In the field of smart fitness, Bhout is happy, Fiture is worried, and Keep is holding on.

Original source: Liu Kuang WeChat Official Account

Image source: Generated by Wujie AI

The times have always been changing, and people's pursuit of beauty has never stopped.

With the release of strong consumer potential from a huge fitness crowd, smart fitness technology companies such as Bhout, FITURE, and KEEP are gradually rising. Their continuously evolving smart fitness products not only enhance their own competitiveness but also drive the growth of the smart fitness market.

Data from iMedia Research shows that the overall Chinese fitness equipment market has maintained a stable growth trend, with the market size reaching 62.85 billion yuan in 2022, a year-on-year increase of 15%, and is expected to reach 79.96 billion yuan by 2024. iResearch has also predicted that the market size of the Chinese smart fitness industry will increase from 10 billion yuan in 2019 to 82 billion yuan in 2025.

Against this background, internet companies at home and abroad have successively entered the smart fitness field. For example, Apple has launched fitness services (Fitness+), which can be interconnected with various hardware such as smartphones, iPads, and Apple TVs; XiaoDu Technology has released a new product, the Tiantian smart mirror; Xiaomi has launched the Mijia Smart Dynamic Bike (self-powered version); and Gudong has partnered with 75Pai to jointly launch the new S7 smart jump rope.

As the demand for smart fitness hardware continues to grow and with capital investment and the layout of industry giants, the outlook seems promising. However, on this increasingly lively smart fitness equipment track, there are those who are happy and those who are worried.

Bhout Smart Boxing Bag "Small Fire"

Recently, an AI boxing bag brand suddenly gained attention in the smart fitness field. The American magazine "Time" announced the "2023 Best Inventions List," selecting 200 innovative inventions, and "Bhout's" boxing bag made the list.

At the same time, the AI boxing bag brand Bhout announced that it had received a seed round investment of 10 million euros (approximately 78.02 million RMB). With this financing, Bhout will expand its operations, explore new business models, and advance its international market strategy.

As a novel smart fitness product, the AI boxing bag has been both praised and criticized for its uses and effects. Some industry insiders believe it will be the next AI fitness hot product, while others feel it is a mediocre product. It is understood that "Bhout's" AI boxing bag is equipped with artificial intelligence, various sensors, and a computer vision 3D camera, which can measure the accuracy, strength, speed, and technique of each strike.

Interestingly, based on smart hardware, the Bhout application can create personalized training experiences based on collected data, and boxers can also engage in virtual real-time matches and redeem prizes through points. In other words, the AI boxing bag is not only fitness equipment but also a gaming product.

For boxers, the intelligent upgrade of the boxing bag is beneficial, but whether it can achieve a scientifically guided effect remains a question.

First, the AI boxing bag can monitor users' boxing movements, strength, and speed in real time, and provide instant feedback through data analysis and algorithms, helping users continuously improve their boxing techniques and enhance training effectiveness. Second, the AI boxing bag can develop personalized training plans based on users' physical condition, training goals, and historical data, improving training efficiency. Third, the AI boxing bag has entertainment and motivational aspects, enhancing users' interest in exercise and helping them maintain a positive attitude towards physical activity.

For the AI boxing bag manufacturer (Bhout), the AI boxing bag has brought many new business opportunities but also requires them to face challenges in technology, market, and operations. The AI boxing bag showcases the manufacturer's strength in technology and innovation, which can enhance brand awareness and attract more consumer attention.

However, the commercial exploration of the AI boxing bag has just begun. Bhout not only needs to develop effective marketing strategies but also consider issues such as after-sales service. In addition, in the field of boxing bags, smart boxing projects suitable for home scenarios, such as FightCamp and Liteboxer, have also received financing, posing a challenge on how to stand out.

It can be said that joy and sorrow do not mix. While the AI boxing bag has attracted attention due to its novelty, the smart fitness mirror has cooled down and gradually lost its fire.

Fiture Smart Fitness Mirror "Losing Fire"

The smart fitness mirror market went from being popular to cooling down in just three years.

Three years ago, under the leadership of the pioneer of smart fitness mirrors, Mirror, leading companies in the fitness industry such as FITURE and Gudong, as well as tech giants such as Baidu, Huawei, and Xiaomi, all rushed into the smart fitness mirror track. According to statistics from New Economic Focal Point, from 2020 to 2021, many companies entered this track, including Gudong fitmore, LITTA Mirror, Imbody by Shuzhiyinli, and Baidu's Xiaodu Tiantian, among others.

Three years later, the volume of smart fitness mirror products has decreased, and some have even disappeared. Overseas, the "originator" of smart fitness mirrors, Mirror, has been abandoned by its investor lululemon and is rapidly declining. In China, the rumored smart fitness mirrors from Xiaomi and Huawei are nowhere to be seen, and products like Gudong fitmore and LITTA Mirror have lost their former vitality.

As the smart fitness mirror market has cooled down, the days for the leading smart fitness mirror startup company Fiture have also been tough. In March 2023, Interface News revealed that Fiture had shut down most of its North American business and laid off nearly a hundred people. In July of last year, Fiture was also reported to have laid off over 500 employees, mainly frontline staff for domestic operations.

It is worth noting that Fiture was once the darling of the capital, but in just three years, it has embarked on the path of layoffs, indicating that it has encountered "difficulties." Data shows that Fiture has completed a total of four rounds of financing since its establishment, including angel rounds in August 2019, Series A rounds in September 2020, A+ rounds in December 2020, and a Series B round in April 2021, with a total amount of nearly 400 million US dollars.

