(Yicai Global) Dec. 7 -- Yunmai Technology Co., beat intelligence home appliance heavyweight Xiaomi Technology Co. in sales of smart weighing scales during this year's Singles' Day shopping promotions on Alibaba Group Holding Ltd.'s [NYSE:BABA Tmall e-commerce platform.
Based in Zhuhai in China's southern Guangdong province, Yunmai led Tmall's intelligent scale product category with 78,000 unit-sales during the shopping festival, and was second to only Xiaomi in the overall intelligent health equipment category, founder Wang Yang said in an interview with Yicai Global.
The company makes weighing scales capable of measuring 10 kinds of physical data including body fat, water content, muscle volume, bone mass and weight, encouraging users to focus on losing body fat rather than merely considering weight loss.
"In the past, we were particularly concerned about sales, because we wanted the market to grow in scale," Wang said. He has now turned his attention toward the company's transformation.
The young entrepreneur aims to improve awareness of his brand in the domestic market with the aim of boosting the number of products sold per customer transaction to boost gross profit.
"Yunmai cannot sell scales alone and must open up to the overall lifestyle sector. Brand-building and value-added services are two key areas for the firm," Wang said.
"We will continue to introduce more products, such as fitness accessories including yoga mats, yoga balls and batteries, and roll out clothing accessories in the future," he added. Yunmai will focus on customers between the age of 25 and 35, living in urban areas.
Wang expects the sector to be dominated by a small number of key players in the future. Yunmai undertook a survey in October showing that the firm's market share has now reached nearly 40 percent, followed by Picooc (Beijing) Technology Ltd. and Guangdong Transtek Medical Electronics Co. [SHE:300562].
Transtek is one of the few companies in the market to list, going public at the end of 2016. The firm produces and sells household healthcare electronics. Yunmai plans to list on the ChiNext, a Nasdaq-style board under the Shenzhen Stock Exchange, by 2020.
The company will also continue to expand in overseas markets with products already on sale in 15 countries. Most recently, Yunmai entered the South Korean market in October 2015 through a sole agency agreement.
Yunmai has already completed angel-, A- and B-rounds financing and is currently planning a next round.