This is a magical website

The current market capitalization of 10.576 billion US dollars. In the only product (191.34, 4.18, 2.23%) share price soar, more than one muddy water agency tried to short, have failed.

Money Weekly reporter Wang Weiwei Pan Qingping / Guangzhou reports

This is a magical website. It is not 58, is the only product.

It is this site, in the domestic electricity market, becoming a "flash purchase" pioneers, to blaze a trail of blood, leading all e-commerce giants vying for imitation.

Shen Ya will be the only product will be the business shift from luxury to second and third tier brand flash purchase, all the best. Since the fourth quarter of 2012 so far, the only product will have maintained profitable and rapid growth. The United States is undoubtedly listed on the market for all the way to make money, the only product will be a perfect free publicity. Listed two and a half years, the market value nearly 33 times. In the only product will be soaring share price all the way, more than one agency tried to short, have ended in failure.

The establishment of nearly 6 years, of course, is proud of the results. Vipshop behind the successful business model is the buyer, is a brand-name, is a light logistics warehousing ... But the pursuit of fierce, e-commerce market has never been unpredictable.

As the helm, Shen Ya is the only product shop on the future road. Whether it is the acquisition of cosmetics e-commerce bee network, or one of the approval of financial licenses, have proved that in this game, Shen Ya choose to take the initiative.

3 financial licenses to hand

Early July, the only product will be approved by the Guangdong Provincial Financial Office, got a small loan company licenses. So far, the only product will have obtained a factoring license and Shanghai, Guangdong, a small loan license.

As early as last year, the only product in the dark layout of the financial business, in addition to the company set up the financial division, also set up Factoring subsidiaries and small loan companies in Shanghai and Guangdong.

"After nearly two years of listing, the only product in our hands holds lots of cash every day and does not know how to spend it, so I always wanted to make some breakthroughs in the field of internet finance." A person familiar with the Vipshop will tell the Financial Weekly reporter.

It is reported that the only product will be obtained at the end of last year's factoring license to set up a factoring company, providing platform for more than 100 suppliers based on accounts receivable financing, the cumulative amount of more than 300 million yuan.

In May this year, the only product will be released earnings report, its CFO Yang Donghao said that the only product will have just got the small loan license in Shanghai, the establishment of a small loan company has been approved by the Shanghai local financial sector is expected to be able within a month or two Officially established. It is understood that Vipshop plans to set up in Shanghai Jiading District small loan company with a registered capital of 200 million yuan, for which set up about 8 financial team.

Two months later, the only product will once again obtain small loans in Guangdong license plate. It is reported that local authorities consider the characteristics of small business loans, approved the only product will be micro-credit company for the only product will be wholly owned, breaking the single largest shareholder of the small loan company must not exceed 30% of the shareholding.

Ni Hui Ping, general manager of Vipshop Microfinance Company, announced that Vipshop expects to officially start small-loan business in mid-July.

It is understood that the design concept of the Vipshop Microfinance mainly relies on the e-commerce platform of the parent company's Vipshop, providing financing services for the two groups of suppliers and member customers in the supply chain respectively, with a total amount of 1 million yuan Pratt & Whitney small and 3 million -500 million mortgage loan two design directions. The former with high frequency with the return, including the contract included, completely through the line to complete; the latter is for high-quality customers, such as inventory mortgage, and banks operate basically the same. In addition, small loans to suppliers lending interest rates set at 7% -8%, keeping a close eye on banks with the same type of product even lower than the bank.

In response, Ni Huiping has said that the only product will not consider micro-credit company early to make money, the purpose is to boost the sales of the main platform scale, the relative expansion of sales of small loans will yield higher rates.

In addition, it is reported that Vipshop is applying for a third-party payment platform similar to Alipay, hoping to issue consumer loans by rating individual consumer credits, such as paying for cars in installments, buying luxury goods and so on.

No-name to create surprises

Do financial business, the only product will be considered sufficient capital. China's electricity supplier, "ten electric nine losses," the only product is to kill the bleeding road that one.

At Vipshop, which successfully went public on NYSE in the United States in the fourth quarter of 2012, it achieved its first profit. Until the first quarter of this year, the only product net profit of 26.6 million US dollars, for six consecutive quarters of profitable and maintained high growth.

The capital market, the only product will be known as the "monster." On July 10, 2014, Vipshop closed at $ 187.16, up 3302.91% on the first day of listing, with a market capitalization of $ 10.576 billion. In the Vipshop shares all the way soaring, more than one muddy water agency tried to short, have failed.

Performance and share price double strong, the only product will continue to create a surprise company.

