Hangzhou e -commerce unicorn is impacted!Tencent Investment, GMV over 40 billion

Zhang Hangying, the world ’s network business

Editor Wu Lingwei

Parallel Ma Weidu once described the nationwide Wenwan art collection center Panjiayuan, which is the most lively place in Beijing on Saturday morning one. In the boiling air, the middle -aged man who was qi looked down and looked at the \"baby\" carefully, and the walnuts on the palm of his palm collided with a crisp sound.

But this prosperous scene is now moving the position.

The players drilled into the live room and stared at the \"treasure\" played by the shop owner. The player quickly commented and raised the price of the lot in the constant price. This is a scene in the live broadcast room of the micro -slap hall every day.

In 2014, Lin Zhiming, who was born in IT, set up a micro -shooting hall in Hangzhou, and set up the Wenwan Street stalls to the net I did not expect to survive a more active and warm trading scenario. In the words of a micro -shot hall user and antique collector: \"Lit the antique enthusiasm for the people of the country.\" Now, even if he does not buy, he is used to going to visit every day, \"more convenient to visit the antique market before.\"

In 2021, Zhang Yishan endorsed by Wei Patang, and was also selected as \"Hangzhou Unicorn Enterprise List\". Recently, it submitted a prospectus to the Hong Kong Stock Exchange to impact the listing. 8 years after its establishment, Weibangtang has become China's largest Wenwan e -commerce platform with a market share of 24.4%. Before the IPO, Lin Zhiming held 35.06%, Jin Liangliang held 17.81%, and Xu Yan was 14.25%. Tencent's figure appeared in institutional investment, holding 1.93%of the shares.

According to the prospectus, in the past year, more than 3.9 million active buyers have contributed 40.5 billion yuan GMV (total product transaction) to the micro -photograph hall. The rich and idle collectors brought nearly 1 billion yuan in revenue for Weipai Hall with a unit price of more than 10,000 yuan and a repurchase rate of up to 62.9%. The gross profit margin was as high as 76.9%and net profit was 142 million yuan.

Some of the heat facing the sky, but hiding the undercurrents deeply. Senior Wenwan collector Sunshine reminded: If it is Xiaobai, pay a tuition fee first.

The ancient industry has been transformed by e -commerce

Most of the cultural relic antiques that people understand, can play, most of them are jade -green jewelry, Wenwan miscellaneous items, purple sand ceramics, coins stamps, calligraphy and painting, calligraphy and painting, calligraphy and painting Seal carving and other mainstream categories. The \"Wenwan\" category on the micro -shot hall is wider, including Moutai, rare turtles, and models of models.

Sunshine has been buying and buying since the birth of the microtalite. The target is a fan, a tower, a cup, a seal, a seal engraving, etc., and even spent 600 yuan to buy a turtle.

Sunshine is a freelancer, and every day, you can go shopping and passing the time. Before the birth of the micro -shooting hall, he often runs the antique market under the line, but it is better to slide the fingertips easily. \"It is more convenient to look at the category online, don't need to be like a lineRun the next family. What's more, because of the epidemic, everyone has been transferred to the line. \"

There is an unwritten rule in the offline context: Whenever the price is repaid, it will be sold once when it is discussed. The sun said,\" Otherwise, it is a broken rule. \"

Offline bargaining and bargaining, hidden scenes of hidden contests and psychological pressures, limited the frequency of transactions, and also increased the transaction threshold. Xiaobai did not dare to enter the venue at all. \"Object. This ancient industry that is said to have been popular since the Northern Song Dynasty is full of various routines.

Lin Zhiming also saw the pain point of the Wenwan market. Tools designed a self -service trading service for enthusiasts in the form of price increase. The need for rapid pouring allows him to see the prospects of this market, and he started to transform to the platform. It is inevitable to move towards the public, and art e -commerce is also inevitable.

There are two modes: picture auction and live auction in the micro -shooting hall. The two parties ruled that \"the price is high\". The platform provides the \"appraisal\" (Jianzhen Pavilion) and \"return guarantee\" mechanism in the process, which largely solves the problem of trust, and players have quickly poured in. As of the go, go to go. At the end of the year, there were 331,000 registered merchants in the micro -photographer and more than 74 million registered users. The mechanism largely solves the pain points of \"authenticity\" and \"pricing\" to reduce the threshold for user attempts.

Micro Shot Hall is also pulling new customers in the way of the Internet. New users can can After binding the mobile phone account, draw a \"Wenwan\" for free, and pay 3 yuan for postage, you may receive a bunch of Buddha beads, a pendant, or a jade cup. They are all stalling goods, but after using the beautiful text packaging such as \"Golden Silk Jade Ping An Duck\", it can also become a low -cost way of pulling. For commissions, most of them are drawn by 2%-6%of the transaction price of the lot. Last year, the commission income of the micro-photograph hall was 618 million yuan, accounting for 63.2%. In addition to the commission, the micro-photograph also provided advertising and marketing services for merchants on the platform and collected it. The cost, the income of this part last year was 246 million yuan. In addition, some of them came from the promotion service fee of live broadcast.

