Scripture headlines | Daily "Drives": Passing the account, the money that can be made

Daily Youxian hopes to build the largest community retail digital platform in China. Today, this daily vision of freshness is eventually shattered on the cost and profit problem that can not be counted.

Author: Zheng Yanxin

Beautiful editor: Shawlia

Guide

One || In a group called "Daily Fresh Debt Collection", nearly two hundred "creditors" companies receive dragons, including 4 suppliers with owed 10 million yuan, 5 million yuan-10 million yuan There are 6, and the remaining is one million yuan creditors.

优 || A daily fresh employee recalls that the company's new cost in 2016 reached 100 yuan, that is, 100 yuan for each consumer and maintenance cost.

3 || Where is the daily freshness? The big head is a performance cost. In 2018, the daily fresh performance cost rate (performance cost accounted for net revenue) was 34.9%, and there were fresh losses, and the loss rate was about 30%.

Wimped ||, with the business of competitors at the same time, broke out. In 2019 and 2020, Ding Dong's business income was 3.88 billion yuan and 11.3 billion yuan, respectively. The prospectus shows that the main reason for the losses of the two companies is that the performance cost is too high, and the performance cost is mainly composed of the factors such as warehouse rent and delivery staff.

Wu || I can't find a profit model down, but the cost of unable to press down to make the daily fresh funds be stagnated further. Under the tension of funds, the daily fresh and high -speed business has experienced multiple rounds of contraction. Until July 29, the daily fresh app can no longer place an order.

On July 28, Yu Gongcheng knew the moment when he heard the recording on his mobile phone that the former fresh e -commerce leading company was fresh and had no money. The day before, he was still serving potatoes for daily freshness.

He couldn't get the phone call. He didn't know who he should be looking for next, and the company still owed him 5.8 million yuan in payment.

Yu Gongcheng is the "Potato King", which has been in Beijing Shinfa's market for six consecutive years. The wholesale market of Beijing Xinfa Land Agricultural Products Center is the largest professional agricultural product wholesale market in Beijing and even Asia.

In 2019, the daily fresh purchaser went to find a supplier, and the achievements of Yu Gong were one of them. At that time, the daily fresh purchaser brought huge customer quantities and daily high -value high valuations to cooperate with Yu Gong. He felt that it would be possible to make money with smart people. In August 2019, Daily Youxian became the first fresh e -commerce business in Yu Gongcheng and the only e -commerce platform to cooperate.

However, the daily freshness of Yu Gongcheng's high hopes, but he had ruined his many years of operation.

Not only agricultural suppliers, from investors to consumers, they regard the daily fresh fresh e -commerce tracks established in 2014 as a sample of fresh e -commerce tracks. Whether the logical retail model of the traditional agricultural product can be successful, after all, fresh e -commerce companies are regarded as a large piece of cake that can be transformed by the Internet.

At the beginning, daily freshness with the help of capital forces, quickly running off the ground until it became the industry's first. However, in the daily fresh development process, there are always high -cost accounts, and it cannot be pressed -from the fields picked from the field, through the supplier, to the daily freshness, Multiple links such as manual sorting, packaging boxes, and artificial distribution. The high costs brought by these links are not diluted due to the expansion of scale: the daily daily fresh performance cost rate is 34.9%, which is born, raw raw Fresh loss also reached 30%.

In 2019, Yu Gongcheng and Daily Hoster Hands in hand, one year has passed since the last round of financing of Youxian. The new round of financing has not been obtained. The arrears suppliers have continued for a period of time. A daily fresh decoration supplier told this reporter, "Daily purchasing said that the financing will be settled after financing to the account."

Looking back, the trend of freshness in the daily freshness has been revealed at this time.

At this time, investors no longer deny risks. An investor once said, "The era of large -scale burnling subsidies in the fresh e -commerce industry has become history. Investors' considerations are bound to be more cautious. In the future, companies that can continue to obtain financing in the future It must be a leader with unique advantages. "

After getting financing from Qingdao State -owned Assets in the last round, Daily Youxian opened a journey of listing sprint. It was successfully launched in June 2021. On the day of listing, the daily fresh break, and the stock price continued to fall.

