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Instant Pot is now facing competition from rival products made by bigger companies such as Breville and Black & Decker, but hopes are high that the product’s head start and legion of faithful followers can keep the company cooking.
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Alongside his friend Yi Qin, he realised that people wanted to find ways of cooking fast, cheap yet healthy meals.Last year, 80 per cent of the company’s sales were through Amazon, Mr Wang told digitalcommerce360.com, although he expects that figure to drop to 60 per cent or less now that it is beginning to move into bricks-and-mortar sales.“If you want to achieve high volumes, such as selling 215,000 in one day, Etsy won’t cut it and your own warehouse won’t cut it,” he said.It was no surprise when online sales tracker Slice Intelligence revealed the Amazon Echo voice-activated device as the best-selling item on Amazon Prime Day in July 2016.But sandwiched between the smart speaker and a Samsung TV in second place was a little known pressure cooker from Instant Pot, a startup launched in 2009 that relies heavily on Amazon to reach consumers.