For the next two sessions, start the first game.

Jinxin: For the next two Interactive sessions, start the first game first. I see the guest list is very confused, four-bit business model is different, but all belong to the channel O2O, ask everyone's first question: What business you do, how do you think, why the business called O2O, this o2o exactly what meaning.

Shaoyuan: Why O2O, because I am monograph in the residential community electronic channel, specifically how to put the community around all the business, to localize it, put him it into the hierarchy, perhaps this is probably, because of this reason, of course, I am a channel business, that is not retail is not to do other, OK.

Jinxin: Your side of the O2O to the offline channel of the goods sent to the user's O2O.

Shaoyuan: 5 kilometers around the residential shopping electronics, people sitting at home can buy the goods around the store.

Jinxin: Originally you look at the supermarket things online, Shao moved to the line, through the community 011 can choose the supermarket things, he bought to send over, is this meaning it.

Shaoyuan: Yes.

Jia PK: Our O2O is like dropping a taxi, integrate the current retail wine shop, through the location service to find his surrounding shops, and then through the shop service to help the store to solve the problem of sales, then they provide customers with services door-to-door, and then in their time required, we do a goal is 9 minutes, 60% of orders can be delivered within 9 minutes.

Jinxin: Shao total side of the supermarket inside the things from the line to the line, you are the liquor store information pulled to the line.

Jia Peak: Just the words vertical class, we are heavy vertical, should be biased to the wine industry.

Wu Yu: Our main shopping malls and department stores, the industry is very old, up to now nearly more than 200 years, we now do the O2O actually put the offline goods to sell online, this we started in 10 years, now the whole move to, Yintai network or said that they have their own some independent channels, offline to do some differences, Now it's the whole web, it's a. The second one of our members also to move to the line, so we now understand that is the total share of Xing is a cargo warehouse, we put people and goods are moving to the line, so called this O2O.

Jinxin: Thank you, do not go to the supermarket, do not go to the liquor store, also do not go to the mall?

Wu Yu: No, our strength is still in our line base this piece, all offline companies we think that the model is still OK, this model is still possible, the industry is still moving forward, so we moved to the line as a supplement, not to say that he was the main channel.

Jinxin: Understand, the front two guests Rob others home line business, you rob their own home.

Cho Cochun: From the line down to the line, in fact, now or back to the line, O2O is actually doing offline entity store enhanced version.

Jinxin: Your side is information technology, unlike the first three students, no matter which mode, I just listen to most of the process of informatization, then the information includes said Shao total there in a box Wanglaoji sent home, E-commerce encountered the first problem is inventory information, special inventory information, we need to involve the line , involved in a number of stores the problem is very serious, want to ask you, inventory information how to complete, how to know where the goods, how to know where the customer should be shipped.

Shaoyuan: First of all, I just said, aimed at surrounding the community around, all five kilometers away, in fact equals doing a virtual, put the life of supermarkets and boutique supermarkets, these forms of direct electronic, and the surrounding partners, we work with him to put all the inventory information we talk about, like the price, All become digitized, and then we refresh through the data several times a day.

Jinxin: How many refreshes a day?

Shaoyuan: An average of two hours to refresh, you can know the price and the constant time of the dynamic inventory, generally like us from the line, below 5 inventory, to prevent the situation of the goods.

Jinxin: I would like to ask the details, because I used 001 of the service to buy their drinks, is the direct system docking or?

Shaoyuan: With the supermarket, his cooperative department, all the information electronically, and then through my service information and his docking, he has some inventory every night, some price dynamic updates, he will give us the next morning, and then we prevent him there are some called specials, to increase the price may be cheap, competitors, I want to price, A two-hour refresh allows you to keep abreast of this dynamic information.

Jinxin: Your side is the technical means to solve, the liquor store can through technical means butt inventory information?

Jia Peak: We compare the simple SKU shop relatively small, a shop between 60 to 100, inventory information from each of our stores have a back-office system, will be your data every day will be automatically cut off, this data is always updated, in addition, if his products can not choose the offline operation.

Jinxin: Is this the stock information? Pricing, who will be priced, such as a bottle of wine in the store to sell 300 yuan, or the provision of this wine to sell 320.

