Local life service market, a vast space

When Wang Xing, founder and CEO of US Mission Network recently asked the next step in starting a business, the well-known serial entrepreneur in the IT industry said that the US Mission Network may be his last venture. "The local life service is promising, and I will not Go to do anything else, "Wang Xing said.

As Wang Xing said, the local life service market does have ample room. It mainly consists of five vertical areas: restaurants, hotels, movies, KTV, wedding.

According to the relevant data, the hotel market will exceed 300 billion yuan in 2014, the catering industry will exceed 3 trillion yuan in scale, the market size of KTV will exceed 100 billion yuan, the movie market will reach 30 billion yuan and the wedding market will exceed 800 billion yuan scale.

According to Wang Xing: "With the expected transaction volume of more than 40 billion U.S. dollars this year, it accounts for only about 1% of the total domestic market. At present, there are 1.3 billion people in the country and the U.S. service only serves 100 million people. The U.S. The group now has 560,000 cooperative merchants in two or three hundred cities in the country, which is one-tenth of the total number of merchants in the country. From these dimensions, our work has just begun. "

The Internet industry has a general consensus that the Internet can be disassembled into four elements of "people, goods, information and services." Each element's connection point is a chance for the giant. Baidu connect people and information, the entire search engine market is about 50 billion yuan; Ali and people connected to goods, online shopping market reached 2 trillion yuan; Tencent connections and people, SNS and IM market size of more than 10 billion yuan; and The United States Mission connects people and businesses. The market size of local living services has reached over 4 trillion yuan, making it the largest market.

In 2010, the United States Mission was founded in the beginning, to buy as a starting point, after more than a year, become the boss of the group buy. In order to gain greater space for development, Meituan Network has developed horizontally and penetrated vertical areas such as movies, hotels and take-away markets to create a local life service platform connecting people and businesses. In June this year, the U.S. group's net transaction volume exceeded 3.1 billion yuan, and the full-year transaction volume in 2014 is expected to reach 45 billion yuan. Even more commendable is the United States Mission currently has 90 million active mobile users, mobile applications for the platform contribute more than 70% of the turnover. At present, the United States Mission has become the largest network of domestic movie ticket distributors and the largest hotel group buy distributors.

Meituan's largest domestic online distribution platform for movie tickets The number of active users of cat's eye exceeded 10 million, and over 1,000 cooperative cinemas. Last year the annual sales of more than 1.5 billion yuan, in June this year, a single month trading volume exceeded 500 million yuan, and now, each sold 6 movie tickets there will be a film from the cat's eye. This year's Hollywood blockbuster "Godzilla" and "Transformers 4" released three days, cat's eye movie contributed about 30% of the market share, the amount of votes is more than 40%.