Even if the funds are tight at this time, the theme of the daily freshness is still diversified -smart vegetable markets and retail cloud business, which is considered to be the main characteristic of its differences than other competitors. Daily Youxian hopes to build the largest community retail digital platform in China.

But now, the daily vision of the freshness is eventually shattered on the cost and profit problem that can not be counted.

Suddenly collapse

After July 28, Yu Gongcheng was no better.

In 2009, he came to Xinfa Land and stepped up the newly -owned "Potato King" step by step. There are a lot of upstream and downstream suppliers. He sells all what he can sell at home and owes more than 100 million.

Yu Gongcheng said that the daily fresh business is not easy to do, and the supplier needs a lot of flowing water. In more than two years of cooperation, Yu Gongcheng's habit is that after paying for him daily, he paid the upstream farmers and paying workers.

Not only "Tudou King", in a group called "Daily Fresh Debt Collection", nearly two hundred "creditors" companies receive dragons, including 4 suppliers with the owe of 10 million yuan, 5 million yuan- There are 6 people who are 10 million yuan, and the remaining one million yuan creditors. Like these suppliers, the daily fresh employees suddenly disappear. On July 27, the daily premium manpower department has allowed most employees to work at home on the grounds of air purification. A daily preferred employee told reporters that the company's notice was dissolved, "there is no preparation at all, and it feels surprised at first, and it becomes very angry immediately." Social security, currently in home.

Everything came very suddenly. On the morning of July 28, the daily Youxian said to close the fast -speed business, only three businesses, including the next day, Youxian vegetable market and retail cloud business, but the income of these three businesses in the third quarter of last year's total revenue last year The proportion is less than 5%.

Immediately afterwards, the daily fresh app could not place an order. The reporter's randomly reached an arbitrary product, all showed that "the purchased goods are out of stock in the current address", and the address of different cities is the same result. Customer service is not online. Consumers who have previously purchased the daily fresh storage card have nowhere to refund.

As a leading company in the fresh track, such a sudden collapse is difficult to preset. This also cuts the idea of ​​cooperating with fresh e -commerce in the future, and there are many suppliers who have the same feeling with him.

A daily fresh supplier told reporters that the story of fresh e -commerce is told to investors. In fact, selling vegetables is a very professional thing. Although the selling vegetables sells for money and sells money, it is necessary to make money. The commercial selling vegetables is to change the traffic, "so I never want to cooperate with fresh e -commerce in the future."

High customer acquisition cost

On August 1, Xu was in the circle of friends, "users, employees, and suppliers who are actively solving the supermarket business to deal with problems." Xu Zheng is the founder, chairman of the board of directors, and CEO of Daily Fresh. Before the establishment of Daily Fresh, he was an executive of Lenovo Jiawo Group. He believed that he was enough to learn about the pain points of the fresh market. And this pain point is also the industry consensus: the market efficiency of traditional farmers is low. From fields to consumer dining tables, agricultural products must go through several links, each link is lost, but every link must be made. The space is huge.

Fresh e -commerce e -commerce with high frequency just need, online penetration rate is less than 5%, and can reach trillions of levels, which was also sought after as the last big cake of the Internet at the time.

Xu Zheng also wanted to get a piece of cake. He pulled Zeng Bin to start a business together. They were all executives of Jiawo Group. They were the CEOs and COOs. Daily Youxian was founded in October 2014. From the beginning Positioning its own development direction on "how to more conveniently meet customers' needs for fresh products". To achieve this development direction, daily freshness must solve the problem of the last mile for users.

To this end, the daily freshness built a pre -warehouse system that was subsequently controversial. The so -called front warehouse is to establish a distributed warehouse cluster at the same time as the consumer is as close as possible. These warehouses are not large (between 100 and 500 square meters), but the number of users is extremely efficient. Daily freshly put the goods to the front warehouse. Consumers will be delivered from the front warehouse. Daily daily, daily Youxian can send dishes to consumers within half an hour.

Xu Zheng had previously publicly stated that the front warehouse represents innovative thinking and is the driving force for the rapid development of the daily fresh and rapid development.

