Revenue exceeded 10 million in one year after launch! Shenzhen sellers received another 10 million in financing

Among the many sub-segments, smart wearable devices may be considered a relatively difficult track. Smart wearable devices also include many secondary categories, the most common of which are smart watches, smart bracelets and smart glasses.

However, in recent years, smart rings have gradually entered the public eye, and a number of excellent brands have emerged in the related field, RingConn being one of them.

The revenue exceeded 10 million in the first year after its launch, and it ranked TOP2 in the niche market

It is understood that RingConn was founded in 2023 and is an overseas brand from Shenzhen. Along with the Finnish brand Oura Ring, it has become the Top2 manufacturer in the smart ring segment.

RingConn started out through an overseas crowdfunding platform and raised $1.2 million in just 50 days, which is enough to show the overseas market's acceptance of smart rings.

As RingConn gradually emerged, it attracted more and more players, including some well-known manufacturers. In January 2024, Samsung announced at its new product launch conference that its smart ring Galaxy Ring would be released soon.

Its founder and CEO once said that although RingConn only entered the market in 2023, it has accumulated more than 40,000 global users in just one year, and the annual revenue of the brand's independent website alone is as high as tens of millions.

At present, RingConn’s sales channels mainly include independent sites, Amazon and some other mainstream e-commerce platforms, and its market layout has covered many countries and regions including Europe and the United States.

However, a simple search on Amazon revealed that RingConn does not seem to have an overwhelming advantage over its competitors on the Amazon platform.

Take a listing under RingConn as an example. This product is priced at US$279, with sales of over 50 units in the past month, 122 reviews, and an overall rating of 4.3 points.

Although these data are not eye-catching, they are considered to be average for a product with this average order value. Moreover, as a DTC brand, RingConn should focus more on its independent brand website.

As the cornerstone of a brand's development, the importance of an independent website to RingConn is self-evident. Data shows that from the launch of the RingConn brand independent website in June 2023 to the end of the year, it has sold more than 20,000 smart rings and earned tens of millions of RMB in revenue.

Entering its independent website ringcoon.com, the first thing that comes into view is the banner image of its flagship smart ring. Of course, there is only this one product on the entire website.

Its product introduction shows that health and sleep detection functions are the core technologies of RingConn. Currently, RingConn's new product RingConn Gen 2 has the functions of monitoring sleep apnea syndrome (OSA), pressure, blood oxygen, and sports monitoring such as cycling, running, and swimming.

Compared with smart bracelets, rings have more advantages in monitoring sleep. First of all, the ring is smaller than a bracelet or a watch, and is more comfortable to wear 24 hours a day, so it is more suitable for nighttime sleep monitoring. On the other hand, the skin on the fingers is thinner and has more capillaries than the wrist, so the ring can collect more biological signals and biological indicators, and then provide more accurate data.

According to its website, RingConn Gen 2 is now available on the crowdfunding platform Kickstarter. As of press time, more than 10,000 netizens have donated real money to support the project, raising a total of more than 2.5 million US dollars, far exceeding RingConn's initial fundraising goal.

With tens of millions of dollars in financing, RingConn is making rapid progress on its branding journey

It is reported that RongConn 's parent company recently completed an angel + round of financing of tens of millions of RMB, which will be used for R&D, market and team expansion.

According to a report by Market.us, the market space for smart rings has reached US$2.67 billion (approximately RMB 20 billion) in 2022.

RongConn predicts that the market size of smart rings will reach 10 million units per year in the next five years. Currently , 70% of RongConn 's users are American users aged 35-55. This age group of users is very concerned about their health and has a demand for daily body monitoring and health management.

As the global aging process continues to advance, there will be more and more consumers with related needs in the future.

In fact, in the early days of RongConn’s development, there was a problem of unclear user positioning. Initially, RingConn targeted fashionable urban women, but later found that the advertising effect was not good.

After analysis, we realized that most of RingConn's users are people with a higher level of education and who are more concerned about their health.

After successfully starting out through crowdfunding in the early stages of its business, RingConn also put a lot of effort into social media marketing. It has registered official accounts on YouTube, Facebook, Instagram, TikTok and other channels, and has cooperated with a large number of KOLs to conduct professional evaluations and promotions of its products.

Data shows that RingConn's official accounts on Facebook and TikTok have accumulated 8,600 and 1,368 followers respectively. Although TikTik has fewer followers, the content under the account is quite popular, and among the top three videos, there is a hit video with over a million views.

In terms of video content, it is basically a simple demonstration of holding a ring. For example, in the popular video with millions of views, there is only a pair of hands putting on the ring and showing the scene of washing hands, which shows the waterproofness of the ring. The whole video is very short, only 9 seconds, but such simple content can reach millions of views. We have to sigh at the viral spread of short video platforms and the rapid rise in the popularity of smart rings.

Today, RingConn has become a leading player in the smart ring market, has a certain moat, and has accumulated a group of loyal fans. However, this does not mean that RingConn can sit back and relax.

From now on, even overseas, smart rings are still an emerging category with few mature players in the market because such products have high requirements for technological research and development.

However, as smart ring products gradually mature, more and more leading consumer electronics manufacturers will flock in to try to get a piece of this big pie .

In addition to Samsung, Apple and other major manufacturers have also applied for patents for smart rings in order to complete their smart wearable empire consisting of smart watches and head-mounted display devices.

Faced with rivals of the level of Apple and Samsung, even RingConn, which has already established a firm foothold, will probably face a tough battle in the future.

Smart Ring

Financing

Shenzhen Sellers