The only thing: the flash-shopping myth that you and your opponents are hard to copy

Absrtact: Bleeding listing, stock price break, by the institution short; Although the opponent's containment income is still strong soaring, the 2-year share price rose 50 times times, rushed into the tens of billions of market capitalisation club, sitting on the sixth of China's Internet, let the capital market attitude of 180 degree reversal of China's internet sector

Bleeding listing, share price break, by the institution short; Although the opponent's containment income is still strong soaring, the 2-year share price rose 50 times times, rushed into the tens of billions of market capitalisation club, sitting on the sixth of China's Internet, let the capital market attitude of 180 degrees reversal ... In China's internet sector, no company has ever been as controversial as the only product.

In the past May, only the goods will once become the reference words of listed enterprises, "passers-by Neu Cheng online travel only products, Poly-Mei excellent products into cosmetics only products will" similar to the story of repeated newspapers. For a time, "only goods will" become a way to create a blue sea in the Red Sea business symbol.

"Why is it that there is no one in the industry to compete with the market and the industry background and the mode of development that is so good for a company that relies on a discount brand on the internet to prop up nearly billions of dollars and" quarterly profits over $30 million? "Many people in the industry have been directly to the goods will not understand the electrical quotient of the heterogeneous, investors will also play the label of the demon shares."

Recently, Tencent technology by visiting the only product users, upstream suppliers, internal staff and competitors, to understand that its unique operating ideas behind the Chinese consumer psychology and market environment understanding, in the short term it is really difficult to compete with rivals.

But again, the only thing that will be difficult to maintain after the transfer to other areas, especially in the absence of a large number of brand inventory of cosmetics and other products, it will be difficult to replicate the previous successful experience, which means that only the product will be overvalued today is still a risk behind.

User portrait: Two or three line city female authentic consumer

Ms. Li, who lives in Changsha, Hunan, is 30 years old and has a monthly income of 3000 yuan. Like many women in the second-tier cities, Ms. Li is fashionable but also sensitive to price--nearly two years, her wages basically in place, but shopping malls in the price of clothing soaring, the price of thousand yuan to let her fashion brand fashion.

Until early last year, a close friend told her that she could buy fashion clothes through the website. "200-400 yuan, cash on delivery, on-site test wear does not fit can be directly returned." "This makes Ms. Lee's heartbeat, after a few careful temptation to buy, she gradually became a hardcore fan."

"In addition to buying their own clothes, shoes and so on, but also buy a lot of clothes, home supplies to relatives and friends, such as birthdays, friends married, giving birth to children and so on." "Ms. Li told Tencent Technology, she a year in the only goods will spend up to 230,000 yuan, basically every month will buy."

Ms. Wang, who lives in Dazhou, Sichuan, is already the mother of a 4-year-old child. 28 years old, she was too often involved in social activities to wear some stall goods. But because the local brand clothing rich degree is not high, the discount intensity is small, only the product will already become one of her net buys main position.

"Authentic brands have discounts, covering the high and low end products, can choose more space, fast delivery." "Ms Wang gives her own reasons for choosing the only product, which is basically consistent with the comments of many female users. In the eyes of these users, the days of the cat costumes too much, dazzling, because of various statements of different evaluation so that they lack authentic trust.

It is understood that only products will be users mainly from the south of the 234-line city, repeat the purchase rate of more than 80%. According to Baidu index data show, only products will be concentrated in Guangdong, Jiangsu, Sichuan, Zhejiang, Fujian area, the user age of 20-40 years of high income women.

In the interview, Tencent Science and technology to understand that in the county, the consumer psychology or the pursuit of brand-name, stores feel is a big brand. Only goods will be real goods and inexpensive quickly satisfied consumers heart pain point. Whether it is the end of the season, whether it represents the latest trend of consumers do not care. "As long as you like, in the surrounding crowd dressed in fashion enough to wear".

A only product will be internal sales people concluded: "Consumers are concerned about whether the goods are needed, whether the price is acceptable, regular quantitative simple and adequate goods to buy, pay, receive goods, directly open their hearts." ”

Moreover, one factor that cannot be overlooked is that domestic 234 lines of the city under the line has not yet mature tail cargo clean-up chain, this allows only goods will become the user online purchase of the port of concentration, these users once formed in the only goods will shopping habits, loyalty, user stickiness high, and can form the snowball effect of Word-of-mouth.