Jia PK.: There is a core idea what people need wine to set wine, a lot of people do food channels to buy a bottle of Maotai, restaurant price 1500, the normal price of 1000 dollars up and down, he contrasted in the restaurant to buy wine and shop to buy wine price, the sensitivity of the price is not PC vertical operators so sensitive, As long as the comparison of the restaurant price is relatively cheap on OK, the store independent pricing, do not intervene.

Wu Yu: We simply, our own system to do the customization of goods, we mainly put the different cities of these goods, the information this is old Xing, among the two of us he is my home, I now put some of his merchandise also to my side, because we have a lot of vendors in the building, Xing Zong They are also a very large supplier at home.

Jinxin: There is a little understanding of the commercial situation under the line, so does Yintai department store know about the inventory of each store? Yintai itself is a model of commercial real estate, how is this commercial inventory information obtained? For example, there is no way these clothes are likely to know.

Wu Yu: A pure one we talk about shopping malls, generally speaking purely to the image of the lease exists, to what kind of lease to you, as to how to sell how to manage goods, relatively weak a lot, in addition to the way department stores, more sales this way operation, we do is the department store this way.

Jinxin: What's Your side? What can you share in the whole inventory information?

Cho Cochun: This very painful process, because treasure wins is a lot of mergers and acquisitions to do, each company's system is not completely unified, in fact, it is very difficult, so now basically we may be four quarters of the time to achieve, now do not always do, may be a day of synchronization, a few hours a synchronized, we and Wu, in general, interdependent relationship, We also hope that in this is a communion, only to Yintai or wangfujing guests more good for us, we sell we can make money they can make money.

Jinxin: Next to understand a problem, your side now inventory problem, that user side you O2O, because involved to the user line on the offline behavior, you think the most successful one thing, line online under the link, there is no case to share, there is no case to feel particularly for everyone here, O2O line on the offline case is worth sharing.

Cho Cochun: Our system just came online, there is no success, just speaking and the public comment on the cooperation, in August, opened the first Test, basically get some new, through his release coupons, this coupon 5 dollars can be purchased can be returned, consumers to pay 150 yuan of an interest, This is the right to go shopping from his nearest physical store, the first to know that there is a new one, and the second I know some of the closest, because the store is available through the client. The third can get real gold and silver savings, but found it very fun, the recommended commodity consumers buy not much, after going to buy more than we recommend. The second suburb of Shanghai, to go to more traffic, we analyzed a bit, too clever, to fool them is not easy, so divided into the circle of members and life cycle members, two special, Life Circle on the brand stickiness or shop stickiness higher.

Jinxin: So sharing on the one hand through the online platform reviews to the offline store to draw passenger flow to do various attempts. Another very important concept, the traditional do electric business is the same, you have added geographical location information, in fact, different geographical user groups are not the same, and Jingdong selling the country is not a concept.

Cho Cochun: Because the Internet, transmission rate is below the concept, but this inside O2O a very strong geographical concept, the distribution of the population is very relevant. Shanghai to be divided into six levels, different levels of shop decoration with the goods, and even the price are slightly different, completely in accordance with the line under the passenger group because of people to set up.

Wu Yu: This piece of our merchandise has been a little more than a silver Thai net, is also a silver Thai network on this platform, because he has been working for several years, relatively very experienced, will do more mature, for us to do O2O, now called, a few years ago may be said, these years have been walking, very clear a rhythm, is to put aside the sale of our members do this thing, is actually said that we and Shing, they are a upstream and downstream relationship, because they are our upper reaches, now we see that Xing has always done what should not do is finished. That from our point of view, we actually just think, if it is said that my things come out and Xing always no difference, why does Xing always do in my this, can community 001 do, also can other place do, do not need me this to do, pure natural this piece we already cooperated not several years, is several decades, last hundred years this course to walk down. So now this stage is saying, if we were to do this thing and the total difference in Xing, we want to play the difference, we pushed a product called private customization, actually do data aggregation, mainly to do is to say, I do not only do I found a hobby of my membership, the key is that I found my members in addition to like Xing always also like who, I'm going to combine a couple of Xing and other items.

