"Look how adorable my cats are," Wang Ting proudly showed her colleagues a live video feed of her two cats eating at home. It was her third day on a business trip to Shanghai, while her pets remained at home hundreds of miles away. Wang chose not to board them because her home is equipped with a full set of smart pet care devices: an automatic feeder and water dispenser ensure their meals, a smart camera allows her to check on them anytime, and she recently purchased a smart litter box from Fenqile Mall, achieving fully automated pet care and giving her peace of mind while traveling.
As the number of pet owners grows and pet care attitudes evolve, smart pet devices have become one of the fastest-growing market segments. Data from Fenqile Mall, operated by Lexin (NASDAQ: LX), shows that beyond popular pet food and toys, smart pet products are experiencing rising sales and positive reviews, reflecting a shift in pet-related consumption from meeting basic needs to enhancing the pet ownership experience.
The rise of the pet economy is driven by multiple factors. On one hand, loneliness among people working away from home and limited social support systems have created an emotional void, strengthening the role of pets as companions and important family members. On the other hand, younger generations have shifted their spending habits, showing greater willingness to pay for improved quality of life and emotional satisfaction. Additionally, the spread of cute pet content on social media has amplified the positive aspects of pet ownership, further popularizing pet culture and encouraging more people to become pet owners.
Time and energy investment after getting a pet is a primary concern for new owners, driving the trend toward smart pet care. In fast-paced lifestyles, smart devices effectively reduce the time burden of pet care by enabling remote management and automated feeding. Moreover, the growing emphasis on scientific pet care has made owners more attentive to their pets' health and quality of life, leading them to adopt smart devices for more precise and scientific care. Advances in technology and improved user experiences have also significantly contributed to the popularity of smart pet products. According to Fenqile Mall data, several models of smart pet feeders and automatic water dispensers are top sellers and highly rated, becoming essential items in pet-owning households.
It is important to note that smart pet products generally come with higher price tags, and occasional high medical expenses add to the financial burden on pet owners. A key concern is how to manage these occasional costs and achieve smart pet care more easily. In this context, installment-based e-commerce platforms hold a clear advantage. For example, Fenqile Mall, leveraging over a decade of experience in installment e-commerce, has fully utilized its market insights to establish a supply chain for pet-related products. The platform currently offers over 1,100 SKUs in pet lifestyle products, covering categories such as pet food, treats, litter, toys, smart devices, and daily care items. Its "Mai Ya Supermarket" section includes a dedicated "Pet Life" channel, making it easier for pet owners to find relevant products and shop efficiently. In addition to providing a wide range of products, the platform utilizes its strengths in financial technology to offer flexible installment payment options, helping consumers manage pet care expenses comfortably. Data shows that in the past year, more than half of pet owners on the platform have used flexible installment services.
Founded in 2013, Fenqile Mall was China's first online installment e-commerce platform. Over the past decade, it has focused on meeting the consumption needs of young users, leveraging both场景 and installment advantages to create a trendy shopping experience through merchant partnerships and category management, thereby lowering purchase barriers for young consumers. A representative from Fenqile Mall stated that the company's move into the pet economy is based on recognizing the potential of emotional consumption and the alignment between its user demographics and the core pet-owning population. By expanding pet product offerings and providing flexible payment plans, the platform aims to enhance user experience. Looking ahead, Fenqile Mall will continue to utilize its market and user insights, supported by strengths in supply chain, warehousing, logistics, and flexible payment solutions, to strengthen its e-commerce capabilities and service quality, better meeting diverse user needs and contributing to an active consumer market.
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