Core Viewpoint - The article highlights the unexpected success of a businessman in the garbage bag industry, illustrating how innovation and market understanding can transform a seemingly low-value product into a profitable business venture [4][19][29]. Group 1: Business Journey - The businessman, Wu Xiangju, transitioned from being a high school teacher to an entrepreneur in Yiwu, where he initially struggled but eventually found success in selling unique products like a water-absorbing towel [7][10]. - In 2012, Wu expanded his product range and discovered the potential of a new type of garbage bag that was more user-friendly, leading to significant sales growth [12][14]. - By 2017, Wu's sales exceeded 10 million, with garbage bags accounting for over half of that revenue [15]. Group 2: Market Dynamics - The garbage bag market in China has evolved significantly over the past 30 years, with consumers becoming more willing to spend on specialized products [16][22]. - By 2022, Wu's company faced intense competition, resulting in low profits despite high sales, indicating a saturated market [23][30]. - The article notes that the market for garbage bags had grown to include millions of products and numerous competitors, making price the primary factor for consumers [22][23]. Group 3: Innovation and Strategy - Wu's turning point came when he decided to focus solely on garbage bags, implementing innovative designs such as "tear-free" bags and aesthetically pleasing options [25][26]. - The introduction of scented garbage bags and specialized designs for different uses (e.g., car, home) led to a significant increase in sales, with a reported 500 million in revenue from these innovations [27][29]. - By 2024, the company experienced a threefold increase in performance, demonstrating the effectiveness of their innovative strategies [29][37]. Group 4: Broader Implications - The article draws parallels between Wu's success and that of other wealthy individuals who have capitalized on low-value industries, suggesting that there is potential for significant profit in overlooked markets [32][35]. - Wu's company has also embraced AI technology to enhance product design and streamline operations, further contributing to its growth [36][37]. - The success of the garbage bag business has positively impacted employees, with some earning substantial incomes due to the company's performance [38].