Cho Cochun: There is a problem with the beer and diaper combination, and if our angle shoes and cosmetics are put together, it helps me to have a very good interaction with the drainage and sharing between category and category.

Jinxin: So the vertical O2O and platform of the O2O is not necessarily a competitive relationship, we are actually cooperation.

Cho Cochun: The relationship of cooperation.

Jia: The wine is coming up in March this year, we are also exploring the process, we have recently done an activity, relatively speaking today seems to be heavier, the effect is more obvious, we pass a transmission, and then some users to our platform, then give these users a two-dimensional code, Is that he can get this two-dimensional code after searching his shop nearby, and then to the shop at the same time call, said I need to order wine, shop wine, online users experience the flow of our services.

Shaoyuan: I share, we have done more than two years, the country more than 20 cities, we are constantly exploring, especially this O2O concept is very good to speak, but actually in the actual, is not really find his essence, I also share this two years time some of our exploration. In fact, because I do is the community crowd, do is housewife, everyone is the owner is also the consumer, in fact, I think our current community 001 so-called O2O want to reach a, put itself localized and layered things through traditional partners how to get him through, butt together, just like we said in the Beijing Tongzhou region , each of the different five kilometers of the region people's consumption attitude is different, the SKU is different for the goods, the sensitivity of the price are different. There is another way to spend, its own traditional retail industry frankly very good, he entered a regional sales field, actually did a lot of research for many years has accumulated a lot of supply chain resources and knowledge, precisely today we this traditional internet electric business model, because it is a single shop mode, a shop nationwide, Everyone seems to be walking around a big market, there is no way to do the human subdivision, can not meet the different classes of people different consumption needs, we are in fact, through the Community 001 this platform to his hierarchy, we take ternary milk analogy, may be a piece of money lite Milk best-selling, ran to Wangjing area about 3, 4 dollars of milk is the subject. Do not think that more than 99% people still like imports of goods, import browsing so we're going to say this thing has come to a finely differentiated time, and as a traditional retail industry, they are very good at Supplier resources, service system, quality management and so on, but China after several years of market impact, Coupled with our vast number of Internet VCP, there is no doubt that China has been burned to the world's largest e-commerce, and within the next 5-10 years, China must enter into the era of national E-commerce, if the traditional retail industry or wait, or guarding their own circle and other customers door-to-door, we can see, basically increasingly depleted, is more and more not satisfied, you have good goods, be able to explore the psychological products of customers, if you can not be accurate to provide him, especially the more and more difficult for everyone, the family of 80% of the expenditure is the daily necessities, is not to buy, supermarkets to queue, to the weekend a sea of people spend a long time, Usually when we are busy, the super city is very crowded. What do I think the real next generation O2O can do? I think it is to help the traditional retail industry, the use of traditional retail industry quality supply chain resources, quality in the industry experience and accumulation of these, the product of the management of this set of models, how to electronic him after the level of his hierarchy, to localize him? At the same time we can do this human nature, I think my years of exploration is mainly focused on this aspect.

Jinxin: Thank you, Next, because the four-bit field is very different, I want to ask two questions, give the microphone to the audience here. First ask the wine fast and Community 001, Jingdong mode, the world to do two kinds of things, a very heavy approach, the goods in their own hands, their supply chain, their own warehouses, their own delivery staff, so that the quality is more controllable, the disadvantage is very heavy, the capital invested in the tax stamps how to do. And the light way, direct not to take positions to the supermarket, shop clerk take Maotai on the past, such benefits can start to update faster, but the corresponding from our point of view, his shortcomings is so many people how to manage his quality, delivery not timely how to do, with the wrong way to do, There are other things that do not help you do this single, all kinds of very complicated things to ask how to solve.

