The popularity of smart products still needs time. And sellers still have significant growth opportunities!
By 2022, nearly 12.2 billion smart products will have been sold worldwide. And that amount will reach 75.44 billion in 2025.
Smart products are all products that can connect to the Internet of Things. There are wearable devices for consumers in everyday use. And also many products for commercial or industrial use. But this article focuses on smart devices in consumer products.
According to the survey, 95% of consumers aged 16-64 own a smartphone. And only 20.3% have purchased smart watches, 12.3% have purchased smart home products, and 4.4% have purchased virtual reality device products.
The popularity of smart products still needs time. And sellers still have significant growth opportunities!
Motivation for buying smart products
CAWI (Computer-Assisted Web Interviewing) survey results indicate that 81% of consumers are interested in accessing information through smart devices. The information they are interested in mainly includes health data, exercise data, and energy consumption.
Regarding functionality, the first thing that comes to mind for 85% of respondents is the ability to find their smart device more easily by having it make a sound. This was followed closely by remote control and monitoring functions.
Meanwhile, 81% of respondents recognize the value of smart products for real-time monitoring of physical or household metrics. This is one of the most significant changes in consumer perception over the past three years.
Smart homes are becoming more popular
According to Gartner, global sales of wearable devices in smart products surged in 2020. Gartner expects smartwatch sales to reach $31.3 billion in 2022.
Only 3-12% of consumers have a home automation system installed in their homes. But interest in these devices is growing.
OpinionWay recently conducted a sample survey in order to understand consumers’ attitudes toward smart homes. The survey results show that no less than 28% of respondents want to install smart devices in their homes. More than 38% of 25-34-year-olds have the desire to install a smart home system in their homes.
And smart home products are attracting more and more households. 2020 OnePoll did a survey among a sample of French people on the purchase status of IoT products. 63% of respondents claimed they have a smart device in their homes.
The most purchased was smart lighting products at 65%. This is followed by smart security products, accounting for 48%, such as cameras and smoke detectors. Smart home appliances accounted for 43%, such as floor cleaning robots, smart speakers, etc. Intelligent energy-saving products accounted for 35%, such as temperature control equipment.
Smart gardening equipment accounted for 21%, such as smart weeders. 87% of these consumers said they were satisfied with smart gardening products, and another 34% had the intention of buying such products.
Of course, the price remains a major problem for consumers buying smart products. In the OnePoll survey, 52% of respondents would like to see more cost-effective smart products on the market.
The second deterrent to purchase is the protection of personal privacy data. 24% of consumers place a high value on personal privacy. Another 29% of consumers have not yet shown the slightest interest in smart products.
The current state of smart product sales
Take an online shopping platform as an example. The most intelligent wearable devices currently on sale are smartwatches. Followed by smart bracelets, smart headphones, and a small number of smart glasses.
Smart home products already on sale include smart kitchenware, small appliances, lighting, and charging devices.
The chart below shows the number of customer visits to a shopping platform for wearable electronic devices in 2021 and 2022. The number of visits plummeted from April to mid-May in 2021 due to the lockdown. While no similar phenomenon occurred in 2022.
We can also see that this category has the highest number of visitors during the winter sale at the beginning of the year. And also, during the holiday season like Black Friday and Christmas. From November this year to February next year, it is a hot period for this category.
In addition, during the FIFA World Cup, our main recommended smart products include Hifi, electronic games, sports-related products, home appliances, and home decoration products.
