Chen Bailing still recommends going to the gym.
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