Vipshop will step into Jumei Youpin River

For consumers who only pursue cost -effective, few users will truly loyal to Vipshop.

The outside world tends to define the "Vipshop" by "low -priced". The negative evaluation of Vipshop's business model is mainly concentrated: dead "tail cleaning model"; most of the products are over -season or Ole quality; Early, it was a single model and no core competitiveness.

Most Vipshop consumers chose the "Vipshop" and eventually chose to shop in Vipshop? There is no doubt that these consumers are a very "savvy" group of people. From the perspective of the entire consumer link, after the multi -dimensional comparison of major shopping platforms, they finally chose Vipshop. They both pursue brand benefits and pay more attention to cost -effectiveness. How to make wool is one of their compulsory homework.

Industry insiders told zero -state LT (ID: lingtai_lt) that they found that users similar to Vipshop cleaning model Outlet have certain requirements for quality, their styles are not high, and their popularity is not sensible. The price is extremely sensitive, but it is quite obsessed with the brand benefits of the goods, and it also pursues the quality. However, in the case of comprehensive consideration, the quality can be given up.

What I have to mention here is that as an intuitive experience of a consumer, under normal circumstances, such as sneakers of a certain overseas brand, the US version or the national version will be higher than the Vietnamese version, and it has to be acknowledged. Due to certain differences in product standards, Vietnamese versions of goods are often defective. Consumers who are sensitive to price tend to compare multiple platforms, so few consumers can achieve extreme loyalty.

On the other hand, Vipshop seems to be more like a good student who "recognizes death". Since the platform has been launched, the single model has been cleaned up. Farter, Vipshop is still turning in its own vertical sector.

And a single tail cleaning model and low -cost advantage can not fully support Vipshop will win in the future market. In the past five years, there is an old -fashioned experience: "Any category is worth operating from scratch, capital and traffic can make all new brands rise quickly." Another issue worthy of attention is that Vipshop will be very popular, mainly concentrated in 2020 2020, mainly concentrated in 2020 Before the year, at that time, from college students, to the middle -aged family, pursuing the cost -effective post -70s, 80s, and some post -90s, the Vipshop would be "out of the circle". Advertising on Mango Terrace's variety show is also extremely "diligent".

However, when the demand of generations Z becomes mainstream, what does Vipshop rely on generations of the Z to attract the pursuit of trend, fashion and cool? Does its proud "cost -effectiveness" competitive advantage fits generations with generations? Is the "tail cleaning" vertical track still sustainable?

01

Gen Z is abandoning the "Vipshop"

For generations, Vipshop will obviously do not have much sense of existence, and the only sense of existence is also "squeezed". Once the slogan of the streets and lanes and the screen network, Vipshop, a website specializing in special sale, now if anyone remembers, it is an exposed age.

"Vipshop? Never heard of it"

"I seem to have been downloaded before, but it is useless later, I have uninstalled it"

"After 00, we have more main shopping channels. Except for Taobao, JD, Pinduoduo, can poison, Xiaohongshu, and Douyin all shop? Vipshop, there is no interest in listening to names."

In the zero -state LT (ID: lingtai_lt) randomly talk about the post -00s consumer group (Note: the target is mainly concentrated in high school and university students), most of them indicate that Unblords are heavy users or have not been used, and even worse I have never heard of Vipshop platform or do not know the main business of the platform.

Although the data samples are random, this also shows that Vipshop has a relatively low sense of existence among consumers after 00. Those who are familiar with or downloaded or used heavy use.

▲ Picture: Vipshop official micro

In response to the above issues, industry insiders analyzed that the sense of existence of Vipshop did decline, resulting in the main factors of this situation:

First, Vipshop seems to focus on the "tail cleaning" vertical track. In fact, it is to grab business with all brands and offline malls. Discount stores, officially certified XX brand Outlets stores on Taobao can be seen everywhere. Offline shopping malls often carry out seasonal discounts and holiday promotion activities. At the same time, there is also a cross -competitive relationship with the head comprehensive e -commerce platform.

Originally relying on the brand side to obtain a lower cost price, it is uniformly packaged and sold. Nowadays, the brand business is more willing to keep this cake with it. Imagine that when you find that the discount price of a brand at Vipshop is the same as the price of a certain brand of discount stores, how will it choose as a consumer? The answer is self -evident. Then, whether the brand is willing to make benefits lower discounts to Vipshop, more people in the industry believe that this "concession" situation will gradually be rewritten. Even aside from other levels of blows, this one is a fatal blow to Vipshop alone.