Shortly after its establishment, Youxian received 5 million US dollars such as Guangxin Capital and other $ 5 million angel round financing. Half a year later, it won the blessing of China's largest Internet giant Tencent. In May 2015, every day Youxian was led by Tencent's investment and Guangxin Capital Followed for a round A round of financing. An investor said at the time that the physical e -commerce bred a giant such as Meituan and Taobao. The next fresh e -commerce opportunities were greater, and "Daily Fresh is the biggest opportunity for self -employed fresh e -commerce. "

After gaining investment, the daily freshness business expanded rapidly. At that time, it was mainly concentrated in less than 10 cities such as Beijing, Shanghai, and Shenzhen. The full -category layout of milk snacks and other fresh categories, and establishes a professional cold chain logistics system for the "Urban Sorting Center+Community Delivery Center" in major cities.

However, it didn't take long for it to encounter the first wave of fresh e -commerce disputes every day, and I had to calculate a cost account.

A daily fresh employee remembered to this reporter that the company's new cost in 2016 reached 100 yuan, that is, 100 yuan for each consumer and maintenance cost. Not only that, the loss rate of fresh freshness is as high as 30%.

The high performers per single performance have also become an industry problem; the cost of performance refers to the full cost of the entire sales action from the user's order to the delivery of the product, to the full process of the after -sales service. part.

With this dragging, the former fresh e -commerce players have been accelerated. For example, in 2016, life was closed "originally convenient." They also realized that the industry must cross the threshold, which is much higher than expected: the threshold of cold chain distribution technology, fierce user competition, and product standardization problems have become key issues.

Now these controversial issues have become reality.

A supplier of a farmer's market and fresh e -commerce at the same time said that the labor cost of the farmer's market is low, and there are many relatives or acquaintances. As long as the vegetables are placed on the stall, consumers can choose Non -standard products, and fresh e -commerce needs to be sorted by hiring people. Market vendors can solve problems with several plastic bags. Fresh e -commerce companies need a lot of plastic boxes and cartons to solve. E -commerce also has the cost of transportation and logistics. Even if there is controversy, Daily Ocean has obtained a round B financing. In April 2016, a round B financing was completed every day, and it announced a total of 430 million yuan in financing. At that time, one of the investors said that the fund continued to track the daily freshness for nearly a whole year, and saw its ultimate pursuit of service quality and user experience, and believed that the daily freshness has gradually possessed the ability to control the core nodes of the industry.

Unexposed loss account

Capital supports the rapid growth of the daily fresh scale. A large number of orders rushed to the supplier Fan Ping (pseudonym).

Fan Ping has cooperated with daily excellent freshness since 2014. The initial volume was relatively small. Five pounds a day and ten pounds. After a few months, the order volume increased to a daily pound. Four thousand pounds. The daily excellent scale effect has increased the order volume. In 2016, the daily premium of the freshness of the supplier was subdivided. Fan Ping changed from a multi -category fruit supplier to an exclusive mango supplier. Two or two pounds.

This is exactly the period of expansion of China's fresh e -commerce track. According to BCG's "2016 China Fresh Consumption Trends Report", from 2012 to 2016, the size of the fresh e -commerce market has increased from 4 billion yuan to 95 billion yuan.

Fan Ping recalled that the daily demand for freshness in 2018 reached the highest peak. He could not even supply even mango's items. At most, it took 50,000 to 60,000 pounds a day. The daily prospectus shows that its GMV was 4.7 billion yuan in 2018 and its total operating income was 3.5 billion yuan in 2018. A investor told this newspaper reporter that at that time, there was a lot of money in the market, "they liked to watch GMV", which also caused some entrepreneurs to take the amount at that time, that is, the horse circles first.

The capital also quickly gathered to the head, and more money gathered on the daily freshness. On September 6, 2018, Daily Owishe announced the completion of a new round of $ 450 million in financing. Financing is led by Goldman Sachs, Tencent, Times Capital, and DavisseleCTEDVISERS.

