Thank you Panda. You raise an very important question about whether offline is needed. Actually in 2006 when most similar companies were trying go online, Three Squirrels decided to have a online and offline combined strategy, similar like Jack Ma’s New Retail Theory.
I think offline and online will finally find a balanced point in the future, and offline will not disappear.
One reason is the irreplaceable experience. For example, in offline stores of Three Squirrels, consumers could try products, play offline games, watch video together, and enjoy the atmosphere. Even many consumers finally decided to buy online, offline plays a role of marketing the brand.
Another reason is cost. Online marketing cost is increasing in China. For the mature brands, it is hard to attract more consumers online with a relevant low cost. While an offline stores’s employee cost and renting fee could even be lower than investing in Alibaba front page. That’s Three Squirrels decided to go offline after a few years online experience.
So I think after Covid-9, offline stores will not be fully replaced.
Yes, Qian. If you come back to visit China, you can enjoy lots of goods and services delivering to home. Come to visit me. haha.
Thanks for sharing, Panda. The online experience sounds very cool and creative. I am wondering whether other hotel companies are doing that. if not, I think Airbnb is quite leading.
Also do you think Airbnb should keep the online experience to engage the community after Covid-19?
Thanks for sharing. Really interesting! I am holding the same opinion with you that user privacy is the priority. I think I will give up using airbnb after knowing my data is not protected. I am wondering how airbnb address this issue.
Great sharing. Interesting to know that Coco cola is using AI in customer analysis and detecting cola photoes. I am wondering for a CPG company with cost constrain, how much would Coco cola willing to spend in Tech(AI) investment?
Great to learn about the chatbot! For your open question, I think in China, it takes a long time to bring individual data privacy into priority. The gov wants more personal data. Most people don’t care about give up some privacy for convenience.
Thanks for comments. From my understanding, TikTok is leading in this industry by its technology. When I use other similar apps, their feature are not as friendly as TikTok. I think TikTok should keep developing its technology to create more new features and funny videos to keep user retention. Another thing is to discover deeply on customer behaviors. Tik Tok is focusing on young, cool people, mostly from urban area. There is another famous app “Kuaishou” in China focusing on people in rural area. To fully discover the customer needs will help TikTok stay ahead.
Can’ agree more! Amanda. I am using TikTok a lot during the quarantine time. hahaha.
Very important question, Leo.
Although the spending is quite high, I think the user are very sticky based on below data:
(1) According to official TikTok statistics, its users are very loyal with 90% of users using the app multiple times per day. (Source: https://influencermarketinghub.com/tiktok-statistics/)
(2) Cloutmeter indicates that TikTok users average a healthy 52.1% engagement. (Source: https://influencermarketinghub.com/tiktok-statistics/)
(3) According to App Ape statistics, 22.6% of users actively used it for at least 2/3 of the month. Indeed, only 26% of those who had downloaded TikTok failed to use it during December 2019, meaning that 74% used it at least once. (Source: https://influencermarketinghub.com/tiktok-statistics/)
(4) By September 2019, the TikTok retention rate in U.S. had climbed to 39%, according to GlobalWebIndex TikTok stats.
Thanks for introduction! Very interesting business, I think I will try the platform when I am back to U.S. I am thinking what’s the competitive advantage for Drizly. Besides good service as you mentioned, can I provide something unique for consumers, or can it optimize its supply chain to have the best operation process?
hahaha, I like your final comments.
As a user, I enjoyed the convenience.
But as an investor, I am not optimistic about it significant and huge growth. I would like to forecast Beaver run as a small and nice business, especially with the same founder who is also selling facial oil. It is a good combination as a business for good cash return.
Great introduction, PZ!
I was thinking a question for several months about Meituan. Almost all the business Meituan is doing was copied from others, but Meituan became a leader in different services. How can Meituan achieve these? How is the key of operation of Meituan? Would like to learn more from you.
Very interesting! One question I am thinking is that how should Sephora balance its online sale and offline sale. Another thing is that when I use the app, I feel it is not real enough. I am not sure whether it is easy to improve the technology to make it feel more real. There are something similar, an online trial for clothes app in China, which was failed due to the fitting image is not real enough.
learned a lot from the reading.
I am wondering how could DJI facing the potential competition from other technology companies? There are some companies which already started to copy DJI’s products. What’s the specific value that DJI can offer to consumers, which are hard to be copied? How can they keep their competitive advantage to keep leading the industry?
This is a great digital branding case. It is interesting that many America famous singers or actress, such as Rehana, Lady gaga, all created their own cosmetic brands. While the one who got initial success is Emily Weiss, a blog writer and influencer. I think the way of her branding is really unique. The similar way of branding is also used in China market, such as perfect diary and HFP, both achieved $160 million sales volume within 2 years by using digitized branding skills.