Shaoyuan: Community 001 We respect the quality of traditional retail industry resources, just speaking, although the supply chain management, from the production line to the warehouse transport to their warehouses, to management to the final After-sale and customer service are very good very perfect, the only need is to wait, is every day waiting for guests to come, And this industry gradually, is the old people come to buy special, buy to go, at night, he is busy. Then we say we know his weaknesses and shortcomings, we know, I am an Internet veteran, the first company in 1998 and so on, the biggest problem of our internet people is not to criticize others, criticize ourselves. Because we have the greatest advantage, easy to take money, tell a story, you can take the money from the VCs, people are very clear, come up and want to kill this to kill that, this is I think China's first revamping business biggest problem, say, I can not what, I come to this industry, although more than two years, three, I just know, A traditional industry, really after 10 years and 20 years, even 30 years of accumulation of precipitation only to this year, only to this supply chain, the morning just asked a supply chain, only to do the more perfect, and our electrical business Decade is really far from enough, may just do a so-called warehousing, to do the so-called large logistics, But often from the production line to the entire product quality management, to the entire way management and warehousing management, the shelf life and so on these things, know that after the sale, in fact, this process we still far from reach. If I say, today to be a new type of electrical business, if you want to start, or want to take money, because it is easy to do these things to talk will not be successful, and waiting for me, may only die. Because he is not my food, he is not my forte, our forte in the field of Internet for so many years, our advantage may be just talked about through the internet, mobile internet means, how can I improve the line of things. There is another, I myself in the real estate field for many years, this year 001 is ten years ago, can not rely on selling advertising for a lifetime, can not forget to buy the guest house, second-hand housing does not matter, I would like to do a, how we really in the property end and real estate community end to create a 4S shop, to provide a 2C business, Then this was shipped three years ago to have this opportunity, I think the real estate industry, we sell ads sold crazy, no one thought, in fact, each of us in this room, we are really very dissatisfied with the property, whether you buy 5 or 60,000 dollars in the house or 5, 6,000 of the house, you get the treatment of P & G and Security, Community electronic almost no, the traditional way in communication, or the door sticker notice this is the status quo, not to mention to provide us with real services, what is the real service? How to quickly understand the surrounding business, how can we quickly through the electronic way to enjoy this business services, this thing is really me, I actually do community 001 desire and motivation, I understand the O2O is how to put the localization of resources online, at the same time layered. Don't let me buy four.The Qian Yi side and the 5,100-party crowd, we peasant friends can not visit Beijing, not his dishes, it is clear that I can not do the supply chain, do not buy, do not do the integration of goods, but can do a community-based channel, and we through the crowd, we find this crowd can accept the way, We offered him a service.

Jinxin: You said standing on the shoulders of giants, taller than others, understand what you mean.

Jia Feng: When it comes to the service management of wine, I would like to start from a few aspects, first of all, to talk about our original intention, the wine industry is more special is that a lot of friends together may be the next moment to drink demand, this demand more than we want to go to the business platform to buy some wine, this question is our thinking, a few years ago How to bring such services to drinking buddy, last year when the wine circle began to fry how O2O how the model, is that you just mentioned the heavy mode, their own shop, management, and then the entire supply chain to establish, then to do services, this way good? His good is just said we will be more easy to manage in the service, but at the same time he also brought a big problem, is how we use the time and energy and money to build such a system. The second is in today's beverage industry, it may be a relatively cold period over the past few years, for many traditional stage of the liquor business more difficult years, this time we feel that our biggest advantage may not be that we can build more stores, but based on the Jiuxian network of resources and a special deep understanding of wine, Possible integration of resources for today's Jiuxian network and today's wine industry O2O is the best model. Beijing East In addition to self-built model you also have an open platform, but also related to the so-called services and management, such as the cat, we believe that in the open platform process, we need to have two directions to the service to upgrade. First early training and rules, we are now in every city in the process of doing a series of training to the owner of the shop to tell them how to do the service, what kind of service is the standard is good, need them to execute, the second is the rules, Jingdong, the cat very perfect rules, Stores do not need to be managed by people in these ways, then I think the third most important in today's Internet transparent time, I feel that user promotion is one of the most important ways, then the user purchase behavior and his process he will promote the merchant to do better service, is also today the Internet very mature direction, Also today in light mode can still do a good job of the premise of service.

Jinxin: Rely on the training by the rules, relying on users to pour force. Shao total side can solve the lazy demand, do not want to go to the supermarket, Jia always here can solve the demand for money. So what is your two-bit O2O based on the tradition that creates greater value for the user, and then the next thing you're going to do to strengthen that value, how to pass it to him, doesn't sound as if there's no obvious cost savings or lazy value.