Accompanied by fierce industry competition, in order to snatch users, the platforms lost money to consumers to promote new and active active in the form of tickets and one -piece money. A daily fresh employee recalls that the plate is getting bigger and bigger, more and more losses. Although the total revenue in 2018 was 3.5 billion yuan in revenue, the net loss was 2.2 billion yuan, which was a rapid consumption of cash with huge losses. In 2018, its operating activities had a net outflow of 1.7 billion yuan.

The daily fresh employees said that when the reaction came, it was too late, and the problem of the capital chain in 2019 has begun to appear. According to a daily fresh decoration supplier recalls reporters, the daily over -the -dollar arrears for half a year in 2019. The reason for the explanation is that the financing has not been received. Essence

Where is the daily freshness? The big head is a performance cost. In 2018, the daily fresh performance cost rate (performance cost accounted for net revenue) was 34.9%, and there were fresh losses, and the loss rate was about 30%.

Beginning in 2019, the industry has begun to debate fiercely on the front warehouse model. Hema CEO Hou Yi said in public that he was not optimistic about the front warehouse model, saying that the front position was a pseudo -proposition in the field of fresh e -commerce. "Hou Yi even said that the front warehouse mode is not established, which is a mode for VC to see.

At the end of 2019, it has been more than a year since the previous round of financing. In the horse racing area, the daily high -fresh subsidies and high consumption are exchanged for growth. From the prospectus, it can be seen that 2019 is more than 2018 than spending more than 2018 to spend more than spending in 2018 more. More money, the loss is even greater. In 2019, the net loss reached 2.9 billion yuan. In 2019, the cash of the operating activities flowed for nearly 2 billion yuan, and it was different from the net cash increase in 2018.9 billion yuan. The net cash increase was negative of 2.052 billion yuan.

This allows daily freshness to face the dilemma of cash flow. In 2019, the news of the daily freshness seeking financing was reported many times, but the funds did not arrive.

The front warehouse is a model of heavy assets and dependent funds. It is necessary to build a central warehouse in advance to pave the goods to various outlets. The cost is large, and the cost of cold chain storage and logistics is high. In addition, the high stock loss rate caused by high inventory, the lower the turnover rate, the product's product, the product of the product The less fresh, it affects sales.

Even if there is a scale advantage, the cost is still high according to the full -set model from the field to the daily table to the dining table.

Xu Xiang (a pseudonym) has entered the company to do procurement since Daily Entrepreneurship. He calculated a account for reporters: for example, a pound of tomato. If the purchase cost is 1.2 yuan, it is necessary to sort and packaged bags in the later period. The cost is eight cents. Maintenance costs, the cost of a pound of tomatoes is more than three. The daily fresh tomato sells 3.9 yuan per catty, but it is not profitable, but the vegetable market can sell 2.5 yuan per catty. If you want to increase the price of tomatoes every day, consumers will not pay. From the perspective of the loss of loss, the daily fresh fresh fresh fresh fresh fresh freshness can only be left 70 pounds at the end, and the loss rate is 30%. Yu Gongcheng told reporters that even if it was potatoes, each link was lost, and the losses of leaf vegetables were more serious. However, at the beginning of the birth of fresh e -commerce, its original goal was to try to reduce the loss of agricultural products to obtain growth.

Can't find a profit model

The funds cannot come in, and the cost of high cost cannot be overwhelmed. At this time, Xu Zheng proposed: "In every link of the entire chain, cost reduction and efficiency, take money as money and awe every penny."

But daily freshness does not solve the most fundamental profit problem.

In 2020, the epidemic of the new crown pneumonia was outbreak, offline supermarkets were closed, and fresh e -commerce companies ushered in opportunities, and also made Daily Fresh in Houzhong see hope. Daily Youxian CFO Wang Yan mentioned in an interview with 36 氪 that "the epidemic has accelerated the penetration rate of fresh shared balds for two years."

Daily Youxian also waited for funds to support it. In May 2020, the news of seeking financing many times finally received a new round of US dollar financing. However, it is obvious that investors are more cautious. "The era of large -scale burnling subsidies in the fresh e -commerce industry has become history. Investors' considerations are bound to be more cautious. In the future, companies that can continue to obtain financing will be a leading player with unique advantages." Xiao Feng, president of CICC Capital, told "Late LatePost".

