10-year-old Public comment, 10 unresolved issues

April 24, the mass Comment network celebrated its 10 birthday in Shanghai. Objectively speaking, the mass comment network is one of the most powerful O2O enterprises in China, which insists on a decade-long deep local life service field, which is worthy of the current impetuous Chinese Internet entrepreneurs to learn. I refined the public comments on the outstanding 10 issues, for the reference of all parties.

Information quality issues

The mass comment is "reviews class" The website, one of core assets is its ten years accumulated down the comment information. Public comments The published data show that as of 2013 the first quarter of the number of comments on more than 25 million, it should be said that this is a huge wealth, but the problem is that these 25 million reviews information in a lot of useless or even soft text information. From the creation of public comments on the information from the user to add freely, the site itself is difficult to determine whether the user's comments on the business is based on the real experience. Public comments The response is to develop a good faith system to monitor false information, but this obviously can not fundamentally solve the problem. At present, some of the group buying site based on real transactions to accumulate comments on information, than the public comment on the quality of the previous information is high, which will be a challenge to the public comments. The quality of the road network, to ensure that the information objective and impartial, the public comment is still a long way.

Ii. Positioning issues

Public comments since the establishment of 2003, it is difficult to use a sentence to accurately summarize its positioning. 2005 years after the public comment on the image of the external propaganda is the first Web2.0 website of Life service field, by virtue of this concept of public comment on the success of the first investment; 2007 years later, the public comments began to vigorously push coupons, to the outside impression is the largest coupon site, but also because the coupon business development is good and melt to the second round of investment. 2010 public comments into the field of group buying, the concept of its main became "Yelp Foursquare Groupon", continued to melt the third round of investment; 2012 years later, as the group buying industry met with cold, the public comment on foreign propaganda and more use of more fashionable O2O concept. In the external world, it is difficult to say a word about the slogan of the public comment, which in itself may be a problem.

Iii. Open Issues

The public comments have a lot of data, has been taking the "closed doors" of the policy; From 2006 to the present, the public comments and Word-of-mouth network, love Help network, NetEase Rice, food god shakes and other companies on the data issues have been disputes, the public comments on most of the case to take a lawsuit to solve the problem. As a leader in the industry, the public comments can not completely stop other users to use their data, and did not adopt an open mind to build a winning industry ecosystem. January 2013 public comment on the introduction of the open policy because there are too many restrictions, and has not been recognized by all parties. I think that the public comment on the issue of openness should be more bold open.

Iv. Profitability Issues

While public comment publicly announced that it had made a profit by the end of 2008, many rounds of financing have clearly exposed the reality of its losses. From April 2011 to August 2012, only a year of public comment on the financing of two rounds of 160 million U.S. dollars, it is clear that the huge investment in group buying business to make it out of income. The dilemma of the public comment is that it has not found the right profit path, 2010 years ago by the coupons and search rankings of the revenue is too small, public information to publicize its 2009-year income of 10 million U.S. dollars, and 2010 years after the large amount of investment in the purchase business in exchange for the income is obviously a little more At present, from the market pattern of group buying, the public comments and the United States network has a certain gap, to win the top position is bound to pay a greater price, it is bound to affect its profitability prospects.

V. Listing issues

As early as 2005, the general public reviews CEO Zhang to the media, "if the public comment on the network in the next 35 years to achieve 40 million or 50 million dollars in annual income will choose to go public; if only 10 million or 20 million dollars of annual income, will consider merging with other large sites." The public comment on the two rounds of financing in January 2008 also expressed the goal of listing after three years. Although the public comment on different occasions that the company has reached the listing requirements, can be listed at any time, but so far its revenue scale and profitability are not ideal. Whether it is the public comments on the company's internal or investors are not eager to market, but in view of the latter two rounds have reached 1 billion U.S. dollar valuation, in the market downturn, it is difficult to list high valuations. At present, the public comment on the listing anxiously waiting for the state.

Vi. the threshold of competition

There is no denying that public comments on the number of merchants and users poi (interest points) on the great advantage, but in the new situation its core advantages have been more and more challenges. The public comments on the position is a bit "worse, worse". From the external competition, regardless of the merits, love to help the network and the gods shake from different aspects to the general public comments brought challenges; In addition, Ali, Tencent and Baidu three big giants to enter the field of life services, no matter from the financial resources are more powerful than the public comments. From the public comment on their own view, the current "Path Guide" (map) and "Closed-loop" (payment) are dependent on other companies, not in the chain of all the chains occupy positions, the quality of the network that the public comment on the competition threshold is not unattainable.

Vii. reaction Speed problem

Popular reviews are known for their slowness, but this should not be a compliment. The public reviews the earlier layout of the mobile internet so that it stays ahead at the mobile end; But more often the public comments are slow to move. At the end of 2008, the public comment on the senior in Beijing met Wang (American Group CEO), the other party to talk about group buying mode, the public comment on high-level response is that they do not understand and will not do. and other March 2010 independent group buying sites are online, the public comments still did not take action; June 2010 public comments on the online group purchase business, some group buying site has maintained a leading, so far the public comments on the group buying business still far from the top of the gap. And in the face of the gods shake, pudding mobile and other competitors, the public comments until the core business is threatened when the reaction comes, speed is not slow.

Viii. Internationalization Issues

Public comments on the U.S. counterparts Yelp in March 2012 after the listing, the public comments more self-confidence. Because from the number of merchants, comments on the number and active users and other indicators, the public comments are not lost in Yelp. Even the public comment on CEO Zhang that Yelp missed out on group buying and mobile internet opportunities, but he was holding on to it. Need to see is 2012 Yelp revenue 137.6 million U.S. dollars, the public comments should have a certain gap (note: Group buying business according to commission commission calculated revenue, the public comments 2012 years of group purchase business revenue in 300 million yuan). Another point of public comment is that, Yelp's internationalization is far higher than the public comment, its in Britain, France, Germany, Australia and so on nearly 20 market occupy position; While the public comments are also in the layout of internationalization, but the progress is much slower, the quality of the network that this will to a certain extent affect the capital market on the public comment valuation

Nine, big company disease problem

Public comments are still the volume of startups, but 10 years down how many formed some big company sickness; In particular, the new business unit and the original business unit of the interests of the tangle will affect the efficiency of the company, the public comments on the original coupons and search ranking business is profitable, June 2010 group buying Business Online, The profit of the original business to subsidize the loss of group buying business becomes inevitable. For the brutal growth of the independent group purchase site, they are in the competition with the public, the face is only the public comment on the group buying department, and how much this department will be affected by the company's internal friction. Long-term petty bourgeoisie too accustomed part of the public comments on staff, in the face of some vigorous competition, the individual combat ability is not dominant.

Ten, the question of eating labels

Public comments are deeply embedded in the "catering" label, many users only have to eat when the problem is remembered. In other areas of heavy decision-making, public comment is far from obvious advantages. Objectively speaking, this is not a big problem, because the size of China's catering industry is already big enough. Public comments do not necessarily have to be deep in other decision-making subdivision of the field, once its "catering" label weakened, at this stage also said not good in the end is a blessing is a curse.

The above 10 questions may not be a problem for the public comments, even if there are some problems, still can not deny that the public comments ten years to achieve good results. Bat rampant today, would like to see more internet companies rise, so sincerely bless the public comments.

Original articles, reproduced please specify the Source: Huang (Product research director, Internet industry analyst), Sina Weibo @ Huang.