The structure of comparing the cost of electricity quotient

According to gross margin, logistics cost accounted for, market costs accounted for, operating profit accounted for, inventory turnover days of several aspects of data, and Dangdang, Amazon, only goods will, jingdong operating conditions of the contrast , because the number of the core categories of the electric dealers are different, but the overall revenue scale gap is still relatively large, Therefore, the comparison of the figures is only a reference, the specific analysis should be combined with the different sites to carry out.

1, Gross profit margin

(Note: Amazon costs are also included in the net shipping cost, that is, distribution costs, so Amazon's actual margin should be higher)

As America's largest integrated electric-business website, Amazon has traded on its scale for the bargaining power of its suppliers, which has maintained gross margins of more than 22% in recent years. Dangdang just started with the book sales, gross margin also has more than 20%, but due to the 2011 rapid expansion of daily necessities field, category expansion of the early immature channels, and suppliers also have no strong bargaining power, resulting in a reduction of gross margin to 13.8%. Only the recent gross profit margin has a relatively beautiful upgrade, compared to the old electric dealers, only goods will be set up for a short time, in order and the channel has not yet matured, the gross margin of nature is relatively low, but in view of the clothing field inventory pressure, as well as the channel to improve the ability to eliminate goods, only the gross margin of goods will rise to 19% Q1 has reached 21% this year. In contrast, Jingdong Mall's gross margin on the low poor, only 5.5%, the reason is that Beijing has always been proud of the 3C field, margin itself relatively low, on the other hand, the recent introduction of household appliances, department stores, Books category expansion of the temporary advantage, coupled with the expansion of the price war, have seriously affected the elevation of the east margin of Beijing, Gross margin is too low, also let a person have to have the ability to realize the future of Jingdong to be profitable to have doubt.

2, logistics costs accounted for

Logistics cost is the purchase cost, the biggest expenditure item of electricity quotient, quoted Bezos's view, "The electricity merchant is a high fixed cost, the low variable cost scale business model", the warehousing logistics facility consummation, is realizes the user experience the foundation, but the high warehousing logistics expense, only when the electric business realizes the large-scale operation, To effectively apportion fixed costs. Amazon to achieve large-scale operations, the current cost of logistics has fallen to about 9%. After years of infrastructure construction, when the warehousing logistics coverage has been more perfect, the recent logistics costs accounted for more than 13%, Guoqing at the Q4 analyst meeting mentioned when the warehouse area of 340,000 square meters, will continue to expand in 2012. Only goods will be in the logistics expansion process, the current warehouse area of about 107,000 square meters, warehousing logistics costs accounted for up to 20%, with the increase in order quantity, as well as the new warehouse efficient use, only the goods will logistics cost accounted for a great decline in space. On the figures, the logistics cost of Jingdong is the lowest, for 6.6% (logistics + distribution), but this is related to the price of the East Jingdong, the reason is that the Beijing-east to sell a high price of the 3C category mainly, but with the department stores, book category expansion, will pull low customer unit price, logistics cost pressure will gradually appear. In addition, unlike other home appliances vendors, Jing-dong in key cities also have their own distribution team, since the establishment of distribution in order to large enough in the case will play a role in saving costs, on the contrary will result in cost pressures, with the increase in human costs, the distribution team will also aggravate the cost of the East Beijing pressure.

3, market costs accounted for

The market cost reflects the cost of the user of the electric dealer. Category complete, low price, user experience is to promote the website of the user to sticky users, to attract the premise of duplication of consumption, the formation of viscous, electrical users to obtain relatively controllable costs. When the cost of the market in the past two years increased, with the promotion of category expansion, as well as the recent competition in the field of electrical business related. Only the proportion of the product will be higher than other home, about 6.6%, but the trend is declining, due to the rapid growth of the company's revenue, nearly three-year revenue growth rate of 800%. The market cost of Jingdong is 2.3%, however, in view of the Beijing-east itself relatively high revenue scale, the absolute value of the market (490 million yuan) is not small, plus the BoE margin itself on the low, 5.5% of the gross profit, light market costs on the deduction of half, the user to obtain high cost. Amazon's market costs remain at around 3%.

4. Operating profit margin

Comprehensive analysis of the above cost structure, and then look at the operating profit of each home: 2011, when the loss of operating losses by 7.86%, only the goods will be operating loss rate gradually improved, to 14.5%, this year Q1 continue to improve, operating losses have been reduced to 6.5%, Beijing East operating loss rate of 5%; Amazon operating profit margin of 1.79%.

5, inventory turnover days

Inventory turnover speed, reactive power operators operating efficiency and inventory liquidity capacity. The less inventory turnaround days, the lower the level of inventory occupancy, the higher the operational efficiency. 2011, Dangdang Inventory turnaround days up to 143, speculation may be related to the industry of book category, Connaught Bookstore inventory turnaround days in about 90, when the specific reasons for slow turnover hope to have an expert to answer. Amazon's turnaround days are close to 40 days, Beijing east is 35 days, only goods will be 77 days (IPO roadshow), due to the new warehouse in 2011, the warehouse fully utilized, will help improve turnover efficiency.

In the last discussion, we are most optimistic about the self-electric business site is Jingdong Mall, but through this cost structure comparison, we can see that although the scale relative to other homes, but the cost of the East Jingdong is not small, user access costs are also very high, the future logistics costs and human costs and increased risk, 5% A big increase in gross margin is not easy. When as a result of category expansion and price war, but also bleeding, coupled with a bad competitive environment, making it more difficult to transform a comprehensive electric power from a vertical type of electric trader. Only the goods will be the exception, although the establishment of a late, but because of the choice of differentiated routes, and both ends of the market demand exuberant (top clothing inventory pressure, the lower end of the two or three-line city crowd price sensitivity high), the rapid growth of the site order quantity, with the logistics system to improve operational efficiency and improve the cost structure, Become the most promising one of the fastest profits of a power dealer.