Capital money is even more difficult to get, which means that every day you need to spend every amount of money more finely.

In April 2020, Xu Zheng once issued a full -staff letter, mentioning that the industry pattern of the online fresh supermarket in the next five years will enter the tens of billions of long -distance running match from the tens of billions of sprints. He said that Daily Fresh will pay more attention to profitable growth, heavy position supply chain, and adhere to technical drive.

Part of this round of financing flows to the overdue arrears of suppliers. The above -mentioned daily fresh decoration suppliers said that the daily arrears of freshly arrears in 2019 will be paid after financing.

At this time, under the inversion of "profit growth", the daily freshness launched the cost of lowering costs and efficiency. In the smart chain strategy, Daily Fresh will split a total of 300 links: the three major businesses of goods, logistics, and marketing, and then standardize, digital and intelligent upgrades one by one.

For example, at the beginning, Daily Fresh was purchased by the store manager, but the purchasing ability was greatly affected by personal judgment. Later, Chen Hualaliang was dug daily. Chen Huarliang is a PhD in Nankai University. He has worked at Meituan and served as chairman of the algorithm committee. He established Meituan search intelligent and advertising systems from 0 to 1. Later, the construction of Zhongtai, which is responsible for unified data intelligence daily.

In the daily publicity of Youxian, the intelligent replenishment algorithm replaced the manager's replenishment system. It applied AI intelligence and supply and demand algorithms to daily operations. , Consumer category, sales, and even weather such as interpretation of multiple dimensions and other dimensions, the number of purchases and replenishment, which improves efficiency and sales while reducing product losses.

Every day, the anti -corruption team was established, including people from the public security system, which strictly investigated corruption inside.

However, the industry opportunities of fresh e -commerce have also reshaped the competitive pattern. According to the statistics of the E -Commerce Research Center of the Internet of China, in the field of China's fresh e -commerce in 2020, 14 platforms including Ding Dong bought vegetables received financing, with a total financing of over 13.65 billion yuan.

In June 2021, Daily Youxian and Ding Dong bought vegetables at the same time submitted the prospectus to the US Stock Exchange (SEC) to prepare for listing. Later, Daily Youlian was listed on the Nasdaq. Ding Dong bought food in New York Securities The exchange is listed.

Bao Yuezhong, a special researcher at the E -Commerce Research Center of the Internet Scripture, told reporters at the time that it was a necessary choice to realize the IPO as soon as possible during this period. Because if it is not financing, the pressure of the capital chain may be relatively large, so it includes Ding Dong, so it includes Ding Dong, so it includes Ding Dong. Companies such as buying vegetables and daily Youxian need to be listed as soon as possible.

From 2019 to 2020, the daily operating income of Youxian was 6.014 billion yuan and 6.10.304 billion yuan, and the net losses were 2.909.4 billion yuan and 1.649 billion yuan, respectively, and the income growth almost stagnated.

According to public reports, Daily Youxian adopted a radical strategy in 2019 to seize the "hinterland" Shanghai, which is stealing Ding Dong to buy vegetables. As of November 2019, Daily Youxian has owned more than 1,500 front warehouses across the country. However, due to the insufficient competitive advantage, the daily freshness did not shake the status of Ding Dong buying vegetables. Immediately, Daily Fresh began to shrink the front. As of March 31, 2021, there were only 631 front warehouses per day, less than half of 2019.

At this time, the business of competitors broke out. In 2019 and 2020, Ding Dong's business income was 3.88 billion yuan and 11.3 billion yuan, respectively, and net losses were 1.87 billion yuan and 3.18 billion yuan, respectively.

The prospectus shows that the main reason for the losses of the two companies is that the performance cost is too high, and the performance cost is mainly composed of the factors such as warehouse rent and delivery staff. In addition to cost issues, Daily Fresh also faces the problem of unable to achieve stability of supply. Taking tomatoes as an example, most of the daily requirements for suppliers to suppliers are only size and shape, and professional tomato players will distinguish different levels such as large powder and red powder.

