Awesome! Former Anker executive quits to sell lights, with annual sales of 3 billion

As cross-border e-commerce is gaining popularity around the world, more and more people are noticing the development potential of this field. From novices to ordinary people with some experience to experts from top retail companies, they have all entered the cross-border e-commerce circle and successfully led a number of domestic brands to stand out in overseas markets.

Mr. Sun, who sold his company for 1.5 billion in 2020 and returned to the cross-border circle three years later with a new high-end kitchen appliance brand Typhur, is one of them; and Mr. Wu, who will be introduced today, who used to work at Anker and then left to start his own business selling lamps overseas, is also a typical example.

Data shows that the new cross-border brand Govee he founded currently has an annual revenue of 3 billion, and has long since become a well-known category leader on platforms such as Amazon and TikTok.

(Sub-title 1) Former Anker executive sells lights overseas, earning 3 billion yuan a year

Although it is a smart home brand, Govee is different from other popular categories. Its products focus on decorative lighting, which can be said to belong to a track with a narrow consumer group.

Public information shows that Govee was founded in 2017 and is a smart lighting home brand affiliated to Shenzhen smart home giant Zhiyan Technology Co., Ltd. Its founder is Wu Wenlong, who was the CTO of Anker Innovations and one of its co-founders.

In 2017, after leaving Anker Innovations, Wu Wenlong did not change his career or retire, but decided to start a new business in the cross-border e-commerce circle.

With his rich experience in the field of consumer electronics, Wu Wenlong realized that it was difficult to capture new opportunities in popular tracks, so he decided to enter the market from a niche track. At that time, family parties and small gatherings with friends were very popular in the European and American markets, and local consumers attached great importance to the atmosphere.

It was in this context that Wu Wenlong noticed the development potential of the "decorative ambient lighting" track and decided to enter the overseas smart lighting track.

In the same year, the Govee brand was officially established. It is understood that its development concept is "lighting can be fun" and its brand positioning is "committed to helping users create a pleasant and rich smart lifestyle with the brand's products."

Since its establishment, Govee has shown a strong development trend. The first two years were the brand's infancy. It first started selling its smart light strips on Amazon's US site, and then gradually expanded its sites. It also established and improved its independent site, further increasing the brand's popularity.

Govee grew rapidly from 2019 to 2020. In September 2019, Govee launched its flagship store on Amazon, with page views increasing nearly 18 times compared to the initial launch, and conversion rates 10 times higher than when it was first launched. At the same time, the average unit price spent by its consumers also increased by about 7%. In 2020, Govee received a Series A round of financing from Jiupai Capital, as well as a Series A+ round of financing from Tongchuang Weiye, Zhongding Capital, and others.

In addition, in 2020, its annual revenue exceeded US$200 million (approximately RMB 1.4 billion), and its compound growth rate has exceeded 300% for three consecutive years.

Since 2021, Govee's global influence continues to expand.

In 2021, Govee completed its Series B financing. In 2022, Govee reached a cooperation with Pantone, a global color consulting brand, and also co-operated with the movie "Dune 2", which greatly increased the brand's product visibility in overseas markets.

In 2023, Govee launched its own AI algorithm, which allows consumers to customize the color and shape of smart light strips. Data shows that one of Govee's products achieved sales of $12 million in just one month, and its total revenue exceeded 3 billion yuan in 2023.

It is worth mentioning that Govee also won the Global Business Award in 2023 - Fastest Growing Company of the Year.

In 2024, Govee developed several new products including permanent outdoor lights. With its highly personalized products, Govee has won the favor of countless overseas consumers. In the first half of last year alone, the number of visits to its independent website exceeded 6 million, far ahead of other brands in the smart lighting category.

(Subheading 2) Digging deeper into Govee’s path to success

It took Govee only six years from its founding to achieve an annual revenue of 3 billion, which won praise from many people in the industry. But it must be said that no one's success is easy to come by. Take Govee as an example. Its road to success is inseparable from the following main factors.

First of all, Govee chose the right track when it first entered the market, and its brand positioning also accurately grasped consumer needs.

In the early days, many brands had already established a firm foothold in the field of smart home appliances and decorations. Their founders knew that it was difficult to squeeze into the popular track, so they chose to find another way and start with smart atmosphere decorative lights. At that time, Europeans and Americans had a much greater demand for such lamps than in China.

It is understood that Govee mainly produces RGB lamps, mainly decorative lamps. At present, Govee's product line has been basically completed, covering TV lamps, smart lamps, projection lamps, gaming atmosphere lamps, smart light strips, wall lamps, ceiling lamps, outdoor lamps and smart home appliances, etc. Applicable scenes include gathering places, bedrooms, study rooms, game rooms, courtyards, house exteriors, etc. Its products can also create a specific atmosphere through different lighting effects, and the price is basically between US$20-490. Therefore, its products are well received by consumers as soon as they are launched overseas.

Secondly, founder Wu Wenlong was previously one of Anker Innovations' technical executives. Under his leadership, Govee pays great attention to product research and development.

Data shows that Govee's R&D team accounts for more than 70% of the company's total number of employees, and has been continuously increasing its R&D investment over the years. In addition, the brand has as many as 870 patents, which shows how much it values ​​product R&D.

In recent years, Govee products have been continuously upgraded and made more intelligent. Users can even adjust the lighting effect of the light strips through the mobile phone APP. At present, the number of installations of its supporting APP has reached more than 30 million, and users cover dozens of countries and regions including the United States, Canada, Mexico, Chile, Germany, Italy, France, Spain, etc.

In addition, in order to enhance brand influence, Govee has also developed a diversified marketing strategy.

In the early days, it mainly opened stores on the Amazon platform, then established a brand independent website, and later expanded its products to e-commerce platforms such as eBay and Walmart. In recent years, with the rise of social media platforms, Govee has set its sights on social media platforms such as TikTok.

On TikTok, Govee took the initiative to launch creative topic challenges, attracting a large number of users to share videos of using Govee products to create atmosphere scenes, with the total number of topic views exceeding 500 million. At the same time, it also cooperated with well-known game anchors and other talents to further expand the exposure of its products.

Data shows that many of Govee's products have been listed on Amazon's Bestseller list. In addition, in the first 11 months of last year, the total sales of Govee's TikTok store reached 8 million US dollars. With a series of outstanding achievements, Govee became the only lighting brand selected in the Prime Day North American best-selling list, and successfully jumped to the top of the lighting category.

From the case of Govee, it is not difficult to find that with the continuous advancement of technology, intelligent products will become the first choice of more consumers in the future. In addition to the intelligent decorative light strip series products mentioned in the article, in the global lighting market, there are also intelligent products in multiple segments such as outdoor lighting and automotive lighting that have the same development potential and are worth exploring by sellers.