Various signs indicate that the smart fitness mirror trend has receded, affecting not only Fiture but all players in the industry.

The direct reasons for the decline of smart fitness mirrors are high prices, numerous competing products, and poor user experience. Smart fitness mirrors are generally priced high, which is not friendly to price-sensitive users. Although prices have dropped later, consumers are no longer willing to pay. It is understood that the prices of smart fitness mirror products on the market are generally in the thousands of yuan, and FITURE's most expensive product is priced as high as 7,999 yuan.

The immaturity of AI technology, mediocre hardware technology, and chaotic charging for fitness content are the fundamental reasons why smart fitness mirrors cannot continue to be "popular." From the current products, the AI technology of smart fitness mirrors has not yet reached a mature enough level to fully meet users' needs for personalized fitness experiences. In addition, hardware issues such as camera resolution and sensor accuracy have weakened users' confidence in its practicality, and the chaotic charging for fitness content is a major complaint area for consumers.

Currently, the flame of smart fitness mirrors has not completely extinguished. In the future, Fiture's smart fitness mirror needs to make greater technological breakthroughs, improve the quality of hardware devices, and optimize the charging model for fitness content to drive the continuous development of the smart fitness mirror market.

KEEP Smart Fitness Ecosystem "Facing Challenges"

In the smart fitness field, Bhout is happy, Fiture is worried, and Keep is holding on.

In March of this year, Keep launched the new smart hardware motion sensing exercise machine Keep Station and the rowing machine "A1." Keep Station is a smart interactive device for home exercise scenarios, accurately recognizing and providing real-time guidance for users' movements during exercise, and also includes four major content products to enhance the exercise experience. The rowing machine "A1" is Keep's first professional rowing machine, representing a new generation of smart, digital rowing machine products.

The introduction of Keep Station and the rowing machine "A1" further enriches and improves KEEP's smart fitness ecosystem, but their sales have been average and have not become the explosive single products that Keep expected, as with smart bikes.

Over the past few years, Keep has deployed a dual strategy focusing on smart fitness hardware and online fitness software centered around home scenarios. On one hand, it has successively launched various types of exercise equipment such as treadmills and elliptical machines, covering multiple exercise scenarios, aiming to provide users with a one-stop exercise solution. On the other hand, Keep acts as a data steward, collecting and analyzing user exercise data to customize scientific exercise plans for each user, providing data-based fitness services.

Keep has attempted to build an unassailable moat by creating a product matrix that combines software and hardware, but progress has been slow, and despite a successful IPO, Keep's financial situation is not impressive. Financial data shows that in the first half of this year, Keep's total revenue was 985 million yuan, a 2.7% year-on-year decrease. Under non-International Financial Reporting Standards, the net loss was 223 million yuan, a 29.7% year-on-year decrease.

In the process of building a smart fitness ecosystem, it can be said that Keep has been steadfastly moving forward. So, does Keep, which is dead set on smart fitness hardware, still have a chance of winning? The answer is: yes.

First, the smart fitness hardware market still has room for growth, and Keep has competitive advantages in brand awareness and product innovation. As people's emphasis on fitness continues to increase, the smart fitness hardware market is expanding, and market competition is becoming more intense. However, Keep's products have a certain level of competitiveness in terms of functionality, technology, and user experience, so there is a chance of winning.

Second, by building a complete smart fitness ecosystem, Keep can better retain and attract users, increasing user stickiness. By combining its online fitness community with physical fitness equipment, Keep can attract more users and improve user retention. In addition, after laying out smart fitness hardware, Keep can obtain more data and user behavior information to provide data-based support for product improvement and service enhancement, thereby increasing user satisfaction.

Although the smart fitness hardware market is fiercely competitive and Keep has faced challenges, through product innovation, ecosystem construction, and brand influence, Keep still has a chance of winning and is expected to continue to maintain a competitive advantage in the future.

After the frenzy, it's time to take measured steps

In the past few years, smart fitness hardware has experienced rapid development, with a large number of smart fitness devices emerging on the market, such as smart wristbands, smart fitness mirrors, and smart bikes. These products have caused waves of smart fitness trends, some becoming popular and some not.

However, this kind of popularity comes and goes quickly and has brought some problems, such as uneven product quality, poor user experience, and serious product homogeneity. Presumably, most people have heard complaints about smart fitness mirror course fees, unused smart bikes, and ineffective smart wristbands.

Therefore, smart fitness hardware manufacturers such as Bhout, Fiture, and Keep ultimately need to return to a steady development pace from the rapid development rhythm.

First, they need to invest a large amount of resources in continuous improvement and innovation, and pay more attention to product innovation and quality to ensure that the products provide a good user experience and create differentiation advantages. Second, they need to establish a sound after-sales service system, improve products through continuous user communication and feedback, and use marketing strategies to promote products through various channels, expanding brand awareness and product sales.

It is worth mentioning that the success of smart fitness hardware also depends on a complete industrial ecosystem.

Smart fitness hardware manufacturers should actively cooperate closely with ecosystem partners such as the supply chain, retailers, and third-party developers, and integrate smart fitness hardware with fitness training, nutrition management, and other aspects to attract more customer groups and provide more diversified solutions, thereby increasing revenue and expanding market share.

In conclusion, it is not easy for Bhout, Fiture, and Keep to make smart fitness hardware products popular, and it is even more challenging to achieve long-term popularity. After the frenzy, it's time to take measured steps, one step at a time.

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