The only product's slogan is "a website that specializes in sales." And its earlier positioning is actually a luxury, the development is not smooth, immediately after the change strategy to flash-second way to do the second and third-line brand Weihuo, the audience mainly for the second and third tier cities 25-year-old 35-year-old white-collar consumer By.

Flash purchase, that is, limited-time sale. The only product will be regularly scheduled to launch about 100 brand products, the price of 1-5 fold the original price for limited time buy.

The only product will be clothing, in addition also includes the beauty, leather goods, home, small appliances, mother and baby and other goods. According to public figures, there are nearly 8,000 brands currently working with Vipshop, of which over 1,100 brands have exclusive sales rights. The only product insiders said the current sales is the largest mid-range products.

Guangzhou, a garment manufacturer official told reporters, "In fact, with the only product will be very easy to cooperate. As long as you have a factory, have their own brand you can find network agents, or talk to them. Will there be so many brands, in addition to a small part of the real brand, which other brands you usually have heard of? Have been seen online? Most of them are no-name only.

This is why the audience of Vipshop located in the 234 cities. The garment manufacturer official said that users in 34 cities have less awareness of the brand and are not so particular about it. So on the contrary, VIPs will be relatively less first-tier cities users.

"However," said the head of the apparel maker, "a lot of no-name holding Taobao, the only product will do these online platforms, really made a name."

The only VIP insiders said, "At present, only the product will be consumer complaints more than the goods are not genuine, but the only product will enter the product review are more stringent, will allow suppliers to provide brand authorization documents. On the one hand, the relative guarantee The product is authentic, on the other hand can also clear the responsibility.

As for the exclusive right to sell, a veteran of the e-commerce industry believes that most of the exclusive products are sold only by first-tier brands. "Well-known brands are generally distributed by multiple platforms. The only product is only one of them. Put in a basket. "

When the initial sale, due to fewer users, small orders, the only product will be more contact with the brand agents, can not sell the goods can not be returned and the higher procurement costs. With the increase in the number of users, orders and co-branded brands, Vipshop will gradually grasp the bargaining power and become more and more powerful. While the purchase price is down, the remaining inventory may be refunded to the brand manufacturers and the risk of inventory backlog will be removed. At the same time also improve the user purchase experience.

Most of the only VIP users have the same feeling, the only product will be returned compared to other platforms is much easier, and the return postage will be borne by the only product. The only VIP insiders told reporters, because of this, plus the only product will be limited panic buying, you can change the product less, so the return rate relative to other electricity supplier to higher, about 20%.

The so-called buyers

At the beginning of this year, Vipshop invested 10million to win the exclusive title of "I am a singer" in the second quarter of the year and launched "I am the buyer" for Zhang Liang, a male model whose popularity has soared "where is daddy"? Series of promotional activities.

Until then, the term "buyer" was repeatedly mentioned in the Vipshop business model.

It is reported that the only product will have more than 300 buyers, there is another argument is that its buyers have more than 800, divided into women's, men's, shoes bags and other teams. Each team first collected the brand, initially framed the product brand according to the cost performance and group consumption characteristics, and then conducted various surveys on market popularity, usage evaluation and the like, and the buyer compared different products and different brands to investigate consumer preferences and finally Pick out the right product.

Before the goods on the shelves, the buyer will be the number of products, regional distribution, the price to make some guidance. After the shelves, the buyer will be the relevant sales data back to the supplier. And Vipshop will work with the brand, the buyer will keep communication with them, according to their own grasp of the situation for the brand manufacturers to provide professional sales advice or customized products.

The buyer is the highlight of the package will be the only product. The e-commerce industry veteran said the only product called the "buyer" is actually its procurement staff.

It is reported that these purchasing team, within the only product within the "Ministry of Commerce."

The insiders said that the only product of the Department of Commerce will be divided into eight departments of Commerce, mutual competition between certain. Each Ministry of Commerce is responsible for its own customers, and customers can talk about the conditions of the Ministry of Commerce themselves. However, the only product will be put on the home page what goods, who who is in front, there is a special department in the planning.

Another internal staff member of Vipshop told reporters, "Each is quite concerned about where the product they are responsible for is, of course, good if you have a better relationship with the people you plan to do."

The aforementioned VIPs insiders also told the financial weekly (SINA (19.3, 0.02, 0.10%) @ Wealth Weekly, WeChat public-money-week) reporter, the only product will be used The buyer, usually when buying foreign products. "The real buyers are basically corporate-owned, these buyers buy their own declarations warehousing, buy goods are generally expensive, hold the facade of the commodity."

It also disclosed that there are dozens of companies that offer "buyers" services to Vipshop, including some international buyers.

