O2O heat diminished capital and electricity supplier overnight into the "honeymoon period"

Ebb for nearly two years of e-commerce investment suddenly broke. Recently, the luxury e-commerce platform Temple library network received 100 million US dollars a new round of financing news, brushing the circle of e-commerce friends. More than temple network, in the first half of this year, e-commerce and capital seem to have entered the "honeymoon period" overnight, listing, mergers and acquisitions, financing, business, very active.

This round of investment hot, O2O concept of heat diminished, especially for the service sector contains electricity is even more so, and vertical e-commerce regained favor, hidden consumption escalation concept of e-commerce is soaring valuation, while a number of third parties Service providers to invest. For these changes, experts believe that in the final analysis is the mobile Internet technology to bring about changes in consumer behavior, so that many of the value of e-commerce companies were rediscovered, and thus competing for capitalists who have the concept of future e-commerce businesses.

O2O concept to enhance valuation

Although there are no examples of sustained profitability or affordability, the popularity of the O2O concept has unexpectedly extended into the realm of investment.

According to the China E-Commerce Research Center, there were 165 cases of China's e-commerce investment and financing disclosed in 2013, of which 152 were venture investments, with a total amount of more than 2.63 billion U.S. dollars; 10 deals with the value of over 700 million U.S. dollars; IPO2, A total of about 140 million US dollars; listed after a share raising, raised 180 million US dollars. If you say relatively sluggish in 2012, last year as a steady recovery, then entering 2014 is a big step towards the capital market.

This round of e-commerce business investment showed three-dimensional, multi-directional, multi-angle characteristics, both Jingdong, Ali such a gigantic enterprise in the capital market dazzling performance, temple library network, Universal Tesco and other such vertical e- Hundred million yuan of large-scale financing, but also a large network, honey bud baby positioning such vertical sub-field of electricity to get more than B round of investment, but also many third-party service companies such as micro-League, Volume Network and other capital injection.

Compared with the peak of the previous round of e-commerce investment, the diversification of the types of enterprises being obtained by this round of investment, the abundance of financing forms and the diversification of valuation perspective are unprecedented. Therefore, the electricity business district party, everyone feeling: "Good day is coming again!"

Re-analysis of these venture capital companies, most of them include the concept of O2O, should be the phrase "do not say this year, some O2O, you are embarrassed to say that they are mixed providers." With O2O concept, immediately worth doubled. For example, Temple Library network was the investment, the amount of 100 million US dollars beyond the expectations of many people. According to Li Ruigang, chairman of the CMC (Chinese Culture Investment Fund), the leader of the investment bank, Temple Bank, as a brand integrating various elements of the luxury goods industry chain, redefined the current Chinese luxury goods and high-end fashion Business services and value system, which is why it is optimistic about the business.

Regardless of whether an effective and sustainable O2O operation mode is found, O2O is first applied to servers to enhance user experience and enhance user stickiness, all of which are the standard actions of e-commerce enterprises. This is for those front-end and follow-up services occupy an important position of the electricity supplier, it is a rare competitive advantage in the PC era. Therefore, we can see that such luxury goods dealers like Temple Bank, Maternal and Child E-commerce like Buddy Baby, and E-commerce providers such as Bigpak emphasize product safety, have completed pre-sales education and after-sales through O2O Service, and successfully attracted the approval of investment institutions.

Another big function of the O2O concept is big data. Although this function is not as dominant and useful as the service, the concept is more about the future. Who should build up its own data system and who will win it in the future? initiative. Because of the use of big data capabilities, it is possible to find new users accurately in the future, reduce marketing costs, and attract new users through targeted personalized marketing. This point, the CEO of Wang Zhigang deep network experience.

Wang Zhiquan told the "China Business" reporter, Pu users located in the home textiles safety concerns highly consumers, "We just do a good job of product development, customer service, the result of natural drainage channels." Therefore, the large Park network more rely on word of mouth, and use big data to find customers. Performance in the operating costs, that is, the marketing costs of the Big Pu network declined year after year.