Wu Yu: I think so, just listen to the community, is actually doing some reservations.

Jinxin: Buy It online, then he went to the supermarket to buy milk for you.

Shaoyuan: Actually I'm a pool model.

Wu Yu: Our entire coverage, generally speaking, seven stores all covered, the whole city, the crowd coverage, we are born with a difference, I will have some of the city's central store and some community stores, the central store is mainly to do a more high-end positioning, community stores, some of the main service community, some of his daily consumption. For us, is we in addition to find some resources to use, such as pressure, as well as micro-letter, we do some, such as to do some flow of drainage outside, we are still doing their own flow reengineering, in fact, our flow reengineering is through the promotion of membership services to achieve, This member service we actually in our members are looking at our in fact, many traditional retailers, such as our comprehensive shopping, the whole year to do 4.5 one months of such data is very high, we do the middle is one months to two times like this, generally speaking one months a very good source. We find from our own data, there are high-frequency times, why not the low-frequency secondary to High-frequency, a city's population with the development of the city, including the changes in the social structure will not happen particularly big changes, because the 80 's suddenly appeared in the process of building a new town, the process of development has passed, The next thing I see is that our city is changing so slowly that his population means that my new users are changing less, so it's more important for me to tap my potential. As for my guest will not be taken away by the Internet, actually not so worried, why? The internet is not the first new concept, he has existed for more than 10 years, because we and Ali are related, he is our important shareholder, we and he did some data on the cooperation, I actually found that our 90% of the guests are also on the Internet, like Taobao and the cat guests, also buy in that, today still buy in our, We will also have to attract his place, we have to do is to find these points, to find some of my members after the marketing, and then let my membership to increase the rate of 60,60, 40 to increase to 80, this is very meaningful to us.

Jinxin: Can you understand O2O's greatest value to Yintai, originally waiting for users to buy things, now have a new opportunity to thin into the middle of each user, medium type to develop more fat, you just said that the change of new users will not past growth so fast, a fertilizer to the Yintai contribution value is the value of O2O.

Wu Yu: The level of a commodity, we are outside the extension of our customer base, which will relate to and before the relationship, will involve us a level of coverage of the surrounding, if I am Hangzhou, will be in accordance with the surrounding city of Hangzhou, some of the municipal and land-level coverage, before we do Silver Thai Network is also a full network coverage, But now it's not the most advantageous one for us, in addition to commodities, we will continue to go forward, we are now in the customer's point of view, the number of existing guests, because just talk about private customization, in fact, we do private customization has about 10% of the direct conversion rate, 100 guests 10 people how about this level, and Xing total data found somewhat interesting, if the last to buy clothing, our consumption is better, I told him, you these several brands, you will be more like, I follow these several your preferences to you will basically not run too far, but we will not always the same as Xing , I was pushing on a single product, because my strength is not here, so today to solve is to say, or education, or the problem of pleasure, so that the guests, according to my breakdown of the group he slowly raised, as you said, to raise my users. In that case, for us, our loyal guests accounted for about 25%, then the next is the value of the guests, then we are the relatively ordinary guests, and then to the end of the very easy to lose the guests, we do the back of the two guests to do, the concept of traditional CRM, but this CRM concept , we go to see now, our real economy has not done this through, this inside there will be a few problems, the first one you are now the entity of the guests difficult to inform him, can not always call, call the guests do not do, this is the first. Second, it is difficult for the guests of my entity to get his message, this is a very bad situation, so and the Internet is not the same as the Internet as long as the purchase to know your source or even your traffic from where to come, your address including telephone must give me, I am very difficult, I will think a lot of Shangan this thing, this is the first. The second is the traditional CRM in which he has more emphasis on the data than on the reports, what we do now is totally different, I do it through the preference of the data, it may be said that according to the group of the report, I am now according to the individual to divide, not according to the group, this is worse, The difference between the data I make is basically three times times worse. Basically we do the effect of the category and make the brand difference in three times times, this is you to this guest, he's a very deep understanding, then we have to do, before I left the guests said, the more loyal guests more than 1 million, then I do not do the same, before that I even have a strategy, Ask the guest to spend 30 yuan to buy my system, we have always had a reason, you give your membership system, if you are bought and you are not the same, for the purchase of special treasure, especially in this way, our membership active rate reached more than 85%, 100 members of the secondDays in our this, there will be 85% consultation here, slowly this strategy is not, to now these two years not so good, why? A more competitive form of business, the second one to do better, the same people are cut to each other, we will cut more, if you do not do a deeper point is very troublesome.