Sales Insider: Foreign big-name domestic brands holding money field

What kind of chain is the only product to provide users with affordable discount products? According to Tencent Science and technology, only goods will operate in three major core links: supply of supplies, warehousing, logistics.

2009-2013, fashion products (especially clothing, shoes and hats) become the largest online shopping category. At the same time, the retail market shrinking, clothing inventory backlog serious, up to trillions of of the size of the staggering inventory can not be dumped, large clothing brands every year about 20% of the sales is to clean up the tail goods.

The only product will be the clothing flash mode coincides with its time, only the location of Guangzhou is located in the most prosperous area of domestic apparel trade, clothing brand traders are dumping inventory and worry, only goods will be a large number of branded goods sold to the 234-line city. and the quarterly supply and tail goods profit is staggering, even if hit 50 percent-70 percent still profitable, plus commission, only goods will seem to find a jinshan.

"Domestic brand-name products are basically no fakes, massive inventory waiting to digest, so there is no need to go fakes." Foreign mid-range brand in China, Japan and other countries are a large number of imitation, a pile of English to make domestic users difficult to identify, but also difficult to determine the authenticity of the picture. "A clothing supplier revealed that only goods will be introduced on the one hand less international brands, to attract consumers with low discounts, this part does not make money, but can win the trust of users, form Word-of-mouth transmission, gather popularity; On the other hand, to attract users to sell a lot of low-cost domestic brands to profit. However, such a statement has not yet been responded to by the Commodities Council.

According to Tencent Science and technology, these many low-cost domestic brands, although the grade is not high, but are not defective, especially after the only product will be hundreds of of fashion buyers carefully selected, and after the exquisite packaging, a limited limit of the low price brand snapped, attracted a large number of consumer concerns.

In addition to capturing downstream consumers, winning with upstream suppliers is another killer of the supply chain.

A supplier frankly, only goods will discuss cooperation, throw three reasons, let people can not be tempted. First, the cargo throughput capacity is strong, rapid bulk processing of tail goods and over season goods; second, limited time limit special sale, will not impact the original brand of the price system, the third, the short period, only the goods will be 1 months, the average 3 months of other electric dealers.

At first, only the goods will take the advance 15% buy out suppliers tail goods, sell can not be returned. With scale bigger, only goods will master more discourse right, realize pay after, sell can return back, and the user becomes scale, return quantity is very small. Finally, only the goods will be signed hundreds of exclusive sales platform for cooperation, the formation of a virtuous circle, more suppliers are joined the only product will camp.

In the warehousing level, only the goods will be fast forward, turnover speed more than when the Jing Dong. Brand supplier of the product into which warehouse, the only product will be in which region and the city on-line this product, the rest of the city consumers do not see. This is to ensure the speed of delivery, and secondly to avoid consumers rob the arrival of suppliers will not be willing to ship.

The only product will be the flash-buy mode, short cycle, high demand for logistics. If the consumer in the next buy, has not received the last time to grab the merchandise, nature greatly impact the purchase enthusiasm. For logistics, the only product will take the "trunk Transport + Landing Distribution" mode: from the warehouse to the city trunk transport, only goods will be built and outsourced. Inter-city transport, only goods will be invested in a strong local strength company, to achieve urban villages without blind spots quickly covered.

Not learn the model to avoid luxury electricity dealers without competitors

In general, the same industry will appear in parallel 2-3 of similar rivals, such as the video industry Youku and potatoes, classified information 58 with the city and net, why the online clothing flash discount industry does not appear a can compete with the only products enterprises?

In the early 2009, only goods will be positioned as luxury goods, but the luxury electric business audience is narrower, the brand dealer to network channel authorization cautious, supply scarce and counterfeit goods rampant, causing consumer trust crisis, eventually lead to the network, product Poly Network, walk Show network, such as many luxury goods electric dealers fell.