Xia Ying, a researcher at the Institute of Agricultural Economics and Development of the Chinese Academy of Agricultural Sciences, believes that it is difficult to establish barriers to fresh e -commerce. China is a production planting method for small farmers. It is difficult to standardize and industrialize. If the investment is large, all control is impossible. Only individual companies can control one or two types of vegetables and fruits to check the entire process from planting.

The above -mentioned daily prefabricated purchasing staff said that Daily Fresh cannot make money through selling vegetables and fruits. The category of truly making money is standard products, such as milk, grain and oil. With the reduction of cost reduction, the daily fresh customer acquisition costs have declined. He calculated that 75 yuan is needed for customer acquisition and maintenance, which is still very high.

Performance costs have always been difficult to reduce. According to the daily prospectus, from 2018 to 2020, the company's performance costs were 1.2393 billion yuan, 1.833 billion yuan, and 1.576 billion yuan. Performance costs accounted for 34.9%of the total income.

In the third quarter of 2021, the daily fresh performance costs reached 640 million yuan in a single quarter. In this quarter, the number of performance orders was 28.7 million, which was equivalent to the average performance cost per order of 22.3 yuan. Such a high performance cost makes it difficult to reverse the loss of daily freshness.

Daily Flower wants to reduce costs. In early 2022, Daily Flower not only turned some employees into outsourcing, but also accelerated the frequency of layoffs. By June, the company moved the headquarters away from the prosperous Wangjing business district to Shunyi. According to "Late LatePost", this saves 20 million yuan in rent.

defeat

The profit model cannot be found down, but the cost that cannot be pressed upstream will make the daily fresh funds be further deteriorated.

A fruit supplier said that from the end of 2021, the daily freshly settled money was getting slower and the cycle was getting longer. It was originally prepared to stop cooperation in February this year, but the daily purchasing of freshness told him that stopping cooperation stopped stopping the cooperation and stopped cooperating. Payment, continue to cooperate and continue to pay. For millions of receivables, he continued to deliver the goods with his scalp.

In the second quarter of 2022, a new round of epidemic appeared in China, and daily freshness became a confession unit, but at this time, the daily fresh capital chain was extremely tense.

The supplier said that the daily reputation of 1:10 to the supplier, that is, the goods of 10,000 yuan can be recovered, and the previous 100,000 yuan payment can be recovered, but just two days after the execution , Turned to 1: 2. When it was really settled, it became 1: 1.

A decoration supplier told reporters that the daily decoration of Youxian store owed him more than 1.2 million yuan. Essence

To this end, some suppliers sue the daily freshness. Wang Ming has sued the daily freshness at the beginning of this year. After multiple communication and mediation, the mediation plan is to be repaid in batches. 11.86 million yuan.

These arrears cannot be repaid by the main business daily. Beginning in mid -2021, the daily Fresh planned a new round of financing. Funding from JD.com, China Resources, SF, etc., has not succeeded.

On July 15th, the Daily Outsourcing announced that it reached a strategic investment cooperation agreement with Shanxi Donghui Group. The agreement stipulated that Shanxi Donghui Group plans to invest 200 million yuan in equity investment in the daily excellent freshness. This is considered to be the financing of "life -saving money" daily, and the source of multiple faith confiring to reporters confirmed that "it has not arrived" because of Shanxi Donghui breach of the contract.

Under the tension of funds, the daily fresh and high -speed business has experienced multiple rounds of contraction. Until July 29, the daily fresh app can no longer place an order.

Now that the unicorn in the industry falls down every day, has the fresh track reached the end? No investors are willing to answer this question.

When the daily freshness fell, the opponent Ding Dong's buying vegetables became the first platform for the industry. But Ding Dong's buying vegetables is still not profitable. However, Ding Dong's buying vegetables no longer "grab the scale", but return to "operating efficiency priority."

Yu Gongcheng regrets his cooperation with daily freshness. He has sold things that are valuable at home, and first gives some workers' salary. There is no money in his hand. Yu Gongcheng cannot support the operation of large -scale potatoes. His purchases have become less. At present, he only maintains some offline business.

On the booth of the newly released land, he was struggling to maintain his livelihood, just like when he first came to start a business, but there was no desperate debt at the time, and he was still looking forward to a miracle.

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