Jinxin: So you mainly use the traditional resources, and then combined with the Internet brought, I know who the user is, know his preferences can also know how to contact him, is more High-tech more comprehensive CRM. Xing Total this side O2O biggest for enterprise and user create value is what?

Cho Cochun: In fact, and Yintai very similar, the user, the split fork is not the same, we may be because of the merchant, he is the mall, we give him to do a bit more refined, his brand, we may be a cku, such as playing basketball or running, or to do yoga or a little more, this is we and they are not the same, Just good is complementary, O2O and community 001 are different, we attach great importance to standardization, including physical store decoration, props, clothing, our entire process highly standardized, you this shop and that store goods and services are in fact strictly consistent, but the traditional mode, in fact, it is difficult to do so high standardization, Because our country more than 20,000 staff, each training up wastage rate is higher, more challenging, we do O2O a consumer to provide the interaction of goods, another comment on the mechanism brought in, to our store shop staff service to comment on, so retrograde force let our services gradually standardized.

Jinxin: Thank you, thank you for sharing, now leave some time, and then let the audience on the field to ask questions.

Question 1: I would like to ask about Internet financing is easier, is aimed at you, you mean Duddy, the old-timer, certainly more than our new, to VC, operating capital, certainly easier, I would like to ask, entrepreneurship has a project is necessary, but you are first to find investors, or money to find partners, or the first team to find, Which one is easier to achieve? or a larger proportion.

Shaoyuan: Ten years ago, 15 years ago, which one can find money to do things, today is King Lao Tze, is his own father, as long as you do not come out of money will not look for you, so of course today, maybe we all have feelings, O2O is indeed the next era, we all need to explore, to grope, Hot money is definitely going to the latest concept, but the difficulty is actually getting bigger, that's what I said, if you don't see your real money, you're not going to pay for it, so it's only when you put all your stories into reality, and you've been able to prove that he's a success that can quickly replicate fast growth, The most important thing is to be able to use as soon as possible, he is very thin, you have to challenge the weight of traditional electric dealers, you can prove that investors around you every day.

Question 2: We also do community O2O mode, is the part of service installation and experience, there is a question to ask Shing, basically the whole community and O2O to do very successful, we have a problem in the groping process, involving a management and profit-sharing problem, this is more serious, Because all of us now have 400 stores, each store is a franchisee, and some may be direct business system. Franchise system will involve, he certainly wants the merchandise to sell in his shop, we have our own mall, this involves everyone wants him in his own sales place, so that in the actual control process, in fact, the customer will have a feeling is not too ideal, this is to say how to do in the treasure win, profit sharing how to do.

Cho Cochun: You ask is the question of the future, the first will be the franchisee as a brother to see, after all, is not my own, this year first of our direct shop to do a good job, 15 years will be joined in the business, joining the business will involve a positive and negative, he would like to obtain resources to support, do not want to lose independence, and then laugh is also a boss, The interest of the segmentation mechanism, is just talked about, formerly pure sales for the purpose, because you all the source of income from your sales, when become experienced there are sales services have information four of the time, his income composition has changed, this inside the first action may be a service. Is that we have been pushing recently, Jingdong no fakes start, May through the Beijing-East flagship store to buy goods, buy home, do not know if your shoes are true or false, based on our micro-letter account can find the nearest store, may also be straight camp may also be to join the store, if run to join the store to see that pair of shoes is not good returns, Is the purchase behavior is not a service behavior, the database will give that store five dollars or 10 dollars to give him the value of a service reflected, step-by-step do not yet very shaped, first of our original pure meaning for the sale of this model into three to four, is the service. Then there is the experience, and finally the message.