At this time, the only thing in deep trouble will be decisively adjusted, abandon the first line of luxury brands, to avoid the Chinese electric business industry's hottest three "rivers and lakes" Beijing, Shanghai-Hangzhou, Shenzhen, the Red Sea, aiming at Adidas, Nike and other Chinese consumers more familiar with the two or three lines of popular brand, to the low-end flash mode of the fashion goods to change the electricity business, Eventually hake roundabouts.

After harvesting the first bucket of gold, only products will be stuffy sound rich, very few media interviews, do not participate in the industry forum, refused to peer invitations, which also makes the only product will not be until in the capital market when the people aroused widespread concern, there is no one with their real peers.

And many of the domestic electric business Jingdong, when the founder than, only the founder of the Shenya, more pragmatic and low-key, in the field of traditional clothing trade immersed in more than 10 years, the selection and fashion grasp very well in place, the entire apparel supply chain capacity accumulation and control has a deep understanding.

Just like group buying, ultimately only the United States to survive and grow. A person engaged in clothing electric business said, only the goods will walk is "traditional + electric Business" model, the essence of the electrical business "shell" packaging the traditional retail "nuclear", the core competitiveness in the traditional part of the operational strength

Only products will be the user group chasing fashion and price-sensitive, the goods need to constantly change to meet their taste, when a brand introduction, to think clearly where the brand sold. This needs to be in the purchase of the eye bead, from the tens of thousands of styles found in the consumer most popular and when the season can be sold, and in the purchase time, purchase volume and inventory Control to achieve a very high level.

In addition, the only product will be 800 of people's fashion buying team rigorous training to ensure that the cheapest price to buy the upcoming best-selling products, it will take time to accumulate, but also make it difficult to catch up with opponents for a short time.

And with the only product will be in control of the exclusive cooperation brand (more than 1300) and increase the number of users, its right to the source of the right to control the stronger, the Matthew effect highlighted, accounting period, supply, buy hands, logistics, marketing, Operation Management, the whole chain along with it into a virtuous circle,

How long will it take to sustain the surge behind high market capitalisation?

Figure for the last 3 years, the only product revenue data

The figure is the net profit data of the goods meeting in the past 3 years

Earnings showed that in the past 3 years, the only goods will be the year-on-year revenue growth rate of 117%-551%, net profit year-on-year growth of 1051% in 2011, and in the first quarter of this year also up to 359%. These figures are multiples of 50% to dozens of times times the annual growth rate of the electricity quotient industry.

Many people in the electric business industry sigh: Only the data is in recent years, the most perfect stock listed companies, far higher than the conventional. In the eyes of investors, beautiful performance is hard support, behind there is a beautiful story as a soft booster.

Yangdonghao, the CFO, had made it clear in an interview with the Wall Street Journal that it was planning to become a Chinese version of TJX.

TJX is the United States famous selling faucet, is also the originator of brand discounts, the model is offline discount chain (the United States does not have online discount brand giants), the main sales apparel and home fashion low-priced products, market capitalisation of nearly 40 billion U.S. dollars. TJX stores usually sell first-line branded goods at a price 20%-60% cheaper than malls and stores. TJX purchase time than stores and department stores late, most only in the quarter sales, do not leave inventory. These and only products will be the same business thinking.

According to TJX's market capitalisation, there seems to be room for upside, investors said. At present, however, the market capitalisation and income of the products have reached a high, with a price-earnings ratio of 132, perhaps at the highest point of the parabola, the potential risk is higher.

For the only product will, as the overall economic trend declines, once the stock dividend is decreasing, clothing sales super high-speed growth period has passed, the future growth is bound to slow down. This year, the only product will be through the purchase of cosmetics vertical Electric network, trying to the same woman business cosmetics expansion, and launched an open platform, test water and maternal and child business.

After the expansion of the category, the only product will be able to create a legend in the field of clothing? In the interview, almost all of the electric industry insiders said to Tencent technology, the special sales experience in the field of clothing is difficult to copy to other areas, after all, cosmetics and other categories and clothing field play different, but also will pull down the overall customer unit price and repurchase rate, but also has the United States and other players, this is a great challenge for the only products,