Joyetech Group Vice President’s advice on vaping industry during COVID 19
2020 e-cigarette industry challenges and opportunities-European e-cigarette market live show was held by China e-cigarette committee in May. This show is mainly aimed at the COVID 19. During the live show, some vape industry bosses including Joyetech Group Vice President, Yao Jiefeng, shared their opinions and advice on vaping industry during the new coronavirus pandemic crisis.
The live sharing session first connected Dustin Dahlmann, president and founder of the European Electronic Cigarette Association in Germany. Dustin fully shared the current epidemic situation in major European countries, the situation of the e-cigarette industry, and suggestions for the industry, including:
1. Most countries in Europe have begun to resume work and production, and the number of infected people is continuously decreasing;
2. Under the epidemic situation, the overall market of the European e-cigarette industry is not optimistic. Not only are the profits of wholesalers and retailers gradually decreasing, but they are also facing greater pressure to destock and have insufficient cash flow;
3. Brands and manufacturers are recommended to properly extend the life cycle of products and strengthen support for wholesalers and retailers;
4. Strengthen product cost control and create greater profit margins;
5. Increase product innovation.
After Dustin, Yao Jiefeng, Vice President of Joyetech Group, mainly shared from two perspectives: epidemic situation and policy.
From an epidemic perspective, the global epidemic has caused inestimable losses and impacts on the e-cigarette industry. With the effective containment of the epidemic, countries and regions such as China and Europe have gradually ushered in the post-epidemic era. In the post-epidemic era, the e-cigarette industry should take actions and face the current industry situation, and slowly recovering industry demand from three aspects of quality, service and R & D.
From a policy perspective, the European Union has launched TPD2 and the United States has introduced PMTAs. Although these policies currently cause a certain degree of trouble to the development of the e-cigarette industry, in the long run, these policies are beneficial and harmless. At the regulatory level, the industry is regulated, and compliant to help the industry develop sustainably and healthily.
Therefore, at the end of the live broadcast sharing session, Yao Jiefeng, Vice President of Joyetech Group, expressed a positive and optimistic attitude towards the industry: the global e-cigarette industry is still promising.