Observation: What implications does Ma Yun propose for the new retail industry?

The general trend of the world, the long-term must be divided, the long-term must be combined. The same is true for Internet e-commerce and traditional retail.

After eight years of double 11 witnessed the “new normal” of e-commerce and traditional retailing from fragmentation to integration and then to win-win, it also witnessed the changes and upgrades of Chinese consumption. In Alibaba's view, these changes herald a beginning of a new retail era.

"In the next ten or twenty years, there is no such thing as e-commerce. Only the new retail industry says that online and offline logistics must be combined to create a real new retail." Ma Yun believes that the era of pure e-commerce is very It is coming to an end, the form of traditional retail will also be broken, and new retail will lead the new business model in the future.

The introduction of new retail has a guiding and directional role for the online and offline retail industry. At the same time, for the home industry that is highly integrated with the retail sector, this is also a feasible path to achieve breakthroughs and further development.
So, what is the enlightenment of the “new retail” of Double 11 this year to the home furnishing industry?

Under the consumption upgrade, the new consumption features are highlighted
As an activity that only exists in China, the soaring double 11 has far surpassed the US "Black Friday" to become the world's largest shopping festival. It not only reflects the huge potential of the Chinese consumer market, but also shows the infinite vitality of China's digital economy.

In fact, behind the gorgeous trading record, the Double 11 has become a window into the trend of consumer spending. Combing the consumption data of this year's Double 11 and find that under the consumption upgrade, some new features of household consumption are highlighted, such as the promotion of the concentration of hot-selling household goods brands; the third- and fourth-tier urban home market has become a new growth point; the household consumption group tends to be younger. Wait.

From the perspective of segmentation, the share of personalized and niche categories is expanding. However, during the e-commerce festival of Double 11, consumers are more willing to choose high-end, branded home products. According to statistics, on the 11th day, Tmall Meijia entered the “100 million club” business, including Lin’s Wood, Luolai Home Textile, Jiu Mu, Wrigley and other brands. In addition, WMF, MUJI, HARBOR HOUSE, Fauvism, Fissler Fissler and many other global home brands, the turnover in less than half a day exceeded the total of 11 double-day totals last year.

In this year's double 11-kilogram live broadcast, Tmall Meijia general manager Wang Li made two interesting data: more than 70% of households in the household category are after 80s, 90s, and more than 60% of consumers It is a third- and fourth-tier city. Therefore, the next phase of growth that can be foreseen in the home market comes mainly from two areas, one is young people and the other is from third- and fourth-tier cities. In the context of consumption upgrading, how the home industry is moving from a B2C era to a C2B era, and enterprises and brands are urgently needed to transform and innovate.

Scenery + entertainment, the overall improvement of the shopping experience
At the same time that everyone's attention is attracted by the various data of 11, many industry insiders also found that black technology such as VR and AR has begun to be applied to the consumer purchasing experience. Tmall is the first to launch the "Buy+" channel, users only need to move their sights to complete the whole process of shopping, ordering, and payment.

In fact, in the final analysis, it is to satisfy the consumer's authentic experience of the purchase scene.
For the home furnishing industry, most of the products such as home textiles and furniture are used in specific home scenes, especially in the current trend of increasing consumer demand for home products, and the immature VR technology application. Failure to achieve universal coverage in all areas. At this point, the real scene home mix can enhance the consumer experience and promote sales to a certain extent. For example, Lin's Wood, Luolai Home Textile and other home brands have opened offline experience stores in China, and enhance the interaction and experience with consumers through real home space.

In addition, the entertainment live broadcast form has become a highlight of this year's Double 11 comprehensive shopping experience. Consumers can not only experience real-time interactive comments through the live broadcast, but also fully experience the fun of “watching and buying”. For merchants, the role of live broadcast is to influence consumers through dwarfs or stars, thus guiding consumption.

Take Lin’s Double 11’s “Li Yifeng’s Home” as an example, consumers can see the stars interacting with the products in a specific home environment on the mobile phone, through real-time live broadcast, comprehensive and true Learn about product information. In Lin's wood industry, compared with clothing and beauty, furniture products are more versatile and experiential, so they need stronger shopping guide attributes and have higher dependence on spokespersons. Through star live broadcast, fully display the highlights of the product, build trust through interaction, and become the most direct stimulation point for transforming consumption.

It is reported that under the new technology and new play method, on the day of the double 11 day, Lin's wood live broadcast of more than 6,000 copies of the same bed, becoming one of the classics in the home industry, which is quickly realized through live broadcast.

Layout all channels to achieve online and offline deep integration
The integration of online and offline is no longer news for home retail. Starting from various C2C and B2C e-commerce companies, the traditional home retail industry is exploring online development under the impact of e-commerce.

Different from the current concept of online and offline integration, the new retail said that the integration is e-commerce and offline entity business, from the original independence, conflict, to mixed, fusion, no longer separate the line and offline, to achieve The complete integration and complementary advantages of the two provide consumers with an omni-channel and seamless consumer experience.

On the online channel, the major domestic home brands have continued to deploy through the establishment of official malls or e-commerce platforms, and the income and proportion of online sales are increasing. However, most of them are still in the state of independent operation online and offline, and the new retail is to achieve the integration and integration of online and offline prices, products and services.

For the concept of new retail, as Ma Canxing, deputy general manager of Lin's Wood Industry, said that when the omnichannel is expanded, the boundaries between e-commerce and entities will become increasingly blurred, and the two will be fully integrated with the Internet. In the future, consumers will not be able to distinguish whether they are in the Internet or in physical stores, and they can get the goods and services they want at a very convenient time.

It is worth mentioning that Lin's wood industry, which grew up relying on the Internet, began to lay out all channels as early as 2014, and opened up online and offline to achieve two-way linkage, including online sales, store experience, price integration, etc. Already have the characteristics of new retail. Through the layout of the past two years, Lin's wood industry's omnichannel has been further deepened, and its offline O2O experience hall has expanded from the original one to more than 20, gradually sinking from the first- and second-tier cities to the third- and fourth-tier cities.

"We are on the road to promoting retail restructuring, but it is far from complete. Many years later we will look back and see that this year's Double 11 is the starting point for new retail." Alibaba CEO Zhang Yong said. According to statistics, the domestic home furnishing market has reached 5 trillion yuan, while the sales of Internet platforms such as Taobao and Jingdong in the home furnishing industry is only 100 billion yuan. Therefore, Internet + home is bound to detonate a huge market. In the face of the advent of the new retail era, for the home industry, we need to think about a real problem, that is, how to focus on consumers and make consumers' shopping experience to the extreme.

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