The social currency of the \"middle -aged uncle\"

For vertical e -commerce, on the basis of the transaction, it is the question of how to \"expand the circle\".

The live e -commerce e -commerce erupted in 2019 will bring the Wenwan e -commerce market to bring New increments are here. Just as jewelry and jade become one of the most suitable categories for live broadcasting companies, the more non -bid products can gather popularity in the live broadcast roomEssence For Wenwan merchants, the live broadcast is easy to get started and reduces operating costs. Live Banbao links also naturally have content interesting, which is convenient for players to popularize knowledge. The live broadcast simulates the atmosphere of online gathers, and can also increase shopping desires and increase the success rate of transactions during the interaction and bidding process.

The easier and transparent business model is indeed accelerating the scale of the entire market. According to Ferrishalin, the scale of the Chinese Wenwan market increased from 678 billion yuan in 2017 to 963.4 billion yuan in 2021, with a compound annual growth rate of 8.8%. Driven by e -commerce and live broadcast, the scale of the Wenwan market will reach 1283.1 billion yuan by 2026.

In the past year, the transaction of more than 85.2 million transactions in the micro -shot hall of Baobao e -commerce and live broadcast, that is, more than 200,000 transactions occur every day.

More user labels of Wepatang may be \"middle -aged uncle\". According to the portrait of Wenwan e-commerce users surveyed by Fhstan Sanlin, 87%of them are men, and more than half of users are 31-45 years old. They generally have good knowledge and income -nearly half of users have bachelor or above degrees, and more than 60 % of users have annual income of more than 200,000 yuan.

Lin Zhiming saw a new consumption trend, \"The rise of the rise in the middle class is more and more willing to pay for spiritual needs.\" Wenwan contains traditional culture, non -standard, and personality. Therefore, there is often a premium space. According to the prospectus, in the past three years, the unit price of active buyers on the micro -shot hall was 12908 yuan, 8884 yuan and 10374 yuan, respectively.

In fact, in addition to personal interests, sociality has also become a huge driving force for people to start with antique collections. Sunshine told \"World Business\" that antique in middle -aged men, like girls' bags and accessories, have a certain circle of significance. \"For example, I went out with a fan worth tens of thousands of yuan, and those who knew it could recognize at a glance, and we all belonged to the insiders.\"

Play the bottom of the \"Despise Chain\"?

In 2017, only 3 years of the micro -auction hall was established, and the turnover exceeded the Poly Auction, which exceeded ten years, and became China's largest art auction company.

In terms of scale, the gap between the micro -auction and the top auction house of the world is getting smaller and smaller. In 2021, the turnover was 40.5 billion yuan, which was close to Christie's auction of about 47.5 billion yuan, and Sotheby's transaction volume was about 48.8 billion yuan.

But compared to the auction houses in the art market \"pyramid\", the micro -shot hall seems to be at the bottom of the \"contempt chain\".

\"The popularity of the micro -shot hall is better than the total. The ordinary auction company has only two shots a year, and it is shooting all over the country and all the time.\" Leo introduced There are all the lots, \"Everything you want to think of.\" He is the main person of a restaurant in Shanghai.Used as a tableware.

A player who is engaged in the collection industry told the \"World Commerce\" that users of traditional antique circles and micro -shot halls are not \"a circle\". They generally look at the information such as Poly and other auction houses. The collections are circulating in their own circles and will not be sold on the micro -photograph.

\"Some artists and friends feel that their works are tall and disdain to trade in the micro -shot hall.\" Leo said.

Sunshine explanation, really boutique or high -end things, only in a small circle. Many collectors can't get in for scarce cultural relics. If it is circulated, it will only be auctioned in a large auction company and will not be online.

Even in similar Wenwan e -commerce platforms, the micro -shot hall is relatively low -end. Sunshine has also played other platforms such as \"playing things\". They have more arts, calligraphy and painting, and the threshold for micro -shot halls is lower.

He described the micro -shot hall as a \"big grocery store\". A large number of lots were \"assembly lines\" products. They did not have the function of collecting and premiums, and only had ornamental and practicality.

\"You treat them as ordinary crafts,\" he said.

Because of this, ordinary small white users cannot \"pick up\" on the platform at all, and even need to pay a tuition fee to touch the water level first. The collectors who can pick up the \"treasure\" must have deep accumulation.

There are many vertical projects in the antique market, and each market has doorway, which needs to be studied and observed for a long time. For the sunlight of the fan, spend tens of thousands of yuan in the micro -patterns to buy a lot of fans. Usually, through the observation of the micro -pattern, he saw the trend rising, and he shot in his own circle. \"Play and play\", even earned more than 10,000 yuan.

\"The antiques industry has been looking at the eyes since ancient times, and buying away the hand is important.\" He said.

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