Second, although the concept and enthusiasm of consumption upgrade have faded in recent years, consumption upgrade will still be an important dynamic source to promote the next stage of socio -economic development. Gen Z, where the material conditions and the popularity of consumption upgrades have grown up in the age, the seeds of "consumption upgrade" have long been buried in their hearts. From this perspective, the "tail cleaning" emphasized by Vipshop is obviously incompatible with the current trend, and it also runs counter to the consumer experience of the consumer group of generations Z. In other words, for Vipshop, suppliers of the main business are constantly lost, profit margins are compressed, and it is expected that users are also unknown.

02

"Deadly" is not a "smart way"

There is a metaphor that is extremely vivid -some online reviews are compared to "e -commerce class students who have honest bazaar". Unlike the top students such as Ali and JD.com, it is also different from the "dark horse" rushing out of Pinduoduo. The growth trajectory of Vipshop is a student image of "persistence, diligence, and toughness."

It is true that it is a good quality that is scarcely lacking in this impetuous society that is stupid, rushing to be angry, and dying. But in the rapidly changing business society, born in death, trapped in death.

Vipshop once killed a blood path with a unique "tail treatment" model, and today's gradually "invisible". From the above analysis, we can also know that in the early stage of Internet e -commerce development, it is a good idea to enter the game with the "vertical" posture, but with the rise of the head of the head of the head, the vertical e -commerce company is in the rise. Gradually lost.

▲ Picture: Vipshop official micro

For example, Dangdang.com of book e -commerce companies, Jumei Youpin of Beauty Hai Tao, Bee Bee.com, and even Early Shoes Fanke Eslite, without exception, move towards "decline".

On the one hand, the Internet dividend is topped, the e -commerce market has already become the Red Sea, and the giants have gradually formed an industrial chain and ecosystem based on e -commerce. Squeeze to "folding". On the other hand, returning to the vertical market, there are natural ceiling in the vertical market, and there are many cakes of cake melon. The market incremental bottleneck determines that Vipshop can only become a "small and beautiful" enterprise.

In addition, from the expected expectations of the capital market, it is not ideal. Vipshop was listed in 2012, and the stock price was ups and downs. As of July 4, 2022, the latest stock price of Vipshop was $ 10.18, compared with the stock price of $ 46/share during the peak period (March 23, 2021). Shining nearly 80%. Various signs show that the decline of Vipshop for death is gradually obvious.

03

Old ending

It is undoubtedly the next "Jumei"

For a long time, the entire network was full of "vertical e -commerce dead" conclusions, which is not alarmist. As early as 2015, Bi Sheng, the chairman of the necessary mall and the founder of Ledao.com, put forward the point of view of "vertical e -commerce is a shocking scam", and obtained the conclusion of the "vertical e -commerce gross profit of only 10%" through data analysis. Essence

From the perspective of Bi Sheng analysis, one -way logistics 10%+warehousing 10%+reverse logistics 3%+customer service 1%+technology 4%+management personnel 10%+market promotion 10%+collection fee 2%+packaging 1 %= 50%, in fact, there are very few categories of more than 50%gross profit in the e -commerce industry. The marketing of price warfare and subsidies is super 10%left.

Jumei Youpin, the same popular as Vipshop, is a typical case and lesson in front of all vertical e -commerce.

Jumei Youpin, its advertising "Chen Ou" was once imitated and has not been surpassed. In May 2014, the first day of the first day of the Chinese beauty e -commerce company was launched, the opening price was 27.25 US dollars on the first day, and three months later rose to a high point of $ 394.5. After the brief glory, Jumei Youpin had only one of the chicken feathers. In April 2020, Jumei Youpin delisted from the NYSE. The stock price was $ 19 in the stock price, and the 6 -year capital operation was scribbled.

The tragedy of Jumei continued to be staged on the vertical e -commerce companies. For example, the first monk of the luxury e -commerce company also faces the dilemma of the retreat. The market value of the first mushroom market in women's clothing e -commerce has evaporated sharply, and the two -three brand stops services. In the past, the first place in various vertical e -commerce segment was moving towards the ending.

In fact, Vipshop also knows "the trend of vertical e -commerce -type micro -trend", but it is unable to rewrite fate. Cut in with vertical categories, gradually expand the product category, and then gradually extend from the e -commerce track to the upstream and downstream industrial chain of e -commerce, and then slowly extend the tentacles to the major nuggets. This is the evolution of many e -commerce brands. the road. However, the batch of planning on the road of evolution. Every customer started with clothing categories, and he also tried to expand categories to beauty, daily necessities, etc., but eventually fell on the eve of the success of the transformation.

Vipshop also wanted to tear off the biggest label of "tail cleaning", but has not found a success path so far.

Author | Yang Fan

Edit | Hu Zhanjia

Operation ｜ Chen Jiahui

Produced ｜ Zero -state LT (ID: lingtai_lt)

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