Key trends following the pandemic include
technology-driven marketing innovations
HONG
KONG, Jan 11, 2023 – (ACN Newswire) – Industry players
should catch up on trends, especially on technology use, as
the world returns to normal this year, delegates at the Hong
Kong Toys Industry Conference 2023 heard. The conference
covered a plethora of the industry’s pressing issues, trends
and aspirations themed “The Future of Play”.
The
one-day conference on 10 January was co-organised by the
Hong Kong Trade Development Council (HKTDC), the Federation
of Hong Kong Industries, the Hong Kong Toys Council and the
Toy Manufacturers’ Association of Hong Kong Limited, running
concurrently with the HKTDC Hong Kong Toys & Games Fair,
the HKTDC Hong Kong Baby Products Fair and the Hong Kong
International Stationery & School Supplies
Fair.
Key trends
Three key toy-industry trends
were explored by the conference’s first speaker Clifton
Chiu, Research Analyst – Toys and Games of Euromonitor
International, as he noted that the rise of scientific
educational toys, kidult toys and the impact of
sustainability will be in the spotlight.
Mr Chiu said
scientific educational toys were a perfect product for
families looking to mix education and entertainment for
their children during COVID-19 pandemic lockdowns, which
limited outdoor activities and schooling. He said
kindergarteners in Hong Kong had increased access to
scientific educational toys that enriched different aspects
of their learning, such as mathematics and vocabulary
whereas Singapore had implemented robotics and programming
into their primary school curriculum since 2018.
He
said kidults, mainly young professionals, were willing to
spend their disposable income on collectable toys such as
blind boxes that let them relive their childhood. Kidults
could afford to spend US$15,000 on a pair on Jimmy Choo x
Sailor Moon limited edition boots but he believed more
brands may see the potential for monetising
nostalgia.
Sustainability had increasingly impacted
the manufacturing and packaging of toys and games with many
big players such as Lego consulting consumers and adapting
manufacturing and packaging methods in accordance with the
sustainability decisions of consumers, Mr Chiu said. For
instance, Mattel’s Barbie Loves the Ocean Series is made
with recycled plastics collected from the ocean.
“Toys
and games are no longer just a problem for kids alone. It is
an industry of mostly multi-generational feel that has and
will continue entertain everyone no matter how old you are
or wherever you live,” Mr Chiu concluded.
Where and
what to look into
In the second session, The Key to
Success – Things You Need to Know, three industry veterans
shared their intelligence.
Drawing on years in the
industry, Salley Sze, co-founder of Eastcolight (Hong Kong),
noted that it was essential to develop a good brand which
helped build up confidence for existing and prospective
customers which would eventually be translated into
potential business. Then she offered advice on hardware and
software, from manufacturing to people management, from
quality control to meeting various international standards,
as well as from marketing and promotions to being socially
responsible that help lead to success.
Arnoldo
Concepcion, Co-Chief Operating Officer of Animoca Brands,
said web3 technologies were at an early stage of development
but use of nonfungible tokens (NFT, blockchain technologies)
that allowed users to use experience and interaction to
engage in digital lives. This had huge potential in toy
industry applications. Web3 technologies could allow an RPG
(role-playing) video game user who built a castle, for
example, to create different types of experience such as
inviting friends to visit the castle or to rent out the
virtual building, which created value for the players, he
noted.
Mr Concepcion also introduced the decentralised
governance concept allowing participants to own platform, as
opposed to a central party that could make decisions that
may or may not be good for the ecosystem and participants.
“These concepts are at a very early stage and it’s time for
a lot of ideas to flourish and be developed and experimented
with,” he stressed.
Noletta Chiu, Executive Director
of Medialink Group Limited, said the licensing industry was
a multi-billion dollar global market and best-selling items
were mostly licensed characters. Matching target customers
with trending products alongside innovative marketing were
key success points in toy licensing.
The new game to
play
In the panel discussion E-Commerce is Shaping the
Way for Toys Industry, moderator Stanley Lee, President,
E-Commerce Association of Hong Kong, invited the three
speakers to share insights.
Yoyo Ng, General Manager
of iClick Interactive Asia Group Limited, introduced
attendees to the company’s proprietary omni channel
marketing platform which fulfils data-driven marketing
automation objectives. The market intelligence platform, she
added, offered audience insights which can help formulate
digital marketing strategies for Hong Kong, Mainland China
and around the world. “The beauty of digital is everything
can be measurable, and thus we are able to identify and also
measure the conversions for all the clients,” she
explained.
Betty Tse, Associate Business Development
Director of AlipayHK, said widespread acceptance of online
shopping and electronic payments during the pandemic allowed
merchants to analyse transactions and come up with products
that fitted the needs and interests of consumers. This led
Alipay to launch a digital market platform in May last year
that allowed merchant partners in Hong Kong to reach out to
its 1.3 billion mainland users. Also, the company was
building up a global alliance with Japan, Korea, elsewhere
in Asia and Europe so digital wallets are connected globally
to facilitate effective marketing and payment
convenience.
Raymond Choy, Founder of Toy2R Group
Limited, said the company used to design toys and
manufactured in the mainland while selling to Europe through
their distributors. This was made impossible during the
pandemic. The company explored the NFT market in the
mainland in order to survive, which proved a great success.
For instance, the company launched three limited designs of
its hero character QEE, each with 10,000 copies, on the
Alipay platform in October 2021, which were sold out in 95
seconds.
The e-commerce platform suited small to
medium sized companies and manufacturers most, especially
for handling trade of small quantities, Raymond emphasised.
“Manufacturers should invest time and money to try
[e-commerce] and then you will get good results,” he
advised.
Fair Websites
– HKTDC Hong Kong Toys
& Games Fair:
–
HKTDC Hong Kong Baby Products Fair:
–
Hong Kong International Stationery & School Supplies
Fair:
About
HKTDC
The Hong Kong Trade Development Council (HKTDC)
is a statutory body established in 1966 to promote, assist
and develop Hong Kong’s trade. With 50 offices globally,
including 13 in Mainland China, the HKTDC promotes Hong Kong
as a two-way global investment and business hub. The HKTDC
organises international exhibitions, conferences and
business missions to create business opportunities for
companies, particularly small and medium-sized enterprises
(SMEs), in the mainland and international markets. The HKTDC
also provides up-to-date market insights and product
information via research reports and digital news channels.
For more information, please visit: www.hktdc.com/aboutus.
Follow us on Twitter @hktdc and
LinkedIn.
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