According to Jianyong, a third-party service merchant dispatcher vice president, this round of e-commerce investment heat is more due to the change in consumer behavior brought by the new technology of mobile Internet, making the vertical e-commerce a new opportunity. As can be seen from the case of DaPu.com, O2O has opened up the space for its future development for some niche areas and emphasizing the small and beautiful brands.

From another perspective, these small and beautiful brands, but also coincides with the evolution of consumer upgrades. Repetitive purchase rate of such business customers, relying on O2O can manage their existing user groups, increase repeat purchase rate, you can also pull new customers through word of mouth spread, but also can be more accurate big data, low cost to find new Customers, pulling new costs greatly reduced, as long as the control of their own supply chain, the size of the enterprise will generally be a steady expansion of the trend.

Under the pan-line valuation

In this round of e-commerce investment, the high investment quota of enterprises is a notable feature. For example, one hundred rounds of domestic listed companies in the pants industry, due to the recent announcement will be 1 billion yuan price acquisition of cross-border e-commerce platform Universal Tesco attracted much attention, pulled out four daily limit, known as the "textile first demon."

Universal Tesco is a cross-border export retail electricity supplier, directly facing the overseas end consumers, not many famous in the country. Therefore, when the one hundred yen pants industry announced the acquisition of one billion yuan acquisition, many people in the industry questioned the speculation. However, the promotion of valuations through the concept of cross-border has become the only way for e-commerce enterprises to open overseas markets through cross-border e-commerce, activate offline O2O channels and integrate them into e-commerce, search and financial integration.

Because of the purely electric business concept, the capital market has had a sense of fatigue. In addition, the e-commerce market can not expand indefinitely. There are always turning points. At present, many viewpoints think the turning point of the e-commerce market is not far away.

According to data released by iResearch in the first quarter of 2014 in China's online shopping market, the scale of transactions in 2014Q1 was 456.44 billion yuan, an increase of 27.6% over the same period of last year. The growth rate has slowed down. IResearch believes that after more than 10 years of rapid development in China's online shopping market, the overall market has gradually become mature. However, with the continuous improvement of the online shopping environment and the growing consumer spending habits, the online shopping market will maintain its steady growth. It is estimated that in 2014 The annual growth rate remained at about 30%.

In this regard, Ping An Securities analyst Geng Bang Hao also believes that mode innovation and technological progress to promote the past 5 years, the brutal growth of electricity providers, but now the inflection point of growth began to appear. He said that "in a short span of ten years from 2003 to now, the rapid growth of online shopping in China was unforeseen by the mature experience of any developed country. With the gradual fading away of the traffic dividend era, the online shopping mainstream consumer habits curing, The scale effect and growth rate of these companies began to decline, and the comprehensive platform e-commerce business started to witness the growth inflection point. "

At this point, the emergence of the O2O concept, so that e-commerce has the opportunity to sell off the integration of offline resources, the long-term bearish offline usher in value revaluation and investment opportunities, and some offline resources is expected to be incorporated into the assessment of e-commerce business Value. Because logistics and warehousing are the decisive factors in the decline of e-commerce costs, it is unrealistic for self-built logistics and warehousing to take into account the capital affordability of e-commerce providers. Therefore, e-commerce enterprises must conduct deep cooperation with offline commercial channels. May lead to revaluation of the relevant listed companies, and eventually reflected in the capital market.

On the other hand, under the impact of mobile Internet technology, enterprises with change and transformation tend to be more favored by capital. Like clothing providers Han clothing and cleft silk in the existing products continue to develop new segments of the product, through multi-brand operation to obtain new growth pole, more to adapt to the development trend of e-commerce.

Mo Daiqing, a senior analyst at China E-Commerce Research Center, believes that the future e-commerce will move toward the integration of mobile, industrial chain and supply chain, with search engine platform and offline store platform. Those who can keep up with the industry trends, and actively seek change in the company, holds a huge investment opportunities. The capital side is also concerned about these directions. In other words, E-businesses that have the ability to adjust in these directions are more likely to get invested.

However, there are different views on this round of e-commerce investment fever. Internet analyst, 3W coffee founder Xu orders alone think that the current investment fever may be a sign of the next round of investment winter. In his view, the current investment is mostly because some investment institutions are eager to put the money in hand, with the current heat to melt into new capital in preparation for the cold capital may soon come.