Question 3: I would like to ask the wine is coming, I would like to ask, how do we reach the logistics of this piece, how to reach 9 minutes, how such a short period of time delivery, we also do logistics this piece, timely distribution, found this piece is very difficult, also tried, this piece to do up the cost is very large, expand the store line, because very small, Squeeze very small, we how to do fast logistics this piece, how to send.

Jia Peak: As a peer has the opportunity to experience our app, the first to do faster, today because our delivery service owner to provide, rather than unified delivery. Need us to cover the density high enough, in today we calculate about 1 kilometers within the 9 minutes of his delivery service can be satisfied, the process has several elements, first app system does not use our current Internet orders of the situation flow, the flow of orders are not enough attention to see the situation, Today wine traditional channels many shopkeepers will not operate our order system, this time how to do? Today's Chinese people will call and answer the phone, now the system through the telephone service to order, the consumer calls the process will tell him what kind of products I want, the process of the shopkeeper will ask him to need not to develop tickets, look up what looks like, while asked the side wrote, hung the phone that moment, That the invoice and change and wine out, 9 minutes a kilometer of service can be satisfied, there is a kind of transportation, generally three kilometers when the vehicle will use light tools, bicycle electric vehicle tools more easily provide services.

Question 4: I'd like to ask you a few more drinks, please. I just heard the introduction, the wine is the price of the commodity is also the owner there, the wine is actually in the consumer and shopkeepers between the bridge, behind the Jiuxian net existing product SKU and inventory, whether the follow-up will and wine to the business together, there is no plan in the middle. Another as a brand side, how to intervene in our wine quickly into the business model, what role can play, we have any ideas and planning.

Jia PK.: The first question is about our Jiuxian net itself, he and the wine is not the same as the platform, Jiuxian Network is the shopping mall, the supply chain and warehousing logistics, wine is fast to be a pure platform, did not want to wine the SKU and wine on the net of the SKUs and alcohol quickly to combine, independent operation. And the brand, Jiuxian network resources are very good, the National 500, 600 platform has cooperation, we hope that through the operation of the platform to brand some, in today's view can provide a part of the process of advertising, now we drink fast to and the country about nearly 100 enterprises to cooperate, The operation of the shop will be recommended by the brand, first of all to ensure the quality of the store, through his recommendations, he and these stores have long-term cooperation we may be in the brand shop or product push position there are some cooperation, is conducive to the brand in the region of intensive cultivation, thank you!

Question 5: I would like to ask Wu general, I and you are also peers, there are a few problems, a now silver Thai network is now the stock is shared, if it is to share how to solve the problem of shortage, there is a now yintai cooperation, Silver Thai treasure in the operation of the Thai side of the situation can provide a bit, because we are also providing O2O project. Thank you!

Wu Yu: In fact, Yintai will assume two responsibilities in the future, a continuing existing, existing inventory of two pieces, a proprietary part, will involve a we have independent legal person system, there is not in the scope of listed companies, his goods can not be placed in the listed companies, is the relevant national law a problem. The second joint venture this piece, the supplier everybody is the contribution, this piece namely is itself is the supplier's resources, is the Yintai commerce, own in this aspect has the superiority, may in the Silver Thai net this above, this is the first question. The second question Silver Thai treasure now to say more than 6 million member, our own analysis is also, more than 6 million member and own actual content, did more than 1 million, spent nearly 20 years of time, I spent six months to make, but this inside will have a problem, These more than 6 million members are not everyone is your loyal members, they come from the internet, and even many from Guangzhou, Xinjiang, he can not fly to buy things, this is the reality, this part we will let the Silver Thai network bear this piece, that is, a business to undertake. That for our true situation, is that we are now with Ali do the Silver Thai treasure is said that we are using the data every week, the more than 6 million wash down, generally speaking a member if wash down to do three times, after three times will come to your shop inside habit. I'm going to give you a few numbers, the first one. If he's been in your store for a second year and you're here, what's in our data now? He basically left the probability accounted for about 40%, if two times, then he will increase the probability of 50% to 60%, if the three times will increase 80%, we are basically 90%