Light warehouse logistics heavy

Another major part of the e-commerce industry chain is warehousing and logistics.

All products will be for sale only by the supplier's own delivery of goods, are the first to enter the only product will warehouse, the only product will be unified delivery. Currently, the only product storage center by leasing. It is reported that the only product will be in South China, North China, East China and Southwest China has four warehousing centers. By the end of 2013, the four warehousing centers had an area of ​​more than 300,000 square meters.

As the only product will be "flash purchase" mode, its storage are fast forward fast out of management, can not be sold out of products will be promptly returned to manufacturers.

Distribution, the only product will be with third-party logistics companies. From the storage center to the transport between cities, the same region only products will be packaged by a logistics company distribution to the central city. Then, the only product will be more than two local courier companies signed by these courier companies second delivery to consumers.

Compared to several major e-commerce platform, the only product will be the same with Lynx, express delivery by a third party.

Dangdang Logistics is operated by China Post, with service on the same day in 19 cities, delivery of 158 cities the next day, and return and replacement services in 766 cities and towns.

Jingdong has its own logistics, more than half of which can be served on the next single or next day, as of the end of 2013, it can be served in 31 cities on the same day and 206 cities in the next day Up to

Therefore, the only product and Lynx logistics experience inferior to Jingdong and Dangdang. According to a Guangzhou user who has been shopping at Vipshop several times, "the delivery of the Vipshop will usually take two or three days and the next day it receives the delivery, but less."

In order to ensure the quality of logistics, the only product will be announced in the 2014 logistics investment conference will be the national logistics provider delivery tariffs from an average of 6 yuan per liter to 6.5 yuan.

Afterward, Vanguard senior vice president Tang Yi Chi announced in a higher profile that "in June next year, Vipshop will complete its logistics self-built system and 90% of orders will be delivered by Vipshop itself."

Underline and Challenger

Since the establishment of logistics, the line itself will attach importance to the only product, but also toward the direction of heavy assets took a big step forward.

Unlike other e-commerce providers, Vipshop has always been focused on offline. Regardless of the weight ratio of logistics, is 300 buyers team, or its binding of thousands of brands. And compared to these offline content, the only product website is too simple. Some even think that the only product will be dressed in the shell of the electricity supplier to do traditional industries.

According to Vipshop's operating data, the third quarter of 2013 Vipshop operating expenses was 130 million U.S. dollars, up 108.6% from 64.12 million U.S. dollars in the fourth quarter of 2012. Logistics expenses accounted for 11.2% of revenue in the quarter, marketing expenses accounted for 4.4%, administrative expenses accounted for 2.2% and technology and content expenses accounted for 2.7%.

It can be seen through this cost data, the only product on the line of technology and content into a smaller, not very value.

On the official website of the VIP Club, the major categories are only the three parts of the sale, Alice and the VIP, and its main sale page, only the home page, beauty sale, parent-child sale, home sale and tomorrow On the line five sections. User login in addition to see the product introduction, only to find the shopping cart, orders, and simple brand collection. Compared with Taobao, Jingdong, Dangdang, Amazon (346.2, 18.28, 5.57%) and other e-commerce interactive and social functions, the only product website can be described as thin.

Although still sitting on the top spot for limited sale, and business gains gratifying, but the only product will be far from being proud of. Because of the face of limited fat sale fat, electricity giants are crazy to catch up.

In 2013, the electric power providers are concentrating their efforts. Tmall launched a brand new "brand sale platform" on the basis of "brand sale"; the "name sale" of No.1 store was changed to "No.1 flash purchase"; Dangdang Network (12.35, -0.03, -0.24%) on-line "tailings exchange"; Jingdong launched "Jingdong flash group" and "Jingdong flash purchase."

E-commerce giants no doubt have a better platform advantage. In response, the only product will choose to expand the number of brands and categories, mainly apparel, the category expanded to luggage, footwear, beauty, jewelry, home, mother and child, travel and other fields. One of the expansion of cosmetics through the acquisition of Le Bee network can be described as the only product category will be the focus of the next category.

However, a Vipshop cosmetic agent told reporters, "Weihuo is generally non-standard goods, cosmetics are standard goods, there is no Weihuo. For the platform, the production of goods more than ten months they do not want." As the first cosmetics distributor of Vipshop, it said, "Vipshop will make more cosmetics for the purpose of occupying the site. Its main force is still in the costume."

Deep plowing the garment industry, Shen Ya do a lot of clothing sale, the buyer team and professional custom is their method. However, this method is difficult to apply to the standard cosmetics industry.

The lack of Internet genes, the only product will be how to get around the block in a blaze of blood, continue to dominate the throne, also have deep kung fu.